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Eurasia Gold Inc. announces changes to its board

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rossi   Friday, 08/17/07 12:45:03 PM
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Eurasia Gold Inc. announces changes to its board of directors
Thursday August 16, 12:13 pm ET

TORONTO, Aug. 16 /CNW/ - Following the successful completion of the take-over bid for Eurasia Gold Inc. ("Eurasia" or the "Company") by Kazakhmys Gold Inc., Eurasia announces changes to its board of directors. This will be an important step in the integration of Eurasia within the Kazakhmys group and in the future development of a gold division.

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Oleg Novachuk, Matthew Hird, Robert Welch and Andrei Tretyakov have been appointed as directors and, together with serving director Baltabek Mukashev, comprise the new five person board of Eurasia. Aman Adilkhanov, Graham Bevan, Richard Lachcik and Kumar Mukashev have each resigned from the board. The new board of directors has appointed Oleg Novachuk as President and Chief Executive Officer and Matthew Hird as Chief Financial Officer of Eurasia, replacing Baltabek Mukashev and Yerlan Mukashev who have resigned from such positions.

Kazakhmys Gold Inc. now owns approximately 96.34% of the issued and outstanding Eurasia shares, following the July 4, 2007 expiration of Kazakhmys Gold Inc.'s offer to acquire all of the issued and outstanding ordinary shares of Eurasia. Since the offer was accepted by holders of more than 90% of the Eurasia shares, Kazakhmys Gold Inc. has exercised its right under the compulsory acquisition provisions of the Business Corporations Act (British Columbia) to acquire all outstanding Eurasia shares not already owned by Kazakhmys Gold Inc. Kazakhmys expects to complete such acquisition in September, 2007.

Oleg Novachuk, Kazakhmys' Chief Executive said: "I should like to thank the departing directors and officers their contribution to Eurasia's development and success. As part of Kazakhmys, Eurasia will be able to fully realise its potential and become the core part of a growing precious metals division."

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