VMC announces change of management
Saturday, July 26 2014 - 05:14 AM WIB
US-based Vanguard Mining Corporation (VMC) announced Friday that MaiHoa Nguyen has resigned from her offices as a member of the Board of Directors, Chairperson and President of the company, and Thang Thi Ha has resigned as Chief Financial Officer, both effective July 24, 2014.
The company said it will shortly announce the new President and Chief Financial Officer.
VNMC is currently focuse on executing its exploration and mining plans in Indonesia and will complete its financial audits in order to file a registration statement to resume its fully reporting status with the US Securities and Exchange Commission and upgrade the trading venue of the company's stock. The company's common stock used to trade on the NASDAQ Stock Market and Over-the-counter Bulletin Board in the past.
The company said it cannot overemphasize the fact that following the termination of the high calcium carbonate project in Northern Central Vietnam and the realignment of its portfolio holdings, potential investors should not rely on historical financial information that has been published by the company heretofore to make any investment decisions with respect to the company's securities.
VNMC announced in June that it has signed a business cooperation agreement with PT Raksasa Metal Agung, an Indonesian company, to start a joint operation of placer gold mining in sub-district Karang Tengah, Wonogiri, Central Java, Indonesia.
According to the agreement, VMC would be working with PT Raksasa to begin operation and production of gold and copper close to an ex-Dutch mining area that has high copper and gold contents, with some areas up to 27ppm. VNMC will share 60 percent of the net profits from operations expected to occur in the next three to four months.
The initial pilot project will be on a five-hectare area with a total allotment available of more than 1,500 hectares. PT Raksasa and VNMC plan to conduct the survey work and obtain licensing for the first phase of operation in the next few weeks.
Editing by Reiner Simanjuntak