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Central African Gold (CAN)

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Thursday 08 July, 2010

Central African Gold

Directorate Changes

RNS Number : 0849P
Central African Gold PLC
08 July 2010
 



Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining

 

8 July 2010

Central African Gold Plc ('CAG' or 'the Company')

Directorate Changes

 

Central African Gold Plc, the AIM quoted gold mining and exploration company, announces that, further to the announcement of 17 June 2010, regarding the acquisition by NDM (UK) Ltd, a wholly owned subsidiary of New Dawn Mining Corp (TSX:ND) ('New Dawn'), of circa. 88.7 per cent. of the issued share capital of CAG, Ian Saunders and Robert Weingarten, both directors of New Dawn, have been appointed to the board of CAG ('the Board') with immediate effect.  Ian Saunders will be joining the Board as an executive director and Robert Weingarten will be joining as a non-executive director.  Both Ian Saunders and Robert Weingarten have also joined the boards of three CAG subsidiaries: Falcon Gold Zimbabwe Limited, Olympus Gold Mines (Pvt) Ltd and Falcon Mines S.A.

 

The Company also announces that Roy Pitchford will remain as Chief Executive Officer and Acting Chairman of the Company and Craig Campbell has resigned as CAG's Chief Financial Officer, with immediate effect, to pursue other opportunities.  The Company is undertaking a process to appoint a suitable replacement and a further announcement will be made in due course.

 

Mr. Saunders has 19 years experience in the mining industry, having held a number of senior technical and managerial positions in Zimbabwe and South Africa.  He has been with New Dawn since 1996 and is currently President and CEO of the company.  He has an extensive network of contacts throughout the region, most notably from being the President of the Chamber of Mines of Zimbabwe between July 2003 and May 2005, the Chairman of the Mining Industry Pension Fund and having sat on the Zimbabwe School of Mines board.  He is also a Fellow of South African Institute of Mining & Metallurgy.

 

Mr. Weingarten has served as a consultant and adviser to a number of public companies in various stages of development, operation or reorganisation since 1979.  Mr. Weingarten has been the Chairman of New Dawn since 31 August 2005, having previously been both the company's President and Chief Financial Officer.

 

Roy Pitchford, Chief Executive of the Company said, "I would like to take this opportunity, on behalf of the Company, to welcome Robert Weingarten and Ian Saunders to the Board as representatives of New Dawn, our largest shareholder.  I believe that they will both provide valuable assistance to CAG in developing its strategic opportunities, particularly in view of Ian's extensive experience in Zimbabwe and New Dawn's wide ranging gold mining expertise.  I would also like to thank Craig Campbell for his efforts on behalf of the Company and wish him well in his future endeavours."

 

Further information required by AIM Rules for Companies

 

The following information is provided in accordance with paragraph (g) of Schedule 2 of

the AIM Rules for Companies.

 

Mr. Ian Robert Saunders, aged 43, is a director or partner or has been a director or partner of the following entities during the previous five years:

 

Current directorships or partnerships

Past directorships or partnerships held within the last five years

Oda Investments (Private) Ltd

Acvise Investments (Private) Ltd

Totem Rose (Private) Ltd

Proposal Trading (Private) Ltd

New Dawn Mining Corp.

NDM SA (Cayman Islands) Ltd

NDM Blue Dot Ltd

NDM (UK) Ltd

Blue Dot Properties 40 (Private) Ltd

New Dawn Mining South Africa (Private) Ltd

New Dawn Mining (Cayman Islands) Ltd

NDM Cayman Ltd

Casmyn Mining Zimbabwe (Private) Ltd

Borecherd Investments (Pty) Ltd

Embolden Enterprises (Private) Limited

 

None

Blue Dot Properties 40 (Private) Ltd ('BDP') was placed in Voluntary Provisional Liquidation on 3 November 2009, pending its sale under the directive of the New Dawn board.  New Dawn acquired BDP, a former producing mine with two operating subsidiaries in South Africa, in August 2006, as part of its geographic diversification strategy at that time.  Exploration work completed prior to the acquisition had established some limited resources, that could potentially support a small mine operation.  However, the continuing strength of the South African Rand against the US dollar, coupled with substantial inflationary increases in power and labour costs, made the projected operation of the project as a producing mine uneconomic under the New Dawn umbrella.  Therefore, New Dawn ceased to deem BDP to be a core asset and, accordingly, placed BDP into Voluntary Provisional Liquidation, as a first step to either full liquidation or disposal of the assets to a third party.  Proceeds of the liquidation or sale, the process for which is still ongoing, will be paid out to, by creditor category, on a pro rata basis in due course.

 

Mr. Robert Neal Weingarten, aged 58, is a director or partner or has been a director or partner of the following entities during the previous five years:

 

Current directorships or partnerships

Past directorships or partnerships held within the last five years

Bio Cybernetics International, Inc.

New Dawn Mining Corp.

New Dawn Mining (Cayman Islands) Ltd

NDM Blue Dot Ltd.

NDM Cayman Ltd

NDM SA (Cayman Islands) Ltd

NDM (UK) Ltd

 

Aries Ventures Inc.

Since 1979, Mr. Weingarten has been periodically retained to assist in the restructuring and recapitalisation of public companies in severe financial distress.  As a result, several of these companies, by design, became involved in bankruptcy/reorganisation proceedings, of which Mr. Weingarten served as a director or partner, either shortly prior to, during or after his involvement:

 

Compulsory liquidations, administrations or partnership voluntary arrangements of past directorships or partnerships

 

Casmyn Corp.

Oil Securities, Inc.

Mediacom Industries, Inc.

Vega Biotechnologies, Inc.

Western Natural Gas Company

Penn-Pacific Corp.

Rusco Industries, Inc.

Tellus Industries, Inc.

 

 

 

Neither Ian Saunders nor Robert Weingarten hold shares in CAG.

 

There are no other matters which are required to be announced with regard to these appointments under paragraph (g) of Schedule 2 of the AIM Rules.

 

* * ENDS * *

 

 

For further information please visit www.centralafricangold.comor contact:

 

Roy Pitchford

 

Central African Gold Plc

Tel: +44(0)77 9390 9985

 

Stuart Faulkner / James Spinney 

 

Strand Hanson Limited

Tel: +44(0)20 7409 3494

Hugo de Salis / Felicity Edwards

St Brides Media and Finance Ltd

Tel: +44(0)20 7236 1177

 

 

Notes to Editors

Central African Gold Plc is a gold mining company with a portfolio of production and exploration assets in Africa.  The Company has two subsidiaries in Zimbabwe: Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines Limited (100 per cent. owned).


This information is provided by RNS
The company news service from the London Stock Exchange
 
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