| Thu 15 Sep 2011, 11:00 | | AEA - African Eagle Resources plc - Appointment of a New CEO |
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AEA
AEA
AEA - African Eagle Resources plc - Appointment of a New CEO
African Eagle Resources plc
Incorporated in England and Wales
(Registration number 3912362)
(AIM share code: AFE AIM ISIN: GB0003394813)
(JSE share code: AEA JSE ISIN: GB0003394813)
APPOINTMENT OF A NEW CEO
African Eagle Resources plc ("African Eagle" or "the Company"; AIM: AFE; AltX:
AEA) is pleased to announce that it has appointed Trevor A. Moss as a Director
and CEO designate. Trevor will join the Board of Directors immediately and will
become full-time CEO of the company on 1 December, when Mark Parker will switch
from Managing Director to Director for Business Development.
Trevor Moss is a seasoned mining executive with over 30 years experience in the
international minerals industry. Most recently, he was responsible for the
construction, completion and successful start up of the Bisha mine in Eritrea,
as Chief Operating Officer and Executive Vice President of the Canadian company
Nevsun Resources Limited. He holds an MSc in Civil Engineering from Arizona
State University and an Honours degree in Civil Engineering from the University
of Bradford in the UK, and is a registered engineer in the US State of Arizona.
Mr. Moss will be responsible for completing the bankable feasibility study, mine
construction and commissioning of the proposed nickel/cobalt mine at Dutwa. The
appointment is a landmark in African Eagle`s development of the Dutwa nickel
project in Tanzania and a major milestone in the Company`s transition from
explorer to nickel producer.
African Eagle`s Managing Director Mark Parker commented
"This is a key appointment for African Eagle and Trevor`s impressive background
in project development and mine construction is exactly what we need to advance
the Dutwa project. I am thrilled to be handing over to such an experienced and
capable successor."
The Company`s Chairman, Euan Worthington added
"I am very pleased that we have been able to entice an executive of Trevor`s
calibre to join us to drive African Eagle forward, after an extensive
international search in a very competitive market. I can also report that we are
making good progress in our search for a full time Finance Director to work with
Trevor and the Board. I`m pleased that Mark Parker will remain on the Board to
ensure a smooth handover to Trevor and to guide the evaluation of Zanzui and
other promising nickel projects in East Africa."
Trevor Moss further commented
"I am delighted to be joining African Eagle at this important time for the
Company and am excited about the opportunity to advance the Dutwa nickel
project. I have enjoyed the privilege of developing several world class projects
and will be pleased to be able to add Dutwa to that list."
Trevor A Moss Biography
Trevor Antony Moss, aged 54, has more than 30 years experience in the
international minerals industry. From 2008 until recently, Moss served as Chief
Operating Officer and Executive Vice President of TSX-listed Nevsun Resources
Limited, where he was responsible for the construction, completion and
successful start up of the Bisha mine in Eritrea, a pioneering effort resulting
in the development of the country`s first modern mining facility .
Trevor Moss is a corporate and project management executive with significant
experience over the breadth of the international minerals industry, including
roles with senior mining corporations such as Barrick, Newmont and Cyprus Amax,
and with emerging producers including Nevsun Resources, Tiberon Minerals and
Gabriel Resources. In addition Trevor has extensive experience within the
mining industry services sector, having held senior positions in consulting and
contracting companies such as Aker Kvaerner and the Trafalgar House Group.
Trevor has held the positions of CEO and director in a number of private
companies and has held corporate officer positions and directorships in several
public companies. Currently he sits on the board of FGBI LLC, a private US
resource company, and is director and president of HAWM Consulting Inc. Until
July 2008, he was a director of TSX-V listed Fury Explorations Ltd and the
private company Cuthill Copper Corporation.
Save as set out above, there are no details in relation to the appointment which
need to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.
Sponsor
Merchantec Capital
15 September 2011
For further information:
Please see the Company`s web site www.africaneagle.co.uk or contact one of the
following:
African Eagle Resources plc
Mark Parker (Managing Director)
Euan Worthington (Chairman)
Sandra Spencer (PR Consultant)
+44 20 7248 6059
+44 77 5640 6899
+44 75 1535 7790
Canaccord Genuity Limited
Andrew Chubb
Bhavesh Patel
+44 20 7050 6500
Ocean Equities Limited
Guy Wilkes
+44 20 7786 4370
Russell & Associates, Johannesburg
Charmane Russell
Marion Brower
+27 11 8803924
+27 82 8928052
About Dutwa
Dutwa is a unique nickel project with a JORC resource of 99 million tonnes at
0.93% Ni, readily mined from two hilltop deposits and amenable to simple, low
consumption atmosphericacidleaching, leading to world class economics. The
updated independent financial modelling prepared for the feasibility study by
Simulus in March 2011 indicated a net present value for a 3Mtpa project of $870M
at today`s nickel price of $10/lb, with cash operating costs of approximately
$3.40/lb and a projected capital payback of between three and five years.
The African Eagle board`s intention is to deliver a definitive feasibility study
("DFS") on Dutwa by the end of Q4 2012. Mineral processing and metallurgical
testwork, key components of the DFS, are currently underway on carefully chosen
bulk samples of each of the ore types. The new testwork will build on the
results of past tests which demonstrated that the Dutwa ore can be treated by
simple atmospheric leaching at low acid consumption, with no requirement to
employ costly and challenging HPAL (high pressure acid leaching) technology. The
new tests will help to optimise the process flow-sheet and investigate various
ways to optimize costs and the favourable economics already demonstrated by the
scoping studies.
Several elements of the DFS are already underway in parallel with the pre-
feasibility work, including drilling a second bulk ore sample for pilot-plant
testwork and the environmental and social impact assessment.
Date: 15/09/2011 11:00:02 Produced by the JSE SENS Department.
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