IKN

Tis rigor and not law

On betting jockeys

Because it’s not in the geographical area of IKN’s usual fare, I’d hardly heard anything about Edgewater Exploration (EDW.v) before today and certainly never chased it up. However it’s caught my attention this morning because the company has managed to land itself a strong President and CEO in site friend, George Salamis.

For those that recall, Salamis while President of Rusoro (RML.v) ramped up operations very successfully at its Venezuelan mines, bringing production up while hauling cash costs down to very low levels in the first two years of operations. Now out of Venezuela (probably a good thing, all considered) the dudes at this EDW gig have been smart enough to snap up Salamis and get him to run their projects in Ghana and (most probably very soon) in Spain.

IKN wishes Salamis the best of fortune at his new job and will be DDing the stock immediately and passing on thoughts to subbers in IKN57 next Sunday, because if it’s good enough for the new guy there it must have something worth looking at. Here’s today’s NR:

VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 1, 2010) – Edgewater Exploration Ltd. (“Edgewater” or the “Company”) (TSX VENTURE:EDW – News) is pleased to announce the appointment of Mr. George Salamis as President and Chief Executive Officer of the Company effective immediately. Mr. Salamis has over 20 years of experience in mineral exploration, mine development and mine operations and was formerly President of Rusoro Mining Limited, a TSX Venture-listed junior gold producer, and CEO of Caledon Resources plc, a metallurgical coal producer in Australia. Mr. Salamis has previously held senior management positions with a number of major mining companies including Placer Dome Inc. and Cameco Corporation.

Edward Farrauto, CFO and Director stated: “We are very pleased to have Mr. Salamis join Edgewater’s management team as President and CEO. George has a proven track record in advancing development-stage resource assets, managing major resource production and identifying and acquiring undervalued mining assets worldwide. He brings to Edgewater a wealth of knowledge and experience in international project development and connections to the capital markets that will greatly assist the Company.”

Mr. Salamis stated: “I am very pleased to be joining Edgewater Exploration as President and CEO. Edgewater’s agreement with Red Back Mining Inc. on the Enchi Gold Project in Ghana gives the Company the opportunity to rapidly advance a strategic land position in one of the most prolific gold regions of the world. We intend to build upon Red Back’s successes on the Enchi Project as well as acquire additional advanced stage gold projects that are accretive to shareholder value. In addition, I look forward to successfully completing due diligence and closing on the acquisition of Lundin Mining Corporation’s Malpica-Tuy Gold Project in Spain, which includes the advanced-stage Corcoesto Gold Deposit. I believe there is great potential to build on the current in-situ gold resources in this region of Spain.” CONTINUES HERE

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