On the AGM of Central Asia Gold AB (publ) held in Stockholm today the result
for the financial year 2008 was adopted. It was decided to carry forward the
accumulated deficit in the parent company and it was also decided not to
distribute any dividends. The Board of Directors and the Managing Director were
discharged from liability in respect of the passed financial year. The current
Board Directors Preston Haskell, Lars Guldstrand, Maxim Kondratjukin, Alice
Volgina, Sergey Gorbachev, Mike Nunn, Risto Silander och Patric Perenius were
reelected. Preston Haskell was re-elected Chairman of the Board.
Total fees to the Board of Directors of SEK 200,000 were approved for the
period until the next Annual General Meeting. The auditor will be paid on
current account.
The Annual General Meeting approved the principles for the constitution of the
election committee. In addition the guidelines on remuneration to company
management in the Central Asia Gold group were approved.
The Annual General Meeting also approved a mandate to the Board of Directors,
valid until the next Annual General Meeting of shareholders, to issue, at one
or more occasions, no more than a total of 880,000,000 new shares with a
deviation from the existing shareholders preferential rights if this would be
more advantageous for the Company in terms of reasons of timing, business
related reasons or any equivalent reasons. Payment shall be made in cash, via a
set-off of claims or via contributions in kind. The purpose of the mandate is
to enable continued company and project acquisitions primarily within the
Russian mineral sector. Also a change in the articles of association concerning
the notice to the General Meeting was approved.
Apart from this, management made a short presentation of the current affairs of
the group. The Managing Director, Mr. Gorbachev, repeated that CAG expects to
produce 800 - 1,000 kg of gold in 2009 (whereof 150 - 200 kg during the second
quarter), that approved gold reserves around year end 2009 will amount to 30 -
35 tons and that CAG plans to achieve a positive operating cash flow for this
year. Thus no rights issues are expected to be announced this year.
For more information, please contact:
MD Sergey Gorbachev, tel: +7 985 765 00 84, fax: +46 (0)8 624 37 20, e-mail:
sergey.gorbachev@centralasiagold.se, website: www.centralasiagold.se, Postal
and visiting address: Brovägen 9, SE-182 76 Stocksund
Vice Chairman Lars Guldstrand, cell phone +46 705 28 81 81, email:
lars.guldstrand@centralasiagold.se
Central Asia Gold AB is a Swedish mining company focused on gold production and
exploration in Russia and Mongolia in the central parts of Asia. The gold
production was initiated in late January 2005 and the assets were as at end of
2008 estimated to encompass some 800,000 troy ounces (1 troy ounce = 31.1 g) of
C1/ C2 Russian gold reserves.
Cautionary Statement: Statements and assumptions made in this report with
respect to Central Asia Gold AB's ("CAG") current plans, estimates, strategies
and beliefs, and other statements that are not historical facts, are
forward-looking statements about the future performance of CAG. Forward-looking
statements include, but are not limited to, those using words such as "may",
"might", "seeks", "expects", "anticipates", "estimates", "believes",
"projects", "plans", strategy", "forecast" and similar expressions. These
statements reflect management's expectations and assumptions in light of
currently available information. They are subject to a number of risks and
uncertainties, including, but not limited to, (i) changes in the economic,
regulatory and political environments in the countries where CAG operates; (ii)
changes relating to the geological information available in respect of the
various projects undertaken; (iii) CAG's continued ability to secure enough
financing to carry on its operations as a going concern; (iv) the success of
its potential joint ventures and alliances, if any; (v) exchange rates,
particularly between the Russian rouble and the U.S. dollar. In the light of
the many risks and uncertainties surrounding any gold production and
exploration company at an early stage of its development, the actual results
could differ materially from those presented and forecast in this report. CAG
assumes no unconditional obligation to immediately update any such statements
and/or forecasts.
