|
HORNBY BAY EXPLORATION LIMITED
March 11, 2004 - Symbol: HBE (TSXV) HORNBY BAY EXPLORATION CHANGES MANAGEMENT Hornby Bay Exploration Limited (HBE - TSX Venture Exchange) James M. Brady, founder of Hornby Bay Exploration Limited, is pleased to announce the resignation of the current officers and directors of the Company and the appointment of a new slate of Directors with George Bell as President and CEO.Mr. Brady stated, "the new board of directors and executive will bring the industry knowledge and experience required to take the company to the next level of development and I look forward to working with them in an advisory capacity". Mr. George Bell, the newly appointed President and CEO, brings over 30 years domestic and international senior management experience in the natural resource industry, his background with the Noranda Group of companies, in addition, to the six years of experience developing junior-companies as an owner and operator. Currently, he holds two other directorships in TSX-listed companies. The new board of directors is as follows: Mr. Ronald Barnes, as Director and also Chairman of the board, has 30 years of investment experience, including most recently his position as Vice President of Sprott Securities Ltd. He has been involved in all aspects of the investment industry including corporate finance, institutional and retail sales. Ron sits on the board of several private and TSX-listed companies. Mr. Oliver Lennox-King, Director, has spent over 30 years in the mining industry as an analyst, as well as Chairman and a director of Southern Cross Resources Inc. and Fronteer Development Group Inc. He has been a key figure in the successful formation and development of several Canadian resource companies. Currently, he holds two non-executive Chairmanships and several other directorships of TSX-listed companies. Mr. Lance Tigert, Director, brings over 35 years of senior executive experience with Noranda Inc. in finance, acquisitions, divestitures, mergers, joint ventures, and project development. Currently, he holds directorships in several TSX-listed companies. Mr. Bruno Arnold Director has over 40 years experience in property development in Canada and is the founding member and chairman of the Euromart Group of companies. Currently, he is on the boards of several private and public corporations. Mr. Birks Bovaird, Director, founded Toorak Holdings Ltd and has over 30 years experience in Canadian finance, business restructuring and equity offerings. Currently, he is on the boards of several private and public corporations and is an active member of the Canadian Institute of Corporate Directors. In connection with the change of management it is anticipated that a total of 1,500,000 options to purchase common shares of the Company at an exercise price of $0.385 will be granted to the incoming directors and officers of the Company. Hornby Bay Exploration Ltd. is a Toronto based company with three active exploration programs focused on uranium, diamonds and base metals. Prior work by the company on its 211 mineral claims covering 225,491 hectares (523,000 acres) in the Hornby Basin and Asiak River regions of Nunavut and the Northwest Territories has prospective uranium, diamonds and base metals targets. An aggressive exploration program is planned for 2004, to follow up on the results of the exploration work completed in the 2003 field season.
For further information contact:
|