| Wed 21 Sep 2011, 8:10 | | FSE - Firestone Energy Limited - Firestone appoints CEO |
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FSE
FSE
FSE - Firestone Energy Limited - Firestone appoints CEO
FIRESTONE ENERGY LIMITED
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
(SA company registration number 2008/023973/10)
("FSE" or "the Company")
Firestone Appoints CEO
The Board of Firestone Energy Limited (ASX/JSE: FSE) is pleased to announce
that it has appointed Mr David Knox as its Chief Executive Officer
effective 20 September 2011.
Initially Mr Knox will be located in Johannesburg and will assume
responsibility for the whole of Firestone`s operations in South Africa.
Mr. Knox has extensive experience in project development, financing and
banking and has had particular high-level experience in Africa in the
energy and resources sectors.
In accordance with the ASX Principles of Good Corporate Governance,
Firestone offers the following information under the employment agreement
with Mr Knox:
Term of engagement is 12 months from the commencement date (extendable for
a further 12 months at the Company`s option);
Base pay is A$315,000 per annum inclusive of Superannuation; and
An options package is being negotiated and will be determined in the
future.
The board is delighted to have Mr Knox join Firestone`s ranks and considers
that this appointment substantially enhances the Company`s contribution to
its Joint Venture with Sekoko Resources and to the development of its
Waterberg project.
About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and
development company listed on the Australian Stock Exchange Ltd (ASX) and
the Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a
Joint Venture with Sekoko Resources (Pty) Ltd through which Firestone
Energy has acquired the right to 60% participation interests in the
Waterberg Coal Project located in Lephalale area, Limpopo Province, South
Africa.
The first stage of the project is to develop the Smitspan mine which has a
substantial measured thermal coal resource and to develop the Vetleegte
mine which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and
energy producer at its projects in South Africa, thereby making a
substantial contribution to the social and economic development of the
Lephalale area and South Africa.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,808 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
BBY Nominees Ltd
Colbern Fiduciary Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
David Perkins (Chairman)
Dr Pius Kasolo
Colin McIntyre
Executive Directors:
Sizwe Nkosi
Company Secretary:
Jerry Monzu
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (0)8 9287 4600
Firestone Energy Limited
David Perkins
Chairman
www.firestoneenergy.com.au
About Sekoko Resources
Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and
minerals company developing the coal, magnetite iron ore and PGMs Projects
in the Limpopo Province of South Africa. This includes a significant
exploration program and development of the Waterberg Coal Joint Venture
Project based on significant Coal Zone Resources. Sekoko is targeting to
commence operations in 2012, thus forming the basis for developing a global
coal business.
21 September 2011
Johannesburg
Sponsor and Corporate Advisor
River Group
Date: 21/09/2011 08:10:03 Produced by the JSE SENS Department.
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