COEUR D'ALENE, ID, April 29 /CNW/ - WGI Heavy Minerals, Incorporated (TSX: WG) today announced that Greg Emerson, the current President of WGI's North American Operations, has been appointed interim Chief Executive Officer effective May 1, 2008. The term of the Company's current Chief Executive Officer, Covell Brown, expires on April 30, 2008. Mr. Brown has agreed to continue serving as the non-executive Chairman of the Board of Directors and to continue to lead the process by which the Special Committee of the Board is currently considering strategic alternatives for the Company. Mr. Brown will also continue to serve as the Chairman of WGI's Indian subsidiary.
The Board of Directors is pleased that Mr. Emerson has agreed to assume the interim CEO role as he has had a long-standing relationship with the Company, serving as its Chief Financial Officer from 1996 until November, 2005 and then as Senior Vice President, Corporate Performance from November, 2005 until being promoted to his current duties as President, North American Operations in August, 2006. Mr. Emerson will report to the Board through the Chairman of the Audit Committee.
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.