SStar Gold resources AB (publ) form its new board of directors and gives an update regarding the business activities and its latest issuance of shares.
The Swedish company SStar Gold Resources AB (publ) has now appointed a new board and CEO for its business. Karl-Axel Waplan has been appointed CEO. He has worked with the mining industry in Sweden and internationally throughout his career. The Board consists of four members, all with long experience from international business as well as financing and related issues: Bruno Horn Chairman of the board, living in Lugano, Switzerland, Karl-Axel Waplan, member and CEO, residing in Stockholm, Sweden, Anders Årling, member, residing in Stockholm, Sweden and Simon Carse, board member, residing in London, England.
The new Board and the management in Sweden and Russia have initiated a review of the ongoing activities and to define the plans for the next steps in developing the company. The company is at the moment evaluating a number of interesting licenses that will be available shortly through auctions or as possible acquisitions for the company. The Board and the Management see a variety of good opportunities to build a strong portfolio of licenses in the Trans Bajkal region in accordance with the firms defined strategy.
One result of the review was an updated due diligence report for the Kadara project. This project was initially planned to be acquired by the company, but following various issues raised during the review process the acquisition was not concluded.
Gold mining in Russia is one of the most cost-effective in the world because of the grades and the easy access to the ore. Even if gold prices would fall by 50 percent, it is likely that many mines in the region would still remain profitable.
The management sees great potential in this venture. The area has been extensively explored during 80 years and with the information accessible to the license holders. A further important advantage for this region is the developed infrastructure. Further advantages for gold mining in the region are relatively good grades and the fact that gold is close to the surface and therefore not expensive to mine.
“The cost for mining gold in Russia, Trans Bajkal region, is around U.S. dollar 650 per Troy-Ounce while gold price today is about U.S. dollars 1,300 per Troy-Ounce," said Bruno Horn, chairman of the board of SStar Gold Resources AB.
The company has recently transacted a minor issue of shares of SEK 1 million. The majority share-holder, Bruno Horn, has also committed to invest further SEK 4 million in the company.
For more information, please contact:
Karl-Axel Waplan, CEO SStar Gold, Tel. + 46 (0) 70-510 42 39, email@example.com
About SStar Gold Resources AB (publ)
SStar Gold Resources AB(publ) is the Swedish parent company of the Russian subsidiary through which the SStar Gold strategy is to be executed:
- To build a portfolio of exploration and exploitation licenses in the Trans – Bajkal Region in Siberia, Russia
- The focus is to combine licenses which each might be too small to be feasible and profitable but that combined and with efficient logistic and combined resources will secure long term profitability
- To plan and develop the mining activities on the licenses successfully acquired
- To continue the acquisition of licenses to build a long term feasible Gold mining company in the Trans Bajkal Region
SStar Gold Resources AB(publ.) plans to apply for a listing on the NASDAQ, First North in Stockholm during 2019. More information see www.sstargold.se .