Millennium Minerals appoints CEO Brian Rear as managing director, renews board
Millennium
Minerals (ASX: MOY) has appointed chief executive officer Brian Rear
as its managing director while non-executive director Simon Durack has retired
with effect from 30 June 2013.
It has also appointed John Morton, the Chief Portfolio Manager of Heritas
Capital Management (Australia)
as a non-executive director.
Morton has more than 17 years’ experience in investments, strategy and
corporate finance in the resources sector both in Australia and
abroad.
Rear has been Millennium’s CEO since July 2009 and has been instrumental in
delivering the Nullagine Gold Project on time and on budget and in
transitioning Millennium to being a significant and profitable gold producer.
Chairman Peter Rowe said Rear and Morton brought important additional skills to
the board including extensive experience in strategy and corporate finance and
highly valued operational experience.
“The Company’s successful transition from explorer to profitable gold producer
is an appropriate juncture for the board to review its composition as we chart
the next phase of the company’s growth.
“On behalf of the Board I would like to thank Simon Durack for his valued
contribution to Millennium
Minerals during a crucial time in the company’s development.”
Millennium
Minerals is currently seeking shareholder approval to implement a 1 for 22
share consolidation that will reduce the number of shares on issue to 198
million shares from the current 4.37 billion shares.
Its Nullagine Gold project in the Pilbara Region of Western Australia was declared commercial in
January 2013 and is expected to produce between 78,000 ounces and 83,000 ounces
of gold in the year ended 31 December 2013 from mining and milling 1.5 million
tonnes of ore.
Nullagine has a current gold Resource of 1.3 million ounces and Ore Reserve of
712,800 ounces contained within seven deposits. Mine life is currently
estimated to be about 8 years.
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