– AUSTRALIA, Sydney – Metminco Limited (ASX:MNC / AIM:MNC) is pleased to announce changes to the Board, which, combined with the successful completion of the current capital raising, will allow the implementation of a focus on the significant exploration potential of Metminco’s gold projects in Colombia.
Mr Kevin Wilson has been appointed to the position of Executive Chairman of Metminco. Mr Wilson has over 30 years’ experience in the minerals and finance industries, including as Managing Director of Leviathan Resources, a Victorian gold mining company. Over the last 8 years Mr Wilson was Managing Director of an Australian energy exploration company. Mr Wilson’s background includes experience as a geologist with the Anglo American Group in Africa and North America and as a stockbroking analyst and investment banker with CS First Boston and Merrill Lynch in Australia and USA.
Mr Wilson is currently also non-executive Chairman of Victorian gold explorer Navarre Minerals Limited and non-executive director of Investigator Resources Limited.
The Board has approved a strategy which gives a more immediate focus on demonstrating the significant potential of the Colombian gold exploration assets in Quinchia. This includes commencing a drilling program as soon as practical on the Tesorito prospect and to gain access to the Chuscal prospect, both considered to be highly prospective gold exploration targets by the Company. Work will continue on the permitting of the Miraflores project as the company investigates options for gold production.
As the focus shifts to exploration in Colombia, non-core assets will be divested and there will be a significant reduction of operating costs and a reduction in financial liabilities. This cost reduction will include further changes to the Board which will result in fewer directors and a shift in the skill mix.
As the near-term focus has shifted back towards exploration and away from mine development, Mr William Howe has resigned from the Board and accepted the role as Chief Operating Officer, located in Colombia. Mr Howe built the firm and took it through its development phase in Peru and Chile. He also moved Metminco into Colombia and acquired the Quinchia portfolio, which has significant upside that is now the firm’s primary focus. The Board thanks Mr Howe for his tireless devotion to the Company during this period.
Mr Howe will continue to run day to day operations in Colombia while an exploration manager is sought and an orderly handover can be undertaken.
Mr Wilson said “I’m excited by the opportunities that are presented in Metminco. There is a first class exploration portfolio with outstanding potential at Tesorito and Chuscal and options for a gold development at Miraflores. With the funds currently being raised we will be able to rapidly commence investigating these opportunities. I look forward to working with William and his team to unlock the value that I believe exists in this portfolio.”
For more information : http://www.metminco.com.au
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