12th Nov 2008 07:00
For immediate release
12 November 2008
African Minerals Limited
("African Minerals" or the "Company")
Board Restructuring
African Minerals Limited (AIM:AMI), the mineral exploration company with significant interests in Sierra Leone, West Africa, announces that due to personal reasons Mr Bruce Kirk, President, Iron Ore and Base Metals, has tendered his resignation from the Board of Directors of the Company with effect from 30 November 2008.
It is intended that Mr Kirk will provide consultancy services to the Company on an ad hoc basis.
Pending the appointment of a replacement for Mr Kirk, Marcus Reston will assume management of the Company's flagship iron ore project at Tonkolili. Mr Reston has over twenty years' experience in minerals exploration and computational geoscience. Most recently, he held a senior management position with Compass Resources in Australia. He has also held senior exploration roles with Western Mining Corporation, and later as a consultant operating in South East and Central Asia, and North and Central America. Marcus has a Bachelor of Science Honours degree in Earth Science and a Masters of Science in Geochemistry. He is a Member of the Australian Institute of Geoscientists and a Member of the Society of Economic Geologists.
The Company also announces that Roy Pitchford, a director of the Company, is stepping down from his role as Chief Executive Officer with immediate effect in order to focus on external interests. He will continue on the Board as a Non-Executive Director of the Company Frank Timis will assume Roy Pitchford's executive duties within his existing role as Executive Chairman.
Commenting on the board changes, Frank Timis said:
"It is a matter of great personal regret to me that Bruce has decided to step down from his role with the Company. I fully respect his decision. Bruce has been instrumental in advancing the Tonkolili project over the last twelve months towards resource status. In the circumstances, I greatly appreciate his offer to continue his support for the Company in a consultancy capacity. I thank Bruce for that and wish him and his family well in the future.
"I am grateful to Marcus Reston for stepping into Bruce's project management role at such short notice. Marcus' project management experience will, I am sure, be put to good use in further advancing the Tonkolili project towards a feasibility study, pending the appointment of a replacement for Bruce.
"I would also like to record my thanks to Roy Pitchford for his commitment to the Company over the last 12 months. I wish him well and success with his other interests and look forward to retaining his support, skills and experience on the board."
Enquiries:
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African Minerals Limited |
Tel: +44 (0) 20 7849 3002 |
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Frank Timis |
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Canaccord Adams Limited |
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Mike Jones |
Tel: +44 (0) 20 7050 6500 |
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Mirabaud Securities Limited |
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Rory Scott Pav Sanghara |
Tel: +44 (0) 20 7878 3360 |
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Citigate Dewe Rogerson |
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Martin Jackson |
Tel: +44 (0) 20 7638 9571 |
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George Cazenove |
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END
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