| Tue 4 Jul 2006, 15:11 | | Diamond Core - Restructuring of the Board of Direc |
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DMR
DMR
Diamond Core - Restructuring of the Board of Directors and appointment of Senior
Management
DIAMOND CORE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code: DMR & ISIN Number: ZAE000076956
("Diamond Core" or "the company")
RESTRUCTURING OF THE BOARD OF DIRECTORS AND APPOINTMENT OF SENIOR MANAGEMENT
Diamond Core Resources Limited is pleased to announce the restructuring of the
Board of Directors as it enters it operational phase. Mr. Andre Louw has
resigned as Chairman and is replaced by Mr. A .R. Davids with effect form 02
July 2006. The Board, Management and staff of the Company thank Mr. Louw for his
contribution to the restructuring and financing of the Company during his tenure
as Chairman. Mr Louw was the driving force and influence behind the transaction
structure that resulted in the acquisition of Samadi (SA) (Pty) Ltd and the
creation of the Company as it exists today. The Company will continue to
maintain a relationship with Mr Louw in his capacity as an independent
consultant in the field of diamond mining and exploration.
The Company is furthermore pleased to announce the appointment of Mr. J. Barker
as an independent, non-executive director to the Board.
Mr A.R. Davids, a senior management consultant has extensive experience as
director (executive and non executive) augmented by Commerce and Management
Sciences degrees. The major part of his career to date has been spent on
strategic business interventions and structuring of complex projects in both
public and private sector. He has acted as strategic advisor and director on
several major programmes and is a senior managing partner in a management
consultancy practice. His experience spans both local and international business
strategy and repositioning exercises in various industries, including mining and
metals processing. He has been responsible for the strategic rolling out some of
the most complex programmes and has established a consultancy focussing on
project and programme delivery initiatives requiring a strategic approach. As
senior management consultant, he has advised on several major successful
corporate interventions including establishment, restructuring, repositioning
and management of business ventures. He brings to Diamond Core his collective
experience in business strategy and strategic project management and programme
delivery.
Mr Barker holds a BSc in Minerals Estate Management (Sheffield City University)
and was a former Chairman of the Association of Mining Analysts in London. With
over 20 years experience in the industry, Mr Barker is currently active as an
independent consultant to the mining world. Previously Mr Barker was a Director
and Equity Analyst at the Royal Bank of Canada in London where he headed up the
analysis of, and was involved in corporate activity of numerous gold, platinum
and diamond companies. After resigning form his position in 2002, Mr Barker
became Vice-President Corporate Development for SouthernEra Resources. In 2004,
Mr Barker was appointed Vice-President Strategic Development for Guinor Gold
Corporation and was instrumental in the restructuring, repositioning and
strategic growth of the Company until it was acquired in December 2005 for over
US$300 million. Mr Barker has significant international experience in diamonds
both through his research of the commodity, detailed research on global diamond
equities (including De Beers), and his intimate equity and corporate exposure to
the development of numerous companies in the NWT of Canada.
The Board of Directors now comprises of Messrs T Botoulas (CEO), and the
following independent, non executive Directors, namely A. R. Davids, G.D.
Hunter, M.J Prinsloo, D.N Levithan, S. Nachom and J. Barker.
The Company is likewise pleased to announce the appointments of Danie van der
Merwe and Dr Thinus Jordaan as Group Engineering Manager and Group Geologist
respectively.
Mr D. van der Merwe holds a National Technical Diploma in Mechanical
Engineering, and has completed numerous supplementary courses including courses
in metallurgy, diamond recovery systems, as well as safety and management. He
has extensive experience in the diamond mining sector and has gained a broad
base of experience covering metallurgy, engineering and mining production. His
previous appointments have included the positions of Mine Manager, Project
Manager Metallurgy and Superintendent (Metallurgy and Engineering). He has
worked for the Trans Hex Group as Manager of the Saxendrift Operations on the
Middle Orange River, as well as Koidu Holdings as Manager of the Koidu
Kimberlite Project in Sierra Leone, and has also worked in a managerial capacity
for Australian and Canadian juniors. He has an intimate working knowledge of the
Northern Cape and more specifically the Middle Orange River.
Dr T. Jordaan - holds a PhD by thesis from the University of the Free State,
South Africa. He has been author and co-author of several papers on the
sedimentology and stratigraphy of the Karoo (Gondwana) and Witwatersrand
(Archaean) sedimentary basins. His experience encompasses work in base metals,
gold, as well as diamonds (kimberlite and alluvial) ranging from exploration to
mining, the generation of new mining business and the sourcing of new technology
to be used in the search for and beneficiation of such resources (mostly
airborne geophysics). He has consulted on a number of projects which include the
Lower Orange River area. He was previously Exploration Manager for De Beers,
West Coast which worked independently of De Beers Exploration. He was employed
by De Beers for 3 years and 16 years at Anglo American PLC.
Commenting on the restructuring of the Board and the new appointments, Mr T.
Botoulas, CEO of Diamond Core Resources Ltd said that "the appointments
significantly enhance the current wealth of knowledge, skills sets and
experience on the Board and will stand the Company in good stead as it embarks
upon its stated growth path and implementation of its exploration strategy,
which includes growth organically, by exploration and through acquisitions which
make commercial sense for our shareholders".
04 July 2006
Johannesburg
Sponsor
River Group
Date: 04/07/2006 03:11:14 PM Produced by the JSE SENS Department
