The company has decided against restarting the Nova Scotia mining project due to uncertainty over the price of zinc and other metals, and close its head office in Vancouver.
[VANCOUVER, BC] - Selwyn Resources Ltd. (TSXV:SWN) has decided against restarting the ScoZinc mining project in Nova Scotia at this time, due to uncertainty over the price of zinc and other metals, and close its head office in Vancouver.
Instead of deploying money received from the sale of its interest in the Selwyn project, the company plans to make a special cash distribution as a return of capital.
Selwyn also announced Friday it has replaced its chief executive and chief financial officer and will close its head office in Vancouver when the lease expires in October.
Joseph Ringwald has been selected as interim president and CEO, replacing Harlan Meade, who held the post since March 2004.
Rob Suttie becomes CFO, replacing David Kwong, who has held the post since February 2006.
The amount of the payout to shareholders has yet to be determined and will be subject to approval at a special shareholders meeting, expected to be held in November, the company announced today.