Todd Bruce joins Crystallex

After resigning as president of Iamgold (IMG-T) in January following the company’s merger with royalty firm Repadre Capital, Todd Bruce is assuming the positions of president, CEO and director of Crystallex International (KRY-T).

Marc Oppenheimer, Crystallex’s president and CEO since 1995, has become the company’s vice-chairman, while Robert Fung remains Crystallex chairman.

Bruce, as president and chief operating officer of Iamgold from February 1996 through January 2003, helped to bring the Sadiola and Yatela gold mines into commercial production in 1997 and 2001, respectively.

From 1980 through January 1996, he held senior management positions with South Africa-based Johannesburg Consolidated Investment and its successor company, Anglo American Platinum.

In early September, Crystallex presented a full feasibility study for its Las Cristinas gold project in Venezuela to its state-owned partner Corporacion Venezolana Guyana and Venezuela’s Ministry of Energy and Mines (T.N.M., Sept. 22-28/03).

This came only a couple of days after the company closed a US$28.2-million private placement consisting of 12.8 million warrants priced at US$2.20 apiece, with each warrant exercisable into one share within three years for US$2.75 per share.

“For Crystallex to successfully develop Las Cristinas and move to the next level in the hierarchy of gold mining companies, we must increase our mining operation expertise at the CEO level — that is why I am delighted that Todd will be joining us,” stated Oppenheimer in a release.

Meanwhile at Iamgold, Co-Chairman and Co-Founder Mark Nathanson has resigned from both positions for health and other personal reasons.

In the field, Iamgold has signed a joint-venture exploration agreement with Barrick Gold (ABX-T) in the 751,700-ha Los Menucos area of the Rio Negro province in Argentina’s Patagonia region.

Barrick can earn-in to a 70% interest in the properties by staged expenditures totaling US$12.5 million on exploration over eight years.

Elsewhere in South America, Iamgold already has two joint ventures with AngloGold (AU-N) in Brazil (Tocantins and Gandarela) and another with Gold Fields (GFI-N) in Ecuador (Condor).

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