Appointment of new Chief Executive Officer
Goldplat plc, the AIM listed gold producer, is pleased to announce the appointment of Mr Russell John Lamming, aged 43, as the Company's new CEO, effective from the 1 September 2012. Demetri Manolis, the current CEO, having established the Company as a profitable African focussed gold producer with a portfolio of projects at various stages of development, including the producing Kilimapesa gold mine in Kenya, believes that it is time to step down as the Company reaches the next stage of its genesis. Demetri will remain as a consultant to the Company for an initial 24 month period commencing the 1 January 2013.
Mr Lamming has a wealth of experience in the resource arena, particularly in Africa. During his 15 year career he has worked with a number of AIM listed resource companies including African Platinum Plc, which was sold to Impala Platinum and Chromex Mining Plc, where as CEO he was instrumental in bringing the Stellite Chrome Mine into production in South Africa and selling the company to Synergy Africa Ltd. Currently Russell acts as Non Executive Director for Ferrex Plc, an AIM quoted iron ore and manganese development company focussed on near term production in Africa. He was also a precious metals analyst for leading international broker Deutsche Bank and is a qualified geologist with an honours degree in geology from the University of the Witwatersrand and a Bachelor of Commerce in Economics from the University of Natal in South Africa.
Goldplat's Chairman Brian Moritz said, "I would like to thank Demetri both personally and on behalf of the shareholders for his successful management of the Company since its flotation in 2006. This success is indicated by the substantial and progressive increase in profits from the recovery business, as well as the commencement of mining at Kilimapesa and the excellent brown field development projects in Ghana and Burkina Faso. I am glad to say that his advice will continue to be available to the Group. At the same time I am pleased to welcome Russell Lamming, with whom I have worked successfully on various AIM listed companies over the past 7 years, as the new CEO."
Goldplat's CEO Demetri Manolis said, "Having built a profitable multi project gold company with significant production and exploration upside, I have achieved what I originally set out to do. With an excellent operational team in place, the Kilimapesa mine in production, the gold recovery operations in South Africa and Ghana going from strength to strength and the brownfield development projects in both Burkina Faso and Ghana being successfully advanced towards a resource status, I feel it is the correct time for me to step down from a full time role. Indeed, following the completion of the latest exploration programme I expect to announce shortly that my final stated objective of a gold resource of one million oz has been reached and exceeded. I believe Russell, with his vast experience with AIM quoted companies and his successful track record of developing mining projects in Africa, is ideally suited to continue to drive Goldplat forward and unlock its potential and realise its intrinsic value. Finally I'd like to thank all my management colleagues and employees for the tireless support and work which has been instrumental in building the Company." Goldplat CEO elect Russell Lamming said, "I'm very excited about Goldplat and its potential as a significant mid-tier gold mining company in Africa. All the projects represent exciting opportunities and I look forward to growing the Company and in the process closing the gap that has opened up between the value of its projects and the share price."
Mr Lamming has been granted options to subscribe for 13,500,000 ordinary shares at an exercise price of £0.12825 per ordinary share, payable in full upon exercise ("Options"). The Options granted shall vest in the following manner provided that Mr Lamming is an employee of the Company on each date the relevant Options first become exercisable. To the extent that such Options have not been exercised during the exercise period in accordance with the terms of the Options, they shall lapse.
- 4,500,000 options exercisable in whole or in part at any time between 1 September 2013 and 1 September 2018;
- 4,500,000 options exercisable in whole or in part at any time between 1 September 2014 and 1 September 2019 ; and
- 4,500,000 options exercisable in whole or in part at any time between 1 September 2015 and 1 September 2020.
Russell currently holds or has held the following directorships and partnerships in the last five years:
|Current directorships / partnerships||Past directorships / partnerships|
|Rainbow Rare Earths Ltd||Chromex Mining Plc|
|Ferrex Plc||Dunrose Investments 193 (Pty) Ltd|
|Coveham Services Ltd||Sabi Gold Ltd|
|International Chrome Ltd||African Platinum (Pty) Ltd|
|Consolidated Chromefields Ltd||Inkosi Platinum (Pty) Ltd|
|Chrome Connection Ltd||Imbasa Platinum (Pty) Ltd|
|Southern Iron Ltd||Islandsite 225 (Pty) Ltd|
|Southern Minerals Ltd||Islandsite 216 (Pty) Ltd|
|Serwalo Platinum (Pty) Ltd|
|Serwalo Resources (Pty) Ltd|
|Serwalo Coal (Pty) Ltd|
|Serwalo Ferrous Metals (Pty) Ltd|
|Ndoro Mining (Pty) Ltd|
|Venmyn Rand (Pty) Ltd|
There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.
* * ENDS * *
For further information visit www.goldplat.com or contact:
|Demetri Manolis, CEO||Goldplat plc||Tel: +27 (0) 11 423 1203|
|Ewan Leggat/Katy Birkin||Fairfax I.S. PLC||Tel: +44 (0) 20 7598 5368|
|Felicity Edwards||St Brides Media & Finance Ltd||Tel: +44 (0)20 7236 1177|
Goldplat plc, which has a market cap of circa £22 million, is an AIM-listed profitable, debt free gold producer and mine development company focused in Africa, which has a strong cash position of in excess of £4.59 million as at 31 December 2011. The Company has a solid portfolio of assets including two gold recovery operations in South Africa and Ghana, which recover precious metal from by-products of the mining process such as woodchips, fine carbon and waste grease. For the FY 2011 these operations produced circa 28,000 ounces of gold. Goldplat also has a producing gold mine in Kenya and two brownfield gold development projects in Ghana and Burkina Faso with near term resource upgrade potential from which it aims to delineate in excess of 1 million ounces of resources by H1 2012. In line with this, the Company has implemented defined exploration and development programmes across each of its projects with a view to developing multiple profitable mining operations in the near to medium term.
Goldplat is a profitable, African gold recovery services company . . .More info...
Goldplat has two profitable gold recovery businesses in South Africa and Ghana . . .More info...
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