COEUR D'ALENE, ID, June 11 /CNW/ - WGI Heavy Minerals, Incorporated ("WGI") (TSX: WG) today announced that the Company's nominees to the Board of Directors received overwhelming support at the Annual General Meeting ("AGM") held in Vancouver.
Approximately 65% of WGI's outstanding shares voted at the Annual General Meeting of shareholder's held on June 5, 2009. Total votes for the Company's nominees were 15.5 million representing 99% of the shares voted.
As a result of the shareholder vote, the Company's Board of Directors consists of Gordon Fear, Chairman, Robert Ackerman, Michael Burns and Gregory Emerson, CEO. Shareholders also established the number of directors at four.
"We are pleased with the results of the AGM and are encouraged by the future prospects of WGI", said Greg Emerson, President and CEO. Our mine at Emerald Creek Garnet ("ECG") is operating with a new mining method introduced by ECG's General Manager, David Thom, that allows the ECG to process the run of mine material directly in the field. This improves efficiency through reduced material handling, equipment and labour requirements, resulting in lower operating costs. In addition, ECG is moving forward on its 2009 exploration and reclamation plans".
Kominex, WGI's European subsidiary under the management of Edmond Wiesel continues to meet expectations and is looking at opportunities to bring its best practices to North America.
WGI's International marketing arm based in Coeur d'Alene, ID under the direction of William Meyerholtz, continues to expand sales as VV Minerals ("VVM") increases production from their recently acquired interest in Transworld Garnet India Pvt. Limited mines. In the short term, the VVM distribution agreement will secure the supply of garnet for our global distribution network, including Kominex and our waterjet business, adding at least 50% to existing volumes of garnet. Longer term, the distribution agreement offers the opportunity for WGI to become a distribution leader in its category. It also offers the opportunity for WGI to enter the titanium and related minerals distribution business from a position where it has a reasonably assured and lower-cost supply base. Just recently, WGI brokered the sale of 15,000 MT of ilmenite.
WGI's waterjet business is showing signs of recovery and WGI is looking at ways of growing our investment. The Company has also commenced the process of integrating our garnet and waterjet sales and marketing operations.
The Company continues its commitment to managing costs and operating our current business units at a profit and within budget.
Gordon Fear, Chairman of the Board also said, "I would like to publicly thank two long-term members of our Board for their diligence and hard work over the last years and difficult times. Those two Board members, Kitson Vincent and Mark Curry have spent many hours and afforded us the benefit of their wisdom and leadership for several years. We wish to thank them for their contribution and wish them all the best in the future."
About WGI
WGI Heavy Minerals, Inc. is a marketer of industrial grade minerals sourced primarily out of India, producer of industrial-grade garnet out of Idaho and Germany and manufacturer of replacement parts for ultra-high pressure waterjet machine tool systems around the world. The Company's shares are listed on the Toronto Stock Exchange under the symbol WG.
This press release contains forward-looking statements concerning the business, operations, and financial performance and condition of WGI Heavy Minerals, Incorporated. A number of the matters discussed and statements made in the press release contain forward-looking statements reflecting current expectations regarding future assets. When used in this press release, the words "believe", "anticipate", "intend", "estimate", "expect", "project", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and are naturally subject to risks, uncertainties, and changes in circumstances beyond management's control that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause such differences include but are not limited to: exploration and development risks; risks related to permits and title to property; risks related to foreign countries and regulatory requirements; operating hazards; foreign currency fluctuations; competition; fluctuations in the market price of mineral commodities and transportation costs; uncertainty as to calculations of mineral deposit estimates; uninsured risks; and dependence upon key management personnel and executives. Actual results may differ materially from those expressed here. You should not place undue reliance on such forward-looking statements. The Company is under no obligation to update or alter such forward-looking statements, whether as a result of new information, future events, or otherwise.