GREAT WESTERN MINERALS GROUP LTD - KITCO
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Great Western Diamonds Corp. Appoints Three New Directors
SASKATOON, SASKATCHEWAN – October 6, 2006 - The Board of Directors of Great Western Diamonds Corp. (TSX-V: GWD) ("the Company") is pleased to announce that Geoffrey Farrar, J. Rupert Allan, and James B. Engdahl, have each agreed to accept the position of Director for the Company.
Geoffrey Farrar
Based in Toronto, Ontario, Geoff Farrar has thirty-nine years experience in both domestic and international banking and finance, and is a long-time Fellow of the Institute of Canadian Bankers. Mr. Farrar is past President, CEO, and Director of the Barcalys Bank of Canada with whom he worked for 20 years. Mr. Farrar also was Chairman and President of Barclays Leasing Corporation, and past Director with a variety of firms including Barclays de Zoete Wedd, Barclays McConnell, and the Bermuda Commercial Bank. Prior to joining Barclays, Mr. Farrar was attached to the oil and mining post at the Canadian Imperial Bank of Commerce and was involved in project financing with CitiBank. Upon his retirement, he became a senior partner of the CEER Group Inc., a consulting firm specializing in business opportunities in Central and Eastern Europe and the CIS. At present, Mr. Farrar is an advisor to the Centre for Russian and Eastern European Studies based at the University of Toronto, and is a Director for Renforth Resources, a private mineral exploration company.
Mr. Farrar has agreed to accept the position of Chairman of the Audit Committee for the Company. “Geoff’s expertise in the realm of Canadian and international finance will be a very substantial asset for the Company as we forge ahead with fund raising to support our comprehensive evaluation of diamond potential at the Candle Lake C29/30 Kimberlite”, says Gary Billingsley, Chairman of the Board for Great Western Diamonds Corp.. “We have gained a quality professional from the banking industry to lead our Audit Committee who will provide extended corporate vision for Great Western Diamonds as we move forward with the Candle Lake Diamond Project and expand exploration on a growing portfolio of diamond projects.”
J. Rupert Allan
Rupert Allan has thirty-seven years of technical and management experience with Canadian junior mining and exploration companies engaged in search and development of base and precious metals, diamonds, and uranium. Mr. Allan is based in Vancouver, B.C., and is a Professional Geologist with the Association of Professional Engineers, Geologists and Geophysicists of Alberta, as well as a member of the Prospectors and Developers Association of Canada and the B.C. and Yukon Chamber of Mines.
The majority of Mr. Allan’s work has been focused on a diverse range of properties in Canada, but he also has worked in many areas around the world including: Myanmar, Bulgaria, Sweden, Zimbabwe, Botswana, Cote d’Ivoire, Ecuador, Latin America, the mainland United States, and parts of Alaska. Currently, he is the President and CEO of Skeena Resources Limited, which is active with gold exploration projects in Canada and Ecuador. This diversity of experience is enhanced by directorships with mineral exploration companies and consulting firms such as Brett Resources Inc., Santoy Resources Limited, Keewatin Consultants (2002) Inc., Engineer Mining Corp., and Wamco Technology Group Ltd.. In addition to exploration experience, Mr. Allan was responsible for managing the entirety of Loki Gold Corporations Brewery Creek project at Dawson City, Yukon as Project Manager, and then as Vice President of Exploration and Development. The Brewery Creek Mine poured its first gold bar in 1996 and Loki Gold subsequently merged with Viceroy Resource Corporation (now Quest Capital), later that year.
Mr. Allan has agreed to accept the position of Chairman of the Governance Committee for the Company. “Rupert’s exploration and management skills are well-honed in areas such as mineral project generation and acquisition, corporate financing, corporate governance, public disclosure, governmental affairs, land management issues, corporate administration, and technical oversight”, says Gary Billingsley, Chairman of the Board for Great Western Diamonds Corp.. “We are delighted that Rupert has accepted this position and anticipate a significant contribution towards growth of shareholder value in the Company and in our efforts to enhance corporate governance.
James B. Engdahl
Mr. Engdahl has over 20 years experience in corporate finance at the executive level, with extensive expertise in financing mergers, acquisitions, and reorganizations. A former Vice President of Barclays Bank of Canada, Jim has also served as President, CEO, and director of Pacific & Western Trust, President and director of Shore Gold Inc., and Vice President Finance and director of Claude Resources Inc., all public companies. More recently, Jim was the Regional Advisory Partner of the corporate finance arm of one of Western Canada’s largest accounting firms. This position resulted from the accounting firm’s purchase of Cascadia Ventures Inc., a corporate financing and consulting group responsible for raising project financing in excess of $100 million, of which Jim was the Managing Partner.
Mr. Engdahl has agreed to accept the position of Chairman of the Human Resources and Compensation Committee for the Company. Throughout Jim’s corporate finance career, he has crossed paths with the mining industry. He was intimately involved in financing two producing gold mines in Saskatchewan and currently is President and CEO of Great Western Minerals Group, the parent company of GWD. Jim also sits on the Board of Directors of Formation Capital Inc., a TSE-listed company bringing a cobalt/copper mine into production in the United States. “Jim’s broad financial expertise and experience in top management will help guide Great Western Diamonds Corp. in expansion of the Company and financing of portfolio projects”, says Gary Billingsley, Chairman. “I am particularly pleased with the high level of character, contacts, and continuity that these three new Directors bring to the GWD Board.”
Great Western Diamonds Corp. is an exploration and mine development company currently focused on several diamond prospects including the 100%-owned Candle Lake Diamond Project in east-central Saskatchewan and the 100%-owned Centennial Diamond Project in west-central Saskatchewan. Great Western Diamonds is committed to increasing shareholder value through an aggressive, results-driven exploration and evaluation program targeted on reaching a pre-feasibility decision on the Candle Lake kimberlites by mid 2008. While Candle Lake is the core diamond project, the Company continues to build a balanced and geographically diverse project portfolio with both advanced and grass-root diamond properties.
Gary Billingsley, P.Geo., P.Eng., CA
Chairman of the Board
For further information, please contact Brent Jellicoe, President and CEO, or Gord Dent, Manager of Investor Relations at (306) 651-7255. Email inquiries should be made to info@gwdc.ca and the company website is located at gwdc.ca. Inquiries by direct mail should be addressed to Great Western Diamonds Corp., 226 Cardinal Crescent, Saskatoon, SK S7L 6H8
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(The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release)
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