Rodinia Minerals Inc. Welcomes Farhad Abasov To The Board As Executive Chairman
April 28, 2010
Toronto, Ontario: Rodinia Minerals Inc. (“Rodinia” or the “Company”) (TSX-V: RM; OTCQX: RDNAF) is pleased to announce the appointment of Mr. Farhad Abasov to the Board of Directors (“Board”), and to the role of Executive Chairman. Mr. Abasov will replace Mr. Stan Bharti who will continue to serve on the Board as Executive Vice-Chair. Messrs. Abasov and Bharti will be instrumental in providing guidance to Rodinia on financial, transactional, and other strategic growth initiatives as the Company continues its quest to become a high-grade, low-cost producer of lithium carbonate from lithium-brine projects in North and South America. The Company welcomes Mr. Abasov to the Board and looks forward to working with Messrs. Abasov and Bharti as the Company’s strategic focus is realized.
Mr. Abasov currently serves as the President and CEO of Allana Potash Corp. Mr. Abasov has previously held various senior executive and director positions with leading domestic and international resource, energy and finance companies. Before Allana Potash, Mr. Abasov served as Senior Vice President at Potash One. Prior to that Mr. Abasov was Vice President, Portfolio Management and Vertical Integration for Uranium One, managing Uranium One's large asset base in the United States. He was a member of Energy Metals Corporation’s senior management team, a premier uranium company sold to Uranium One for $1.8 billion in 2007. Mr. Abasov holds an MBA in Business and Finance from the International University of Japan, a leading Japanese business school.
David Stein, Rodinia’s President and CEO, remarked “We are pleased to welcome Farhad to the Rodinia team. Over the past several years he has been involved with a number of very successful mining and mineral development ventures, and we expect his guidance will immediately add value. In addition, Farhad’s expertise in the potash business will be extremely useful as we develop our lithium brine projects, where we expect that potash will be a substantial economic by-product of the extraction process.”
In conjunction with his appointment, Rodinia has granted Mr. Abasov 200,000 stock options pursuant to the stock option plan of the Company. The options will be exercisable for $0.47 and will expire on April 28, 2015. Such options shall vest immediately subject to the applicable regulatory hold period. The grant of options remains subject to receipt of all required regulatory approvals.
In addition, the Company is pleased to announce that Mr. Mark Eaton has been appointed Chair of the Audit Committee of the Board. Mr. Eaton replaces Mr. Bruce Ford who will resign as a director of the Company effective May 1, 2010 to pursue other business interests. The Company would like to thank Mr. Ford for his contributions to the Company.
About Rodinia Minerals Inc.:
Rodinia Minerals Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.
Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Diablillos project in Salta, Argentina.
Rodinia Minerals Inc.
Please visit the Company’s web site at www.rodiniaminerals.com or write us at email@example.com or firstname.lastname@example.org
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President & CEO
Tel: +1 (416) 861-5812
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Tel: +1 (416) 309-2696
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding the impact of the board appointments on Rodinia; the potential of the Company’s projects; timetable for further exploration, analysis and development; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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