The San Diego based Cresset Precious Metals, Inc. (CSPM) announced the appointment of new directors and officers to implement and manage its gold development and production activities in the Eastern Desert of Egypt.
The following individuals are the new directors and officers of the company: Sir Anthony Jolliffe—Director and Chairman, Saiyah Abou Shaar—Director and Vice Chairman, Isa Kazmi—Director, President and Chief Executive Officer, George Kannan—Director, Treasurer and Chief Financial Officer, John G. Wood—Secretary.
The Company further announced that the Egyptian Government as represented by the Egyptian Geological Survey and Mining Authority (EGSMA), has accepted and approved the project's feasibility study submitted by Cresset International Ltd, a wholly owned subsidiary of CSPM.
It has also confirmed in its letter of December 25, 2001, that the project is considered a commercial discovery worthy of commercial development under the terms and conditions of the concession agreement. Pursuant to this designation and in accordance with the terms of the concession agreement, an operating company was incorporated on March 25, 2002, as a joint stock company with equal participation by EGSMA and Cresset International Ltd. under the name of HAMASH EGYPT GOLD MINES COMPANY.
In view of this increased potential, the mining and development area of this operating company has been increased from 2.4 square kilometers to 78 square kilometers. The company has also been advised that this is the first time within the last 50 years that a joint operating company has been formed in partnership with the Egyptian government in the precious metals mining sector. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
