Message #13 From:
Stock News Bot Date: December 2, 2005 03:40:00 AM
NVAS News Novastar Resources Appoints Dr. Charles Merchant as Chief Operating Officer, Interim Chief Executive Officer, Board Member
NEW YORK--(BUSINESS WIRE)--Dec. 2, 2005--Novastar Resources Ltd. (OTCBB:NVAS), a commercial mining firm engaged in the exploration of Thorium, Platinum Group Metals, and Rare Earth Metals today announced the appointment of Dr. Charles H. Merchant as the Company's Chief Operating Officer ("COO") and Interim Chief Executive Officer ("Interim CEO"). In addition to assuming the responsibilities of COO and Interim CEO, Dr. Merchant has been elected to the Board of Directors of Novastar Resources, effective immediately. Dr. Merchant brings a wealth of experience and contacts in the domestic mining industry, which will prove valuable for the Company as it commences production of metal concentrates and revenue generation.
Dr. Merchant earned his Bachelor's Degree from the University of West Florida in 1974. He received an MBA from Jacksonville State University and his PhD in Economic Geology from American University in Washington D.C. Dr. Merchant has been a licensed mining engineer in the State of Alabama since 1997. Dr. Merchant has guest lectured at numerous universities and mining schools, including: Baylor University, Cal-Poly Institute, University. of California at Davis, Auburn University, University of Alabama, and the American Institute.
From 1984-1990, Dr. Merchant served as Chief Operating Officer of Tennessee National Corp., a $65 million precious metals Holdings Company based in Tennessee. After that he was the Vice President of U.S. operations for Consolidated Mining Co. of Alabama, where he negotiated numerous mining leases in seven states, for the coal and precious metals mining businesses. From 2001 to present, Dr. Merchant has served as Chairman & Chief Operating Officer of JMays LLC, a major U.S. producer of commercial grade Mica to the cosmetics and aerospace industries. In his capacity with JMays LLC, he constructed a $24 million Mica processing plant and secured land leases with a combined appraised value exceeding $450 million.
In addition Dr. Merchant is a Fellow in the American Institute of Grant Writers and previously served as Vice President of the American Association of Grant Professional Members. To the date, he has written over three billion dollars in grants and hundreds of applications to foundations for programs.
Commenting on his appointment, Dr. Charles Merchant expressed, "I am very pleased for the opportunity to contribute to the short and long term growth of Novastar Resources. The opportunities presented to the Company are exciting and execution of the business model is now most important moving forward. Our primary focus remains the exploration and development of Thorium properties, as we strongly believe that Thorium is a viable alternative source of safer nuclear energy."
Novastar Resources will be notifying shareholders that Mr. Paul Carter has stepped down as Chief Executive Officer of the Company. Mr. Carter will remain as a member of the Board of Directors, and will continue to assist in the growth of the company.
Lastly, the Company is currently interviewing candidates that are experienced and qualified in the nuclear industry. The Company anticipates new additions to the Board of Directors over the coming weeks.
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.
Safe Harbor Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives and other forward looking terminology such as "may," "expects," "believes," "anticipates," "intends," "expects," "projects," or similar terms, variations of such terms or the negative of such terms. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein.
