TORONTO, ONTARIO, Nov. 2, 2009 (Marketwire) -- Maple Minerals Corporation (the Company) announces that it has agreed to appoint Geoffrey P. Cowley as its CEO. Geoffrey P. Cowley has significant experience in a range of world class metal mining operations in Africa, Asia, Middle East, ex Soviet Union and Russia. Before joining the Company Dr Cowley has held senior positions with such corporations as Kinross Gold Corporation, Strikeforce Mining and Resources plc, Anglo American Corporation, De Beers, British Steel Corporation, and many others.
Maple Minerals Corporation is a New Brunswick (Canada) company controlled by Maxim Finskiy. The Company has recently acquired certain assets of the Caribou and Restigouche projects in New Brunswick formerly held by Blue Note Caribou Mines. The assets have been acquired from Price Waterhouse Coopers acting as a monitor for Blue Note Caribou Mines, which had filed for bankruptcy earlier this year.
During the last 3 years more than CDN$100 mln were invested into the mines and the facilities by the previous owners. Estimated CDN$25-30 mln further capital expenditure is required to restart production. The Company believes that effective low cost zinc-lead-silver production can be organized at Caribou.