Board Changes

RNS Number : 9733G

Strategic Minerals PLC

13 May 2014

 



Strategic Minerals plc

("Strategic Minerals" or the "Company")

Board Changes

13 May 2014

Strategic Minerals (AIM: SML) announces that Mr James Fyfe and Mr George Cardona have today resigned as directors of the Company with immediate effect.

The Company will look to appoint a non-executive Chairman as soon as possible, to replace Mr Fyfe, and in the interim Mr Julien McInally will assume the role of Executive Chairman.  The Company will continue to evaluate its board structure with the view to securing further mining expertise on the board, however, the Company is well served by Mr McInally, Mr Hobbs and Mr Griffiths, all of whom have significant resources experience.

Mr McInally said "The board would like to wish both James and George all the best in their future endeavours and would like to thank them both for their contributions to the Company."

The Board is focused on delivering value to its shareholders and is currently progressing the following priorities:

·      pursuing domestic sales of magnetite iron ore from the Company's Cobre Project in New Mexico, United States,

·      increasing the Company's portfolio of projects with additional near term, low capital cost stockpile opportunities in both iron ore and other strategic minerals, and

·      evaluating the Company's overheads to reduce administrative expenditure.

Mr McInally said, "The Company is laying the platform for growth and has sold 68% of its prior year's domestic sales tonnage in the first four months of this financial year.  With the ramp up of domestic sales the business is well placed to progress the strategy of acquiring additional opportunities for the portfolio and build the value proposition for shareholders."

For further information, please contact:

Strategic Minerals plc Julien McInally Executive Chairman	[phone]
Allenby Capital Limited Nominated Adviser and Joint broker Jeremy Porter James Reeve	[phone]
Daniel Stewart & Company Plc Joint broker Martin Lampshire David Hart	[phone]
Tavistock Communications Financial PR Jos Simson Nuala Gallagher	[phone]

 

END

 

 

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