Panex Appoints New CEO
ZUG, SWITZERLAND -- (Marketwire) -- 10/22/12 -- Panex Resources
Incorporated (the "Company," or "Panex") (OTCQB:DBGF)(FRANKFURT:D1Q),
an exploration stage company, engages in the acquisition and
exploration of mineral properties. The company intends to explore for
commercially viable deposits of base and precious minerals, such as
gold, silver, lead, barium, mercury, copper, and zinc minerals, as
well as bulk commodity minerals, such as coal, iron, and potash.
As of October 19, 2012, the board of Panex is very pleased to
announce the appointment of Mr. Kovaldas Balciauskas as CEO. Klaus
Eckof will resign as CEO and act as non-executive director for the
Company. Ross Doyle will remain as CFO.
Mr. Balciauskas was active in the mining industry when working with
the U.S. Geological Survey (USGS) in the anthracitic coal region of
Eastern Pennsylvania, USA from 1995. From 2001 Mr. Balciauskas was
working as a commodity trading officer at the Chicago Board of Trade
and then as CEO of KB Futures LLC, a Chicago based commodity
brokerage firm. Since 2007 Mr. Balciauskas has been COO of
Eurotraders AG, a Zug, Switzerland-based asset management company.
Panex common stock is traded on the OTCQB in the United States and
the Frankfurt Stock Exchange in Germany under the symbols
ON BEHALF OF PANEX
Kovaldas "KB" Balciauskas, CEO
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that plan for or anticipate
the future, called "forward-looking statements." In some cases, you
can identify forward-looking statements by terminology such as "may,"
"will," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of those terms and other comparable
These forward-looking statements appear in a number of places in this
press release and include, but are not limited to, statements about:
our market opportunity; revenue generation; our strategies;
competition; expected activities and expenditures as we pursue our
business plan; the adequacy of our available cash resources; our
ability to acquire properties on commercially viable terms;
challenges to our title to our properties; operating or technical
iculties in connection with our exploration and development
activities; currency fluctuations; fluctuating market prices for
precious and base metals; the speculative nature of precious and base
metals exploration and development activities; environmental risks
and hazards; governmental regulations; and conduct of operations in
politically and economically less developed areas of the world.
Many of these contingencies and uncertainties can affect our actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made by,
or on behalf of, us. Forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in
this press release are qualified by these cautionary statements.
Specific reference is made to our most recent annual report on Form
10KSB and other filings made by us with the United States Securities
and Exchange Commission for more detailed discussions of the
contingencies and uncertainties enumerated above and the factors
underlying the forward-looking statements. These reports and filings
may be inspected and copied at the Public Reference Room maintained
by the U.S. Securities and Exchange Commission at 100 F Street, N.E.,
Washington, D.C. 20549. You can obtain information about operation of
the Public Reference Room by calling the U.S. Securities and Exchange
Commission at 1-800-SEC-0330. The U.S. Securities and Exchange
Commission also maintains an Internet site that contains reports,
proxy and information statements, and other information regarding
issuers that file electronically with the U.S. Securities and
Exchange Commission at http://www.sec.gov.
We disclaim any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except to the extent required by
This press release is for informational purposes only and is not and
should not be construed as an offer to solicit, buy, or sell any
Panex Resources Incorporated
Kovaldas "KB" Balciauskas
(+41) 7887 96966
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