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Miocene Metals Changes CEO, Moves To Cut Costs; Miocene Shrs At Yr Lows

Miocene Metals Limited (MII.V) announced the resignation of the current President and CEO, Bruce Jago, as officer of the company to be effective January 1, 2013. Jago will remain on the board, and will be available to provide technical advisory services to the company. The duties of the Chief Executive Officer will be assumed by Executive Chairman Alar Soever on an interim basis. Soever is also Executive Chairman of the company's largest shareholder, Wallbridge Mining Company Limited (WM.TO).

The company also announced that, in view of the current economic climate, it has implemented measures to reduce corporate overhead costs. These include renegotiation of key contracts and consolidation of its Vancouver office with that of its major shareholder, Wallbridge Mining Company Limited, which provides the company with accounting and administrative services and with whom it shares a Chief Financial Officer.

The company continues in its efforts to secure major partner funding for its exploration efforts on its British Columbia properties. Large mineralized porphyry copper-gold systems have been identified on both the Mackenzie and Rogers Creek properties, and these properties will be the focus of future exploration programs.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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