| Tue 18 Oct 2011, 8:00 | | AFE - African Eagle Resources plc - Finance Director Appointment |
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AEA
AEA
AFE - African Eagle Resources plc - Finance Director Appointment
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)
FINANCE DIRECTOR APPOINTMENT
African Eagle Resources plc ("African Eagle" or "the Company"; AIM: AFE; AltX:
AEA) is pleased to report that it has appointed Andrew Robertson as Finance
Director and Company Secretary. Andrew will join the Board of Directors as an
executive director with immediate effect and will become full-time Finance
Director and Company Secretary on 1 December 2011, replacing Bevan Metcalf who
resigns as Finance Director and Company Secretary with effect from 25 November
2011.
Andrew has a wide range of operational experience at senior finance levels in
the mining, downstream chemicals, and engineering sectors. He has extensive
experience in fund raising and brings valuable project finance experience to the
Company in support of the Dutwa development.
Andrew has been CFO of Ecometals Limited (gold exploration) since 2008, and was
CFO of White Tiger Gold Limited, both listed on the Toronto Stock Exchange. He
was also CFO for Maple Minerals Corp, a private company. Andrew has already
resigned from the last two positions consequent to his appointment with African
Eagle and will step down from Ecometals shortly after taking up his new role.
Andrew commenced his career with Laporte Plc as a mine controller, mining and
processing ilmenite (titanium) and bentonite. He left to become Group controller
at Laird PLC and then joined Jardines as Group Finance Director. Andrew re-
joined Laporte as Finance Director of their organic chemicals business and
managed the financing of some large construction projects. He co-led a venture
capital backed management buy-in of Bayer`s global mineral processing business,
managing the fund raising before an eventual disposal.
The Company`s Chairman, Euan Worthington commented, "The Board is very pleased
to have secured the services of such an experienced FD as Andrew to work
alongside our newly appointed CEO Trevor Moss. We have full confidence that
together, they have the skills to successfully bring the Dutwa Nickel Project
into production. Bevan Metcalf, our existing FD, will be leaving the Company to
take up a new role and I would like to thank him for his financial guidance over
the past seven years. The Board wishes him well in his new role."
Andrew John Stuart Robertson is a UK Chartered Accountant aged 60 with a
Business Economics degree from University College London.
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
18 October 2011
For further information:
Please see the Company`s web site at 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, in two hilltop deposits which are expected to be readily mined and to
be amenable to straightforward, low acid consumption atmospheric leaching,
supporting world class economics. The updated independent financial modelling
prepared for the feasibility study by Simulus in March 2011 indicated a net
present value post tax for a 3Mtpa project of $385M based on a nickel price of
$8/lb, increasing to $870M using a nickel price of $10/lb. Cash operating costs
are approximately $3.40/lb with a projected capital payback of between three
years and five years.
The Company`s intention is to deliver a definitive feasibility study ("DFS") on
Dutwa by the end of Q4 2012 - the pre-feasibility stage of this is on track for
late 2011. 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 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 cut operating costs to
improve the favourable economics already demonstrated by the scoping studies.
Date: 18/10/2011 08:00:03 Produced by the JSE SENS Department.
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