Millennium Minerals appoints CEO Brian Rear as managing director, renews board
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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