January 19, 2006, Vancouver, British Columbia-Uganda Gold Mining Ltd. (TSX Venture--UGM) announced that John Purkis of Vancouver, BC has, subject to regulatory approval, been appointed Chief Executive Officer of Uganda Gold Mining Ltd.
Mr. Purkis has enjoyed a 34 year mining career covering all aspects of the industry from exploration through to mine closure. He has held technical, operational, and executive positions with an emphasis on new project feasibility and development, acquisitions, and mine permitting including negotiation of several first nation agreements. In the past 14 years, his efforts have been focused on M&A activities including evaluation and bidding for major Latin American deposits and founding start-up companies.
Michael Beley, Chairman of the Company said "The board welcomes John Purkis who
possesses the technical and operational skills the Company needs as it works toward putting its Kilembe cobalt-copper project into production."
The Company also announced that it will undertake a non-brokered private placement of 1,000,000 units at $0.25. Each unit consists of one common share and one common share purchase warrant entitling the holder to subscribe for an additional share for $0.35 for a period of one year from closing. Proceeds will be used for working capital.
400,000 options at $0.25 were granted to Mr. Purkis pursuant to the Company's Option Plan.
Uganda Gold Mining Ltd. was founded in 1997. The Company is earning a 70% interest in the Kilembe Cobalt Copper Project located near Kasese, Uganda, by the completion of a positive feasibility study by January, 2007. More information on the project can be viewed on the company's website at www.ugandagold.com.
(604)682-2245, Fax (604)682-2275, Email: email@example.com
ON BEHALF OF UGANDA GOLD MINING LTD.
Al Beaton, President
Forward Looking Statements:
Statements made in this news release that relate to future plans, expectations, events or performances are forward-looking statements. Such statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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