"Over the past couple of years, I am very pleased to be instrumental in improving the value of Apex’s shares to more than two-folds and in increasing its mineral resource by almost the same ratio. Throughout my term, we have been in the process of looking at the possibility of increasing production by embarking on the plan to undertake extensive in-fill drilling, surface drilling and rehabilitation of old mine workings for further mine exploration to establish an increased minable reserve to support the planned mine and mill production growth. This exercise is now in its penultimate stage and preparations are being laid out for its full implementation.
Although I would like to see the progress of this gigantic project transform into realization, I am obliged to leave my post in Apex Mining Co. Inc., because I am required to look after another international project, necessitating my personal attention and frequent international travel.”
In view of the above, the Board has resolved to appoint Mr. Baiverth M. Diabo as Interim President, effective April 18, 2012.
Mr. Diabo has been an Independent Director for APEX since October 2006, most recently as the Chairman of the Audit Committee. He currently holds multiple positions with the Chiongbian Group since 1999, primarily as the Business Controller of the group's Agribusiness Division. He is also the Assistant to the President of Eastern Shipping Lines, Inc., the Managing Director of Caliber Logistics Corp., and Head of the Business Development for Allah Copper Porphyry, Inc.
Outside of the Chiongbian Group, Mr. Diabo is a Director of the NiCu Gold Resources Inc., and the First Stronghouse Mining Corp. He is also an Independent Director of Sarangani Securities Corp., an accredited brokerage house with the Philippine Stock Exchange.
The Board has likewise accepted the resignations of Ms. Emelita Fabro the Executive Vice President, Mr. Robert Wagtingan, VP and Resident Manager, Mr. Arceo Rubio, VP - Materials and Mr. Deogracias Halog, VP-Technical Services.
A new Executive Team, under the direction of Mr. Diabo, has been formed. Their names and positions will soon be announced once their positions have been confirmed by the board. Meantime, Mr. Rodolfo Bravo, VP-CFO and Treasurer and Ms. Rosanna Parica as Corporate Secretary, will continue holding their current positions.
The board wants to also thank Mr. Thomas Rodney Jones one of the Apex Directors, whose resignation took effect today. He will be replaced by Benoit de Galbert. Mr. Jones, an internationally experienced mining industry professional, has contributed greatly to the overall operating standards of the Maco project.
These changes are in line with the decision to pursue the development and possible expansion of the mine production after a thorough study on its definitive feasibility, after the minable reserve has been re-established, which will support the plan to expand the capacity of the mill.
The board also wishes to undertake the continued exploration efforts on its exploration MPSA to establish its copper and gold resources.
Mr. Colin Patterson, the Chairman of the Board of Apex Mining commented that:
"The Board is grateful to Engr. Resabal and his team of departing Vice Presidents and Mr. Jones for their unselfish commitment to the development of Apex Mining which has led to the increase in mineral Resources and has created the platform for expansion; now a logical progression to achieving long term sustainable profitability.”
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