Shanta Gold Limited Chief Executive and Director Change (9671M)
August 03 2017 - 1:02AM
UK Regulatory
TIDMSHG
RNS Number : 9671M
Shanta Gold Limited
03 August 2017
3 August 2017
Shanta Gold Limited
("Shanta Gold", "Shanta" or the "Company")
Chief Executive and Director Change
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer, announces that following the recent changes
to the regulatory, operating and fiscal environment in Tanzania,
the Company will be refocusing its strategy on cost control and
shareholder returns.
As part of the revised strategy, Toby Bradbury and the Company
have agreed that he will retire as Chief Executive Officer ("CEO")
but will remain on the Board of Directors ("Board") until September
2017 to assist with the transition. The Board is pleased to
announce the appointment of Eric Zurrin who will take over as CEO
with immediate effect.
Eric Zurrin was re-appointed to the Company as Chief Financial
Officer ("CFO") on 13 March 2017. Eric has previously worked across
a range of roles within the Company over the last four years
including as interim CFO in 2015/2016 leading the financial
restructuring and as Adviser to the CEO in 2013 leading an
operational restructuring of the business as New Luika ramped up
production. Eric holds a Bachelor of Commerce (Accounting) degree
and has 15 years' experience in investment banking and mining,
previously with UBS Investment Bank in London and serves as a
director of Kincora Copper Limited (TSX-V:KCC). Eric will be based
in the UK from September 2017. It is intended that Eric will be
formally appointed to the Board shortly and the Company will look
to appoint a Chief Financial Officer in due course.
The Company produced 40,073 ounces ("oz") of gold in the first
half of 2017 at an all-in sustaining cost ("AISC") of US$755 /oz.
Production in July has been maintained at those levels and the
Company remains on track to meet full year guidance of 80,000 -
85,000 oz at AISC of US$800 - US$850 /oz.
Tony Durrant, Chairman, commented:
"On behalf of the Board I would like to thank Toby Bradbury for
his contributions to Shanta as CEO over the last two and a half
years. Under his tenure the Company has made significant steps
forward, particularly in demonstrating New Luika to be a
sustainable, robust and reliable, low-cost gold producer, as well
as successfully commencing its transition to a predominately
underground operation.
"Following the changing business environment in Tanzania,
however, it is important that the Company accordingly adapts and
refocuses its strategy on cost and capital control. The Board and
Toby have mutually agreed that the time is right for a new Chief
Executive to lead these initiatives and therefore is very pleased
that Eric Zurrin has accepted the role of CEO of Shanta.
"Eric knows the Company extremely well, having advised Shanta
for the last four years prior to being re-appointed as CFO in March
2017. His extremely strong finance, investment and commercial
expertise will help guide the Company through the next stage in its
development, which will prove invaluable for Shanta during this
evolving period in Tanzania."
Eric Zurrin, Chief Executive Officer, commented:
"I am delighted to have been appointed to the role of CEO of
Shanta Gold and look forward to working with the Board and the
wider Shanta team as we adjust the Company, and its cost base, to
the new environment in Tanzania. I am excited by the prospect of
invigorating an entrepreneurial spirit in a very exciting junior
gold mining company. Since re-joining Shanta, we have maintained
the principle of always seeking to improve and, in response to a
changing environment, we have clear areas for improvement and
cost-effective growth that we will start executing over the coming
months.
"The Company's assets at New Luika and Singida are of high
quality and the exploration rights across the Lupa Goldfield remain
extremely exciting and prospective. Our vision remains to
demonstrate and deliver on the true potential value of our assets.
Shanta has an excellent operating team on the ground at New Luika
with highly experienced underground mining leadership. The recent
appointment of Keith Marshall, as a Non-Executive Director of the
Company, solidifies the senior oversight of the operations and
ensures that we are well positioned to complete our transition into
a successful underground mining operation.
"Tanzania is undergoing a period of change however the country
remains one of the fastest growing African nations and ranked no. 5
in Africa for gold producing nations. The Company's footprint
across the Lupa Goldfield, a highly prospective goldfield in
Africa, positions us favourably for long term success.
"The Board and I remain confident in continuing to deliver a
sustainable and cash generative business with a focus on
shareholder value."
Toby Bradbury, Director, commented:
"I would like to thank the Board and the wider Shanta team for
the opportunity to deliver the successes that we have achieved and
I wish Eric and the Company the very best for the future."
Enquiries:
Shanta Gold Limited
+255 (0) 22
Eric Zurrin (CEO) 292 5148
Nominated Adviser and
Broker
Peel Hunt LLP
Matthew Armitt / Ross + 44 (0) 20
Allister / Chris Burrows 7418 8900
Financial Public Relations
Tavistock
Jos Simson / Emily +44 (0) 20
Fenton / Barnaby Hayward 7920 3150
About Shanta Gold
Shanta Gold is an East Africa-focused gold producer, developer
and explorer. It currently has defined ore resources on the New
Luika and Singida projects in Tanzania and holds exploration
licences over a number of additional properties in the country.
Shanta's flagship New Luika Gold Mine commenced production in 2012
and produced 87,714 ounces in 2016. The Company has been admitted
to trading on London's AIM and has approximately 766 million shares
in issue. For further information please visit:
www.shantagold.com.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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