Directorate Changes
July 08 2010 - 11:00AM
UK Regulatory
TIDMCAN
RNS Number : 0849P
Central African Gold PLC
08 July 2010
Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining
8 July 2010
Central African Gold Plc ('CAG' or 'the Company')
Directorate Changes
Central African Gold Plc, the AIM quoted gold mining and exploration company,
announces that, further to the announcement of 17 June 2010, regarding the
acquisition by NDM (UK) Ltd, a wholly owned subsidiary of New Dawn Mining Corp
(TSX:ND) ('New Dawn'), of circa. 88.7 per cent. of the issued share capital of
CAG, Ian Saunders and Robert Weingarten, both directors of New Dawn, have been
appointed to the board of CAG ('the Board') with immediate effect. Ian Saunders
will be joining the Board as an executive director and Robert Weingarten will be
joining as a non-executive director. Both Ian Saunders and Robert Weingarten
have also joined the boards of three CAG subsidiaries: Falcon Gold Zimbabwe
Limited, Olympus Gold Mines (Pvt) Ltd and Falcon Mines S.A.
The Company also announces that Roy Pitchford will remain as Chief Executive
Officer and Acting Chairman of the Company and Craig Campbell has resigned as
CAG's Chief Financial Officer, with immediate effect, to pursue other
opportunities. The Company is undertaking a process to appoint a suitable
replacement and a further announcement will be made in due course.
Mr. Saunders has 19 years experience in the mining industry, having held a
number of senior technical and managerial positions in Zimbabwe and South
Africa. He has been with New Dawn since 1996 and is currently President and CEO
of the company. He has an extensive network of contacts throughout the region,
most notably from being the President of the Chamber of Mines of Zimbabwe
between July 2003 and May 2005, the Chairman of the Mining Industry Pension Fund
and having sat on the Zimbabwe School of Mines board. He is also a Fellow of
South African Institute of Mining & Metallurgy.
Mr. Weingarten has served as a consultant and adviser to a number of public
companies in various stages of development, operation or reorganisation since
1979. Mr. Weingarten has been the Chairman of New Dawn since 31 August 2005,
having previously been both the company's President and Chief Financial Officer.
Roy Pitchford, Chief Executive of the Company said, "I would like to take this
opportunity, on behalf of the Company, to welcome Robert Weingarten and Ian
Saunders to the Board as representatives of New Dawn, our largest shareholder.
I believe that they will both provide valuable assistance to CAG in developing
its strategic opportunities, particularly in view of Ian's extensive experience
in Zimbabwe and New Dawn's wide ranging gold mining expertise. I would also
like to thank Craig Campbell for his efforts on behalf of the Company and wish
him well in his future endeavours."
Further information required by AIM Rules for Companies
The following information is provided in accordance with paragraph (g) of
Schedule 2 of
the AIM Rules for Companies.
Mr. Ian Robert Saunders, aged 43, is a director or partner or has been a
director or partner of the following entities during the previous five years:
+----------------------------------+--------------------------+
| Current directorships or | Past directorships or |
| partnerships | partnerships held within |
| | the last five years |
+----------------------------------+--------------------------+
| Oda Investments (Private) Ltd | None |
| Acvise Investments (Private) Ltd | |
| Totem Rose (Private) Ltd | |
| Proposal Trading (Private) Ltd | |
| New Dawn Mining Corp. | |
| NDM SA (Cayman Islands) Ltd | |
| NDM Blue Dot Ltd | |
| NDM (UK) Ltd | |
| Blue Dot Properties 40 (Private) | |
| Ltd | |
| New Dawn Mining South Africa | |
| (Private) Ltd | |
| New Dawn Mining (Cayman Islands) | |
| Ltd | |
| NDM Cayman Ltd | |
| Casmyn Mining Zimbabwe (Private) | |
| Ltd | |
| Borecherd Investments (Pty) Ltd | |
| Embolden Enterprises (Private) | |
| Limited | |
| | |
+----------------------------------+--------------------------+
Blue Dot Properties 40 (Private) Ltd ('BDP') was placed in Voluntary Provisional
Liquidation on 3 November 2009, pending its sale under the directive of the New
Dawn board. New Dawn acquired BDP, a former producing mine with two operating
subsidiaries in South Africa, in August 2006, as part of its geographic
diversification strategy at that time. Exploration work completed prior to the
acquisition had established some limited resources, that could potentially
support a small mine operation. However, the continuing strength of the South
African Rand against the US dollar, coupled with substantial inflationary
increases in power and labour costs, made the projected operation of the project
as a producing mine uneconomic under the New Dawn umbrella. Therefore, New Dawn
ceased to deem BDP to be a core asset and, accordingly, placed BDP into
Voluntary Provisional Liquidation, as a first step to either full liquidation or
disposal of the assets to a third party. Proceeds of the liquidation or sale,
the process for which is still ongoing, will be paid out to, by creditor
category, on a pro rata basis in due course.
Mr. Robert Neal Weingarten, aged 58, is a director or partner or has been a
director or partner of the following entities during the previous five years:
+----------------------------------+--------------------------+
| Current directorships or | Past directorships or |
| partnerships | partnerships held within |
| | the last five years |
+----------------------------------+--------------------------+
| Bio Cybernetics International, | Aries Ventures Inc. |
| Inc. | |
| New Dawn Mining Corp. | |
| New Dawn Mining (Cayman Islands) | |
| Ltd | |
| NDM Blue Dot Ltd. | |
| NDM Cayman Ltd | |
| NDM SA (Cayman Islands) Ltd | |
| NDM (UK) Ltd | |
| | |
+----------------------------------+--------------------------+
Since 1979, Mr. Weingarten has been periodically retained to assist in the
restructuring and recapitalisation of public companies in severe financial
distress. As a result, several of these companies, by design, became involved
in bankruptcy/reorganisation proceedings, of which Mr. Weingarten served as a
director or partner, either shortly prior to, during or after his involvement:
+----------------------------------+--------------------------+
| Compulsory liquidations, | |
| administrations or partnership | |
| voluntary arrangements of past | |
| directorships or partnerships | |
| | |
| Casmyn Corp. | |
| Oil Securities, Inc. | |
| Mediacom Industries, Inc. | |
| Vega Biotechnologies, Inc. | |
| Western Natural Gas Company | |
| Penn-Pacific Corp. | |
| Rusco Industries, Inc. | |
| Tellus Industries, Inc. | |
+----------------------------------+--------------------------+
| | |
+----------------------------------+--------------------------+
Neither Ian Saunders nor Robert Weingarten hold shares in CAG.
There are no other matters which are required to be announced with regard to
these appointments under paragraph (g) of Schedule 2 of the AIM Rules.
* * ENDS * *
For further information please visit www.centralafricangold.comor contact:
+-------------+------------------------+---------------------+
| Roy | Central African Gold | Tel: +44(0)77 9390 |
| Pitchford | Plc | 9985 |
| | | |
+-------------+------------------------+---------------------+
| Stuart | Strand Hanson Limited | Tel: +44(0)20 7409 |
| Faulkner / | | 3494 |
| James | | |
| Spinney | | |
| | | |
+-------------+------------------------+---------------------+
| Hugo de | St Brides Media and | Tel: +44(0)20 7236 |
| Salis / | Finance Ltd | 1177 |
| Felicity | | |
| Edwards | | |
+-------------+------------------------+---------------------+
Notes to Editors
Central African Gold Plc is a gold mining company with a portfolio of production
and exploration assets in Africa. The Company has two subsidiaries in Zimbabwe:
Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines
Limited (100 per cent. owned).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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