RETRANSMISSION: Robert N. Granger Appointed Chairman of RSM Board of Directors
13 June 2008 - 12:45AM
Marketwired
MANHATTAN, NEVADA (OTCBB: RYSMF) Royal Standard Minerals Inc. is
pleased to announce that it has appointed Robert N. Granger Q.C. as
Chairman of the Board. Mr. Granger, an Ontario resident, has
practiced law in Toronto, Ontario for more than 30 years mainly in
the corporate and securities law areas. He has been an officer and
director of a number of resource companies during this period.
Currently Mr. Granger serves as Chairman of Harricana River Mining
Corporation as well as a director and officer of a number of other
companies. Roland M. Larsen indicates, "we are pleased to have the
depth of experience that Mr. Granger has to help provide management
strength to RSM going forward."
Roland M. Larsen, CEO to announce that Royal Standard Minerals
Inc.(RSM) has reached an agreement in principle with Sharpe
Resources Corporation on which he also serves as CEO and (NEX:
SHO.H)(OTCBB: SHGPF) to jointly develop and operate a number of
coal projects in Eastern Kentucky. Sharpe currently controls 100%
interests in a number of coal projects in West Virginia and Eastern
Kentucky. To enter into the transaction RSM has agreed in principle
to advance to the project up to $2 million to facilitate the
startup.
In order to conduct the negotiations and settlement of
definitive agreements in this connection, the board of RSM has
appointed an independent committee of directors consisting of
Robert N. Granger (chairman) Mackenzie I. Watson and James C.
Dunlap to evaluate finalize and recommend the transaction to the
Board of Directors of the Company if warranted. It is anticipated
that the business will operate as a joint venture between the
companies at least at the outset.
In an effort to achieve diversity within its natural resource
portfolio the RSM has entered into the jv program mentioned above
focused initially on the eastern Kentucky coal fields with Standard
Energy Company a subsidiary of Sharpe Resources Corporation. The
joint venture will involve the opportunity for RSM to earn a 40%
interest in coal projects that Standard has acquired or holds under
option agreements. RSM can earn its $40% interest by advancing four
projects to production over the next 12 months.
The Central Appalachian coal region is a major participant in
the domestic and international coal markets and a leading exporter
of metallurgical coal. This region to include Eastern Kentucky and
southwestern West Virginia are participating in one of the one of
the hottest coal markets in memory, a perfect storm that has
descended on the worldwide coal business with no apparent near term
solution to international demand because of the overwhelming growth
in China, and unsatisfied demand in Europe and India. The
international coal producers cannot keep pace with demand, this in
turn has a direct impact (pricing pressure) on the domestic coal
market. The Central Appalachian region is the site of one of the
few areas in the US that holds large resources of metallurgical
coal. Coal prices are up to $200-$250 per ton for metallurgical
coal and in the $100-$150/ton range for high btu steam coal.
Stock prices for coal companies operating in this region in the
past 6-10 months have increased in many cases, by more than 300% in
this market with new stock market highs almost on a daily basis.
RSM is getting into a market that offers the potential for rapid
growth and at the same time provide it with some diversity into the
strong energy business. The energy business is seen as being more
immune to market conditions that affect volatility in the other
commodities.
RSM will continue to work diligently on its gold projects in
Nevada as part of an effort to advance the development programs
that are currently in progress. Particular attention will be
maintained on the Goldwedge project in an effort make this property
profitable in the near term. To this end the Company has recently
acquired and installed another Knelson Concentrator.
RSM is a natural resource exploration and development
company.
Royal Standard Minerals cautions that the statements made in
this press release and other forward looking statements made on
behalf of the Company may be affected by such other factors
including, but not limited to, volatility of mineral prices,
product demand, market competition, imprecision of mineral
estimates, and other risks detailed herein and from time to time in
the Securities and Exchange Commission filings of the Company.
The TSX.V Exchange does not accept responsibility for adequacy
or accuracy of this release as per Exchange Policy 3.3 section
6.5.
Contacts: Royal Standard Minerals Inc. Roland Larsen Qualified
Person NI-43-101 775-487-2454 775-775-2460 (FAX) Royal Standard
Minerals Inc. Mr. Rich Kaiser Investor Relations 800-631-8127
RoyalStandardminerals.com
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