The Board of Directors is pleased to welcome Mr Andrew James (Jim) Morgan in his new role as Managing Director and CEO of Carbine Tungsten Limited (ASX:CNQ), who commenced in this position today.
Coinciding with this the Company also advises that the cold commissioning phase of the Tailings Retreatment Plant project is now complete and that production ramp-up has commenced. As previously announced by CNQ on 30 March 2012 a representative product sample will be sent to Mitsubishi Corporation Unimetals Ltd during April 2012.
These actions will expedite the successful further development of the Mt Carbine Tungsten mine into becoming a world class, long-term substantial supplier of high quality tungsten concentrate products in the near future. This will enable CNQ to benefit from the current and anticipated future demand for tungsten concentrates that is expected to underpin the strong tungsten price.
Mr Morgan is also a Non-Executive Director of Gossan Hill Gold Limited (proposed ASX Code: GOS). Gossan Hill Gold is a recently announced and exciting initial public offering (IPO) and has extensive gold exploration prospects in New South Wales. CNQ will hold a 22% interest in Gossan Hill Gold should the IPO be fully subscribed. The shareholders of CNQ have the opportunity to participate in a priority share offer in the proposed ASX listing of GOS. The priority offer will close on 30 April 2012 to the CNQ shareholders and on the 7 May 2012 for the public offering. Mr Morgan brings a very strong project development background and capability to the Boards of both of these companies.
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