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Press Releases / 2013 / Resignation of Director 

Resignation of Director


New World Resources Plc ('NWR' or the 'Company'), announces that Mr. Jan Fabian has resigned from the Board of Directors of NWR (the 'Board'), as well as from the position of CEO of OKD, a.s. (‘OKD’), with the resignation taking effect from 31 December 2013.

Jan Fabian joined the Board as Executive Director of NWR with effect from 1 January 2013. From the same date, he became the CEO, and chairman of the board of directors of OKD, the principal subsidiary of NWR. He previously served as Chief Operating Officer of NWR with overall responsibility for the coke operations and the Polish business operations of NWR KARBONIA.

The Board and management of NWR would like to thank Jan for his time and dedication to NWR and we wish him well in his future business ventures. Jan will further advise the Company on an as-needed basis in the role of an independent advisor.

Mr. Gareth Penny, Executive Chairman of NWR, said: "Jan has led OKD through one of the most difficult years in OKD’s history and successfully started off necessary changes that will transform OKD into a much leaner and efficient organisation, an organisation that will be able to withstand the unprecedented market challenges. Among OKD’s achievements under Jan’s leadership are successful cost containment, continued improvement in safety performance, centralisation of mine management, and closing a new collective agreement with OKD’s trade unions for the next five years. "

From 1 January 2014 NWR intends to simplify its overall management structure. There will be no replacement for Jan’s position on the boards of NWR and OKD. A Managing Director will now lead the management team at OKD. The Company has appointed Mr. Dale Ekmark in this position.

Mr. Ekmark is a US citizen and has worked previously in various senior leadership positions for a number of mining companies, including AMG Mining Ltd., Sydvaranger Gruve AS, Cleveland Cliffs, Placer Dome, DeBeers and Kazakhmys Plc. He joined NWR in August 2013 as Head of mining transformation.

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About NWR:

New World Resources Plc is one of Central Europe’s leading hard coal and coke producers. NWR produces quality coking and thermal coal for the steel and energy sectors in Central Europe through its subsidiary OKD, the largest hard coal mining company in the Czech Republic. NWR's coke subsidiary OKK, is Europe's largest producer of foundry coke. NWR currently has several development projects in Poland and the Czech Republic, which form part of NWR's regional growth strategy. 

In 2013 the Company announced a strategic outlook to reposition NWR into Europe’s leading miner and marketer of coking coal by 2017.

NWR is listed in London, Prague and Warsaw. It is a constituent of FTSE Small Cap index.

Disclaimer and cautionary note on forward looking statements and notes on certain other matters

Certain statements in this announcement are not historical facts and are or are deemed to be “forward-looking”. The Company’s prospects, plans, financial position and business strategy, and statements pertaining to the capital resources, future expenditure for development projects and results of operations, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology including, but not limited to; “may”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “will”, “could”, “may”, “might”, “believe” or “continue” or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct.  These forward-looking statements involve a number of risks, uncertainties and other facts that may cause actual results to be materially different from those expressed or implied in these forward-looking statements because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond NWR’s ability to control or predict. Forward-looking statements are not guarantees of future performances.

Factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected include, but are not limited to, the following: risks relating to changes in political, economic and social conditions in the Czech Republic, Poland and the CEE region; future prices and demand for the Company's products, and demand for the Company's customers' products; coal mine reserves; remaining life of the Company's mines; coal production; trends in the coal industry and domestic and international coal market conditions; risks in coal mining operations; future expansion plans and capital expenditures; the Company's relationship with, and conditions affecting, the Company's customers; competition; railroad and other transportation performance and costs; availability of specialist and qualified workers; and weather conditions or catastrophic damage; risks relating to Czech or Polish law, regulations and taxation, including laws, regulations, decrees and decisions governing the coal mining industry, the environment and currency and exchange controls relating to Czech and Polish entities and their official interpretation by governmental and other regulatory bodies and by the courts; and risks relating to global economic conditions and the global economic environment. Additional risk factors are as described in the Company’s annual report.

Forward-looking statements are made only as of the date of this announcement.  The Company expressly disclaims any obligation or undertaking to release, publicly or otherwise, any updates or revisions to any forward-looking statement contained in this announcement to reflect any change in its expectations or any change in events, conditions, assumptions or circumstances on which any such statement is based unless so required by applicable law.

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