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Reliance Resources Announces Management Changes

February 4, 2014 Download PDF

  • North American-based mining executive George Young appointed as President and CEO
  • Nicholas Clark to remain on senior management team as VP - Commercial
  • Ongoing assessment of US growth opportunities

Vancouver, British Columbia, February 04, 2014: Reliance Resources Limited (TSXV: RI) ("Reliance") or ("the Company") is pleased to announce the following management changes as part of its ongoing restructure and reorganisation of the business:

  • Mr. George S. Young, appointed as a Non-Executive Director of the Company in October of 2013, has been appointed as President and CEO.
  • Mr. Nicholas Clark has stepped down as President and has been appointed as Vice President - Commercial, a role in which he will assist Mr. Young with primary responsibilities over financial, administrative, legal and investor relations functions.

With a Bachelor of Science in Metallurgical Engineering from the University of Utah, and a J.D. from the University of Utah College of Law, Mr. Young has over 35 years' experience in the mining industry, starting his career as a metallurgist at Kennecott Copper Corp. in Utah in 1975. He is a former Chair of the Utah Section of the Society of Mining Engineers and a member (inactive) of the State Bar Associations of Colorado, Utah, and Texas.

Since October, Mr. Young has worked closely with Mr. Clark to assist the Company in its commercial negotiations as it assesses a number of growth opportunities in North America. Together they are working to strengthen the company's project portfolio and drive a growth strategy to deliver improved outcomes for shareholders. This strategy has included assessing options for the Company's Indonesian assets as well as advantageous acquisition opportunities in North America.

Reliance's Non-Executive Chairman Mr. Gary Lewis commented: "We are delighted to confirm the appointment of George Young as President and CEO. He brings unrivalled resource sector expertise to the company and a strong network in North America, which will be invaluable as we take the next steps in the company's growth."

"I would like to thank Mr. Clark for his services as President during the ongoing transition of the Company, under the recent difficult market conditions. He has served the Company well and been a strong and capable force for bringing about the changes needed in these times. We have been fortunate to have him on board with us during this process, and are also very pleased that he will continue to assist the Company as Vice President as we move forward."

For further Information please contact Nicholas Clark on +1 864 991 6687

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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