Message #3 From:
NewsBot Date: December 20, 2006 05:00:00 AM
GMO News Idaho General Mines Reorganizes Executive Management Team To Keep Up With Growth
SPOKANE, Wash.--(BUSINESS WIRE)--Idaho General Mines, Inc. (AMEX:GMO) announces that the rapid growth the
Company has experienced in the past year requires that it restructure
and expand its executive management team. President and CEO Robert L.
Russell stated “we have experienced phenomenal
growth and success in meeting our strategic goals which includes working
towards bringing our Mount Hope property into production as rapidly as
possible and solidifying our 100% ownership of the Hall-Tonopah
molybdenum-copper property in Nevada.” Mr.
Russell continued “this growth and success is
the result of hard work by our management team and the Board of
Directors recognized more senior level management people are now needed
for us to keep up with our growth.”
The Board at its annual meeting held on December 13, 2006 directed the
restructuring of management duties and positions. Robert L. Russell will
continue to serve as President and CEO. The Company is actively
considering CEO candidates to ease Mr. Russell’s
workload. Once a candidate is selected as CEO, Mr. Russell will then
continue to serve as President and Chairman of the Board. The presently
combined positions of CFO, Executive V.P. of Finance and Senior Counsel
has been reorganized and Henry A. Miller will continue to serve as
Senior Counsel. The Company is searching for a person to fill the
separate position of CFO. Robert L. Dumont, Executive Vice President of
Business Development will continue in that position and become the V.P.
of Finance and will serve as interim CFO until a permanent CFO is
employed.
Mr. Russell stated “The Board recognized that
the evolution of the Company requires that we expand our management team
and better divide responsibilities in order to keep pace with our
growth. We are working aggressively to find the key people to join our
motivated management to help us develop our world class mining
properties and enhance shareholder value.”
The Board also updated its committee assignments as follows:
Audit and Finance Committee: Llee Chapman (Chair), John Benjamin,
Ricardo Campoy and Norman Radford.
Compensation Committee: Ricardo Campoy (Chair), Llee Chapman,
Richard Nanna and Norman Radford.
Nominating Committee: John Benjamin, Ricardo Campoy, Llee
Chapman, Richard Nanna, Roy Pickren, Jr., Gene Pierson and Norman
Radford.
Further information about Idaho General Mines, Inc. can be reviewed on
the website for the Securities and Exchange Commission (the “SEC”)
at www.sec.gov or on the company’s website at www.idahogeneralmines.com.
Statements herein which are not historical facts are “forward-looking
statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve a number of risks
and uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected or implied. These risks and
uncertainties include, but are not limited to, the Risk Factors and
other discussion contained in the Company’s
Form 8-K, 10-QSB and 10-KSB reports on file with the SEC. Readers are
urged to review such materials for a more detailed discussion of factors
that may impact these forward looking statements. The Company undertakes
no obligation and has no intention of updating forward-looking
statements.
