| Tue 13 May 2008, 15:52 | | TEL - Teal Exploration & Mining Inc. - Teal Presid |
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TEL
TEL
TEL - Teal Exploration & Mining Inc. - Teal President And CEO Retires
TEAL Exploration & Mining Inc.
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
TEAL PRESIDENT AND CEO RETIRES
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or the
"Company") has announced today that Rick Menell has taken a decision to retire
from TEAL at the end of August 2008 and, as a result, will resign from his
current positions as Director, President and CEO and hand over day-to-day
responsibility to fellow executive director, Hannes Meyer, with immediate
effect.
Rick Menell has served in these positions since TEAL was formed in 2005 to house
the non-South African assets of African Rainbow Minerals Limited ("ARM"). TEAL
was listed on the Toronto Stock Exchange in November 2005 and on the
Johannesburg Stock Exchange in April 2006. ARM retains a 64.9% shareholding in
TEAL and has been its controlling shareholder since inception.
Rick Menell served as Chief Executive and Executive Chairman of Anglovaal Mining
Limited ("Avmin") from 1996 to 2004, when it merged with the interests
controlled by African Rainbow Minerals & Exploration Investments (Pty) Limited,
and Avmin became ARM. Mr Menell intends to pursue a portfolio of activities post
retirement. Nevertheless, he has committed, at the request of the TEAL Board, to
provide support for a management transition by remaining fully available to the
Company as Special Advisor to the Board for a period of at least three months.
The TEAL Board has appointed Hannes Meyer as acting CEO pending the appointment
of a permanent CEO. Mr Meyer (38) is currently a board Director and Chief
Financial Officer of TEAL. He joined TEAL in 2006, after 11 years in the mining
industry working first with Randgold Resources and then with AngloGold Ashanti.
Rick Menell said: "Having served continuously as a senior mining executive for
many years, and in the chief executive`s seat for most of the last 12 years, I
have felt for several months that the time has come to step back from the
demands of executive responsibilities for a while and focus on broader
investment, family and social interests. It has been a privilege to lead the
creation and development of TEAL which, in a short period, has built a strong
foundation for growth as a mining company based on excellent mineral assets, a
great team of people and impeccable governance."
Patrice Motsepe, Chairman of TEAL, says: "We thank Rick for his contribution to
the development and growth of TEAL. Rick will continue to sit on the Board of
African Rainbow Minerals Limited (ARM). We wish him well with all his future
endeavours."
ends
NOTES:
TEAL is incorporated under the laws of the Yukon, Canada and its common shares
are listed on the Toronto Stock Exchange ("TSX") and the JSE Limited ("JSE").
The common shares of the Company trade under the symbol "TL" on the TSX and
"TEL" on the JSE.
TEAL is a mineral development and exploration company with development projects
and exploration areas in Namibia, Zambia and the DRC. TEAL has a portfolio of
base and precious metal development projects and complementary exploration
areas, and the Company continues to seek other opportunities, mainly in southern
and central Africa
TEAL has targeted specific core projects: the Konkola North Copper Project in
Zambia; the Otjikoto Gold Project in Namibia; and the Kalumines Copper-Cobalt
Project in the DRC. TEAL also has interests in various other mineral licence
areas in Zambia and in Namibia on which the Company continues drilling and other
exploration activities.
ADDITIONAL TEAL INFORMATION CAN BE FOUND AT: www.tealmining.com
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on +27 82 4524
389 (SA); or julian@tealmining.com,
Tuesday, May 13, 2008
Sponsor: Investec Bank Limited
Date: 13/05/2008 15:52:01 Produced by the JSE SENS Department.
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