News: PUR Pursuit Minerals Implements Management Restructure And Cost Reduction Program

June 27 (Reuters) - Pursuit Minerals Ltd (PUR) :

• IMPLEMENTS A MANAGEMENT RESTRUCTURE AND COST REDUCTION PROGRAM
• DETERMINED NOT TO PROCEED, AT THIS TIME, WITH PROCESS TO SEEK A DUAL LISTING OF SHARES ON MAIN MARKET OF LONDON STOCK EXCHANGE
• CONTRACT OF JEREMY READ, CO'S MANAGING DIRECTOR, WILL NOT BE RENEWED
• WILL COMMENCE IMMEDIATE IMPLEMENTATION OF A RANGE OF COST REDUCTION STRATEGIES
• WILL COMMENCE AN IMMEDIATE SEARCH FOR A MANAGING DIRECTOR TO REPLACE READ ON EXPIRY OF HIS CONTRACT IN AUGUST
• COST REDUCTION STRATEGIES INCLUDE REDUNDANCY OF ALL NON-ESSENTIAL PERSONNEL, A REDUCTION IN OFFICE OCCUPANCY COSTS
• CONTINUING TALKS WITH POTENTIAL STRATEGIC PARTNERS WHO HAVE CAPABILITY TO PROGRESS AIRIJOKI AND KOITELAINEN PROJECTS
• COMPANY IS ALSO CONSIDERING ACQUISITION AND JOINT VENTURE OPPORTUNITIES IN RELATION TO RESOURCE PROJECTS