29th Jun 2006 07:01
Central African Gold PLC29 June 2006 Central African Gold Plc / Ticker: CAN / Index: AIM / Sector: Mining & Exploration 29 June 2006 Central African Gold Plc ("CAG" or "the Company") Corporate Update Central African Gold Plc, the AIM listed gold mining and exploration company, ispleased to announce the following corporate update. Appointment of Nominated Adviser The Company is pleased to announce that it has appointed Strand Partners Limitedas its Nominated Adviser with immediate effect. Greg Hunter, Chief Executive Officer of CAG, commented: "We are aggressivelypursuing a new path for CAG as part of our quest to become a significant goldmining and exploration company. As we plan to fast track the acquisition of newprojects in Africa, it is important that we develop a sound partnership with ournewly appointed Nominated Adviser and I look forward to working closely withStrand Partners Limited going forward in pursuit of our strategy." Discussions Regarding a Potential Reverse Ended and Restoration of Trading onAIM On 25 April 2006, the Company announced that it was in discussions that may leadto CAG entering into a reverse take-over under the AIM Rules. As a result,trading in the ordinary shares of 0.1p each in the Company ("Ordinary Shares")was suspended on 25 April 2006. Following lengthy discussions with the thirdparty concerned, these talks have now been terminated. Accordingly, further tothe appointment of Strand Partners Limited as the Company's Nominated Adviser,AIM has confirmed that the Company's suspension will be lifted with effect from7.00 a.m. today. Board Changes As part of the continuing development of the Company, Mr Greg Hunter and Mr MarkRosslee were appointed to the CAG board ("the Board"), as Chief ExecutiveOfficer and Finance Director respectively, on 8 March 2006. As previously announced, Greg Hunter has worked extensively in the naturalresources sector in both financial and technical capacities. He was formerly CEOof the Southern African based resource company Metallon Gold Limited and adirector of Ridge Mining plc. Prior to this, he was Head of Mining Research atDeutsche Securities focused primarily on gold and platinum and also spent twoyears at UAL Merchant Bank as resource equity analyst. He also spent a number ofyears with Anglogold Limited as a mining engineer. Mark Rosslee is a Chartered Accountant with a graduate diploma in MiningEngineering. Mark was formerly Finance Director of Metallon Gold Limited,having previously been the Chief Financial Officer at both Southern Era DiamondsLimited and Southern Platinum Limited. He gained extensive experience within themining industry with the De Beers Group at both a corporate and operationallevel over a period of 12 years. Following a period of reorganisation and the implementation of an independentsustainable growth plan for the new team, Phil Edmonds, Andrew Groves and BrianMoritz have now decided to step down from the Board and leave the running of thebusiness to Mr Hunter and Mr Rosslee. Messrs Edmonds, Groves and Moritz havetherefore all resigned as Directors of CAG with effect from 30 June 2006. The Company is in consultation with its advisers with a view to appointingfurther non-executive directors in due course to strengthen the Board asappropriate. Phil Edmonds current Non Executive Chairman said: "We have every faith that CAGwill fulfil its growth potential under the leadership of Greg and his team. Webelieve that the Company is now in a strong position, being well financed andrun by an experienced team of gold professionals. We will remain very supportiveof Greg Hunter and his colleagues, who are making great strides in identifyingkey prospects to develop the Company further." CAG's preliminary results for its year ended 31 December 2005 will be announcedby the end of June 2006 and the Report and Accounts will be posted toshareholders at that time. * * ENDS * * Greg Hunter Central African Gold Tel: +27 82 882 4222 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0)20 7242 4477 Simon Raggett Strand Partners Limited Tel: +44 (0)20 7409 3494 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Canal+