Message #16 From:
Stock News Bot Date: December 20, 2005 08:10:00 AM
NVAS News Novastar Resources Names Cornelius J. Milmoe to its Board of Directors
NEW YORK--(BUSINESS WIRE)--Dec. 20, 2005--Novastar Resources Ltd. (OTCBB:NVAS), a commercial mining firm engaged in the exploration of Thorium, platinum group metals, and rare earth metals, has announced Cornelius J. Milmoe ("C.J. Milmoe") will join its Board of Directors.
With years of experience in the nuclear power industry, Mr. Milmoe is expected to make significant contributions to Novastar Resources. From 1994 to 2000, Mr. Milmoe served as counsel for General Electric's nuclear fuel business that provided nuclear fuel fabrication, software, and design services to 50 nuclear reactors in the U.S., Europe, Japan, Mexico, and Taiwan. At GE Nuclear Fuel, Mr. Milmoe led legal negotiations for all reactor reload contracts (valued at $30-$300 million each), created a Joint Venture with Hitachi and Toshiba to build a $70 million modern fuel processing plant that reduced costs by 30% and environmental effluents by 90%, and created a marketing Joint Venture with ENUSA that led to GE Nuclear's first fuel sales at plants in Germany and Finland.
After leaving GE in 2000, Mr. Milmoe has run his own consulting firm, focusing on international energy transactions. Mr. Milmoe formed a project team to recover low enriched Uranium for fuel fabrication from Uranium concentrates at the Ulba Metallurgical plant in Kazakhstan. The United States Department of Energy ("DOE") - supported project team icluded GE, Brookhaven National Lab, Massachussets Institute of Technology, Kazatomprom, and RWE Nukem. Mr. Milmoe's other projects include contruction of a copper-beryllium alloy processing plant in Kazakhstan, sourcing zirconium components in Russia for Western nuclear power plants, and R & D agreements for advanced nuclear technologies.
Mr. Milmoe's firm has also received contracts to improve U.S. DOE reporting and management of all projects relating to the implementation of President Bush's National Energy Policy and DOE's international energy agreements, particularly science and technology agreements and nuclear non-proliferation agreements.
Mr. Milmoe earned his BA from Colgate University (Hamilton, N.Y.) in 1969 and later earned his JD from Columbia University Law School (New York, N.Y.) and was admitted to the bar in 1974. From 1974-1980, Mr. Milmoe served as Staff Attorney and Special Assistant to the New York Public Service Commission. From 1980-1994, Mr. Milmoe served as counsel for the following divisions of General Electric: GE Naval & Small Steam Turbines, GE Aircraft Engines, GE Government Services, GE Automated Systems, GE Aircraft Instruments, GE Armament Systems, and GE Silicones.
Mr. Milmoe commented, "I am excited to work with Novastar Resources to grow its business and expand its future prospects. I look forward to working with management to help explore new opportunities and correctly position the Company to capitalize on opportunities in the energy industry."
On the appointment of Mr. Milmoe, Novastar Resources COO Dr. Charles Merchant expressed, "We are very gratified that Mr. Milmoe has accepted our invitation to join the Company's Board of Directors. I look forward to working with Mr. Milmoe in charting the direction of Novastar Resources."
About Novastar Resources
Novastar Resources Ltd. is a publicly traded company within the commercial mining sector and is a significant commercial mining source of Thorium, a naturally occurring metal that can be used to provide nuclear energy, with non-proliferation, waste, and economic advantages. The company's stock is traded and quoted on the OTC Bulletin Board under the symbol NVAS. Further information is available on the company's website at www.novastarresources.com.
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