Appointment of New Acting Chief Executive Offic...
African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
7 April 2014
African Consolidated Resources plc ("AFCR" or "the Company")
Appointment of New Acting Chief Executive Officer and Director's Dealing
AFCR, the AIM listed resources and development company, is pleased to announce the appointment of Mr Roy Pitchford, a highly experienced resource entrepreneur with a proven track record in both the junior and mid-tier mining arena, as Acting Chief Executive Officer with immediate effect. The appointment is for an initial term ending 31 October 2014 following which a long-term appointment is anticipated to be concluded.
Roy Pitchford has in excess of 20 years' senior management and executive experience in Southern Africa in the mining industry. During his career in the resource development arena he has held the position of Chief Executive Officer for African Minerals Limited, Cluff Resources Zimbabwe Limited ('Cluff'), Delta Gold Zimbabwe (Pvt) Limited, African Platinum plc, and Zimbabwe Platinum Mines Ltd ('Zimplats').
Roy Pitchford is a Zimbabwe citizen who was educated in Bulawayo, and where he qualified as a Chartered Accountant. He is a past President of The Chamber of Mines of Zimbabwe.
Roy Tucker, Executive Chairman, said "Roy brings with him a vast wealth of experience that combines both the operational expertise and corporate acumen needed for the rapid advancement of our flagship asset, the Pickstone-Peerless Gold Project in Zimbabwe, which has a current JORC Resource of 3.56 million ounces of gold and includes an open-pittable ore Reserve of 1.02 million ounces.
"He is almost uniquely qualified for this position with AFCR. His track record in Zimbabwe includes both Cluff, where he led the development of Freda Rebecca, the largest gold mine in the country, as well as a number of smaller mines, and also Zimplats where he oversaw the development of the Ngzezi Opencast Platinum Mine into production, the re-commissioning of the Selous Metallurgical complex in 2001, and created a company with a platinum-group metals resource base in excess of 300 million ounces. I look forward to working with him as we look to unlock the considerable potential of the Company's portfolio and move into the next phase of AFCR's evolution - targeting commercial gold production in the near term."
Roy Pitchford has been awarded, subject to receipt of appropriate authorities from shareholders, 5,000,000 share options at an exercise price of 2.5 pence per share conditional on completion of the initial term.
Mr Roy Aubrey Pitchford (aged 63) has or holds the following directorships and/or partnerships in the last 5 years:
| Current | Past (within the past five years) |
| Abbey Mine Limited * Caps (UK) Limited Caps Caravans Limited Caps Parts Limited Caravan Inspections (NCIS) Limited Central African Gold Limited Centreclear Limited * Falcon Gold Zimbabwe Limited Falcon Mines SA Fermain Limited Ferrex plc Horizon Mining Limited * Horizon Mineral Handling Limited * J9M5 Caravans Limited J9M5 Limited Lesego Platinum Mining (Pty) Limited Narnia Energy Limited New Era Resources Limited Ocean Coal Limited * Unity Mine Limited * Unity Power plc * | African Minerals (UK) Limited African Minerals Limited African Platinum Limited Country Factor Limited Leisure Assessors Limited Olympus Gold Mines Limited Sabi Gold Limited SA Metals Limited Southern Iron Limited Village Main Reef Limited |
Mr Pitchford is currently a director of Unity Power plc and its subsidiaries which are denoted with an asterisk (*) above. Unity Power plc and its subsidiaries were placed into administration on 30 October 2013 and the administration process, in which the joint administrators' strategy is to facilitate an investment in the group or the sale of some or all of its assets, securities or equity, is ongoing.
There is no further information on Mr Pitchford required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.
**ENDS**
For further information visit www.afcrplc.com or please contact:
| Roy Tucker | African Consolidated Resources plc | +44 (0) 1622 816918 +44 (0) 7920 189012 |
| Roy Pitchford | African Consolidated Resources plc | +44 (0) 7793 909985 +263 (0) 7721 69833 |
| Andrew Godber | Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
| Adam James | Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
| Susie Geliher | St Brides Media & Finance Ltd | +44 (0) 20 7236 1177 |
This announcement has been reviewed by Mike Kellow BSc, a member of the Australian Institute of Geologists and Technical Director of AFCR. Mr Kellow meets the definition of a "qualified person" as defined in the AIM Note for Mining, Oil and Gas Companies.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: African Consolidated Resources Plc via Globenewswire
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