RICHMOND HILL, ONTARIO--(Marketwire - Oct. 6, 2011) -MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) wishes to provide an update on its corporate activities.
The financial reporting and corporate compliance services of RG Mining Investments Inc. has been terminated. Pursuant to this termination, and effective September 30, 2011, MBMI has accepted the resignations of Stephen M. Gledhill as Chief Financial Officer and Leslie Haddow as Corporate Secretary.
In addition, Mr. Frank Pastorino, the Company's Vice President of Operations, has also been terminated.
Mr. Sam Y.C. Kwan has been appointed as Chief Financial Officer of the Company, effective on October 1, 2011.
Sam Y.C. Kwan, CA, CPA, has more than twelve years financial experience in external audit, taxation, accounting and corporate finance. He has experience in international business and has been involved in foreign exchange risk management and hedging strategy implementation. Mr. Kwan is a Chartered Accountant who has practiced at major accounting firms, most recently at BDO Dunwoody LLP. Mr. Kwan is the Audit Committee Chairman of Kam and Ronson Media Group Inc. and the President of Horwath Leebosh Global Advisors, Inc., the Asia Pacific corporate finance division of Horwath Leebosh Appel LLP, which provides financial advisory services to Chinese, Hong Kong and other Pacific Rim entities.
In connection with this appointment of Sam Y.C. Kwan as Chief Financial Officer, the Company's Board of Directors ("the Board") has approved a consulting agreement entitling Mr. Kwan to an annual base salary of $80,000 ($6,667 per month) plus $9,600 ($800 per month) in housing allowances, and a signing bonus of 250,000 share purchase options of the Company exercisable at a price of $0.10 per share for five years from the date of grant.
The Board has also appointed Mr. John H. Wong (President and Chief Executive Officer) as a director to fill a vacancy and bring the total appointed directors to six.
Mr. John H. Wong holds a Bachelor's degree in Finance and a Master of Business Administration. Mr. Wong has accumulated over twenty years of international experience in diversified investment projects in Europe, America, Asia and Africa. He has been involved in feasibility studies, management, marketing and financial control in various industries and his diverse worldwide investment experience strengthens his global view and analytical abilities. Mr. Wong is a director of the TSX-V listed company Kam & Ronson Media Group Inc., President of SinoCan Capital Inc. and CEO of Horwath Leebosh Global Advisors Inc.
In connection with Mr.