Shanta Gold Limited CEO Transition and Directorate Appointment (1388X)
April 24 2023 - 1:01AM
UK Regulatory
TIDMSHG
RNS Number : 1388X
Shanta Gold Limited
24 April 2023
24 April 2023
Shanta Gold Limited
("Shanta Gold" or the "Company")
CEO Transition and Directorate Appointment
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer announces that Eric Zurrin, Chief Executive
Officer ("CEO"), has informed the board of his decision to step
down from his role after six years with the Company. Mr Zurrin will
remain as CEO until the publication of the Interim Results and
throughout Q3 to ensure a smooth transition to new leadership for
Shanta Gold. The board has initiated a search process to appoint a
new CEO and will update the market on its progress in due
course.
In addition, the Company is pleased to announce the proposed
appointment of Matthieu Bos as an independent Non-Executive
Director, pending completion of regulatory due diligence. Mr Bos is
a trained metallurgist and former mining investment banker with
experience across Africa. Mr Bos is currently the President and CEO
of SRG Mining, an advanced stage graphite development company with
assets in Guinea and backed by the La Mancha Fund. Mr Bos
previously worked as Executive Vice President Africa for Ivanhoe
Mines in the Democratic Republic of Congo. Mr Bos was a key member
of the team that delivered the world-class Kamoa-Kakula Copper
Project in the Democratic Republic of the Congo and was actively
involved in US$3 billion of financings from various strategic and
institutional investors, including Zijin Mining and CITIC
Metal.
The Company will make a further announcement confirming Mr Bos'
appointment in due course at which time the information required in
accordance with Schedule 2 (g) of the AIM Rules for Companies will
be disclosed.
Separately, as indicated in the Company's recently published
2022 Annual Report, a search process is advanced to appoint an
additional Independent Non-Executive Director in the near term.
Tony Durrant, Chairman, commented:
"I would like to thank Eric for his success in transforming the
fortunes of Shanta Gold over the last six years. The business today
is vastly improved from that which he took over in 2017 and he has
transformed Shanta from a single asset, single country gold
producer encumbered with debt to a business with a diversified
revenue base and hugely attractive exploration growth.
Eric catalysed Shanta's new approach as a modern, decentralised
Tanzanian mining champion, had the vision and leadership to develop
a viable plan for the successful construction of Shanta's second
producing gold mine - Singida - and transform Shanta's growth
through the successful acquisition of the West Kenya Project. His
commitment and astute investment skills have been key to our
success.
On behalf of the Board, I would like to give our appreciation
for all Eric has done in building the Company which we are today.
He will leave after the transition period with our very best
wishes, and we have no doubt that he will continue to be successful
in whatever he does next.
In addition, we are delighted to welcome Mathieu to the Board.
We believe Mathieu's experience in Africa and the capital markets
will bring a complementary skill set and will be of considerable
value as the Company continues to develop its portfolio in East
Africa."
Eric Zurrin, CEO, commented:
"I am grateful to the Shanta Gold Board of Directors for their
unwavering support and commitment to me over the last six years.
During that period, Shanta's share price has increased by 340%,
gold resources have increased three-fold to 3.7 million ounces,
production has grown by 50% to 100,000 oz pa run-rate, and we have
solidified our position as a diversified, highly attractive
dividend paying junior gold producer and explorer in East
Africa.
The business has never been stronger and with an experienced
management team in place, it now feels like the right time to hand
over to somebody new. During the transition period, I will remain
committed to all of our stakeholders and will give the Board and
management all possible support during the succession process so we
can find a suitable, new CEO to steer Shanta Gold through its next
phase of growth.
I have thoroughly enjoyed my time at Shanta, and I would like to
thank my Board colleagues both past and present and the talented
and dedicated team which I will leave behind. I strongly believe
they will continue to grow the business into the leading junior
gold mining company in Africa."
Enquiries:
Shanta Gold Limited
Eric Zurrin (CEO) +44 (0) 14 8173 2153
Michal Devine (CFO)
Nominated Adviser and Joint Broker
Liberum Capital Limited
Scott Mathieson / Ed Thomas / Nikhil Varghese +44 (0) 20 3100 2000
Joint Broker
Tamesis Partners LLP
Charlie Bendon / Richard Greenfield +44 (0) 20 3882 2868
Public Relations
FTI Consulting
Sara Powell / Nick Hennis +44 (0) 20 3727 1426
About Shanta Gold
Shanta Gold is an East Africa-focused responsible gold producer,
developer, and explorer. The company has an established operational
track record, with defined ore resources on the New Luika and
Singida projects in Tanzania, with reserves of 625 koz grading 2.91
g/t, and exploration licences covering approximately 800 km(2) in
the country. Alongside New Luika and Singida, Shanta also owns the
high-grade West Kenya Project in Kenya and licences with resources
of 1.7 million ounces including 722 Koz in the Indicated category
grading 11.45 g/t. With a healthy balance sheet, a growing
diversified portfolio and a maiden dividend paid in 2021, Shanta
offers a resilient investment opportunity for the near and
long-term. Shanta is quoted on London's AIM market (AIM: SHG) and
has approximately 1,051 million shares in issue.
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