Heron Resources Limited (TSX: HER; ASX: HRR) ("Heron" or
the "Company") is pleased to advise that its gold-nickel
spin-off, Ardea Resources Limited (
Ardea) has
appointed a well credentialed independent Board to oversee its
imminent listing on ASX and on-going operations. The Board combines
a focussed blend of exploration, development and corporate
expertise well suited to Ardea’s strategic plan.
The Ardea Board consists of:
Chairman Ms Katina Law (BCom, CPA, MBA, GAICD)
Managing Director Dr Matthew Painter (BSc (Hons), PhD)
Non-executive Director Mr Ian Buchhorn (BSc (Hons), Dip Geosci
(Min Econ), MAusIMM)
CFO & Company Secretary Mr Sam Middlemas (BCom, PGrad Dip
Bus, CA)
Katina Law (Chairman)
Katina Law has over 25 years’ experience in the mining industry
covering corporate and site based roles across several continents.
Over the past ten years she has worked with a number of ASX listed
resources companies in strategic financial advisory and general
management roles. She has worked on a number of development and
evaluation projects which were later subject to corporate
transactions including the Deflector gold and copper project and
the King Vol polymetallic zinc project. Ms Law was Executive
Director and CEO of East Africa Resources Limited from 2012 to
2015. Ms Law has also held senior positions at Newmont Mining
Corporation’s head office in Denver, USA producing the company’s
financial plans and providing financial information and analysis to
the Board of Directors and the Executive Committee. She held the
position of New Business Development Executive at LionOre
International based in Perth where she was responsible for the
financial assessment of development projects. Ms Law has a Bachelor
of Commerce degree from UWA, is a Certified Practising Accountant
and has an MBA from London Business School. She is a currently a
non-executive Director of headspace and Gumala Enterprises Pty Ltd.
Ms Law has no other public company directorships.
Matthew Painter (Managing Director)
Matthew Painter is a geologist with over 20 years’ professional
experience including SRK Consulting, Sabre Resources, AngloGold
Ashanti, Geological Survey of WA and MIM Exploration. His expertise
is in ore deposit geology and structural geology, and his work has
been instrumental in the successful discovery, exploration, and
development of greenfields and brownfields deposits globally. Dr
Painter has extensive on-ground experience throughout Australia and
overseas including east, west, and southern Africa, central and
south-eastern Asia, and South America, across a broad range of
commodities including gold, copper, zinc-lead-silver, uranium, tin
and manganese. Dr Painter has extensive managerial and ASX-listed
company corporate experience. He has a Bachelor of Science with
Honours degree from the University of Melbourne and has a Doctor of
Philosophy (PhD) in Economic Geology from the University of
Queensland. Dr Painter has no other public company
directorships.
Ian Buchhorn (Non-executive Director)
Ian Buchhorn is a mineral economist and geologist with over 35
years’ experience. Prior to listing Heron in 1996 as founding
Managing Director, Mr Buchhorn worked with Anglo American
Corporation in southern Africa, and Comalco, Shell/Billiton and
Elders Resources in Australia variously as a corporate and research
geologist, as well as setting up and managing Australia’s first
specialist mining grade control consultancy. For the last 25 years
Mr Buchhorn has developed mining projects throughout the Eastern
Goldfields of Western Australia and operated as a Registered Mine
Manager. Mr Buchhorn is an executive director of Heron Resources
Limited and non-executive director of RBR Group Limited.
Mr Buchhorn’s role is to provide continuity from Heron’s
stewardship of the assets to Ardea’s.
Sam Middlemas (CFO and Company Secretary)
Sam Middlemas is a chartered accountant with more than 20 years’
experience in various financial and company secretarial roles with
a number of listed public companies operating in the resources
sector. He is the principal of a corporate advisory company which
provides financial and secretarial services specializing in capital
raisings and initial public offerings. Previously Mr Middlemas
worked for an international accountancy firm. His fields of
expertise include corporate secretarial practice, financial and
management reporting in the mining industry, treasury and cash flow
management and corporate governance. Mr Middlemas is currently CEO
and Company Secretary of Bauxite Resources Limited, and CFO/Company
Secretary of RBR Group Limited, Alto Metals Limited and Enterprise
Metals Limited.
Indicative Timetable
Due to the December Closing Date, the current indicative
timetable is deliberately conservative, to accommodate the holiday
season. The Ardea Board will endeavour to close the offer
earlier.
Lodgement of Prospectus with ASIC |
9 November 2016 |
Opening Date of the Offers |
16 November 2016 |
Closing Date of the Offers |
23 December 2016 |
Effective Date of Distribution |
3 January 2017 |
Issue of Shares under the Prospectus |
4 January 2017 |
Despatch of holding statements |
6 January 2017 |
Quotation of Shares on ASX |
9 January 2017 |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
Australian and Canadian securities laws, which are based on
expectations, estimates and projections as of the date of this news
release. This forward-looking information includes, or may be based
upon, without limitation, estimates, forecasts and statements as to
management’s expectations with respect to, among other things, the
timing and ability to complete the Ardea spin-off, the timing and
amount of funding required to execute the Company’s exploration,
development and business plans, capital and exploration
expenditures, the effect on the Company of any changes to existing
legislation or policy, government regulation of mining operations,
the length of time required to obtain permits, certifications and
approvals, the success of exploration, development and mining
activities, the geology of the Company’s properties, environmental
risks, the availability of labour, the focus of the Company in the
future, demand and market outlook for precious metals and the
prices thereof, progress in development of mineral properties, the
Company’s ability to raise funding privately or on a public market
in the future, the Company’s future growth, results of operations,
performance, and business prospects and opportunities. Wherever
possible, words such as “anticipate”, “believe”, “expect”,
“intend”, “may” and similar expressions have been used to identify
such forward-looking information. Forward-looking information is
based on the opinions and estimates of management at the date the
information is given, and on information available to management at
such time. Forward-looking information involves significant risks,
uncertainties, assumptions and other factors that could cause
actual results, performance or achievements to differ materially
from the results discussed or implied in the forward-looking
information. These factors, including, but not limited to, the
ability to complete the Ardea spin-off on the basis of the proposed
terms and timing or at all, the ability to complete the Woodlawn
Zinc-Copper Project Feasibility Study on time or at all, and
whether the feasibility study is positive and otherwise consistent
with the business plans of the Company, fluctuations in currency
markets, fluctuations in commodity prices, the ability of the
Company to access sufficient capital on favourable terms or at all,
changes in national and local government legislation, taxation,
controls, regulations, political or economic developments in
Canada, Australia or other countries in which the Company does
business or may carry on business in the future, operational or
technical difficulties in connection with exploration or
development activities, employee relations, the speculative nature
of mineral exploration and development, obtaining necessary
licenses and permits, diminishing quantities and grades of mineral
reserves, contests over title to properties, especially title to
undeveloped properties, the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drill results and other
geological data, environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and flooding,
limitations of insurance coverage and the possibility of project
cost overruns or unanticipated costs and expenses, and should be
considered carefully. Many of these uncertainties and contingencies
can affect the Company’s actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Prospective investors should not place undue reliance on any
forward-looking information.
Although the forward-looking information contained in this news
release is based upon what management believes, or believed at the
time, to be reasonable assumptions, the Company cannot assure
prospective purchasers that actual results will be consistent with
such forward-looking information, as there may be other factors
that cause results not to be as anticipated, estimated or intended,
and neither the Company nor any other person assumes responsibility
for the accuracy and completeness of any such forward-looking
information. The Company does not undertake, and assumes no
obligation, to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by law.
No stock exchange, regulation services provider,
securities commission or other regulatory authority has approved or
disapproved the information contained in this news
release.
For further information, please visit www.ardearesources.com.au or www.heronresources.com.au or contact:
Ardea Resources:
Dr Matt Painter
Managing Director
Tel +61 8 6500 9200
Heron Resources (Australia):
Mr Wayne Taylor
Managing Director and Chief Executive Officer
Tel: +61 2 9119 8111 or +61 8 6500 9200
Email: heron@heronresources.com.au
Canada:
Tel: +1 647 862 1157 (Toronto)
cmuir@heronresources.com.au