Board and Management Changes

RNS Number : 6211A

Ormonde Mining PLC

30 September 2015

 

30 September, 2015

Ormonde Mining plc

("Ormonde" or "the Company")

Board and Management Changes

Ormonde wishes to announce a number of changes to its Board and Management. These changes are intended to provide the Board with the appropriate leadership, experience and expertise as it commences the development and operational stages of its Barruecopardo Tungsten Project and looks to further expansion.

Board & Management Changes - Mr. Steve Nicol confirmed as Managing Director, Mr. Paul Carroll appointed Chief Financial Officer and Mr. Jonathan Henry appointed Non-Executive Director. Chairman, Mr. Mike Donoghue reverts to non-executive chairmanship

The appointment of Mr Steve Nicol (52) as Managing Director of Ormonde has been confirmed. Steve is an executive director and was previously Chief Operating Officer of the Company and, since 3 August, 2015 following the sudden death of Dr. Kerr Anderson, has been acting Managing Director. This appointment is effective immediately.  A qualified mining engineer, Steve has had direct responsibility for the various key stages of Ormonde's operations in Spain, including evaluation, feasibility study, permitting and offtake arrangements for Barruecopardo, since his appointment as COO in April 2008.

Steve has over 25 years' experience in the mining industry, initially in operations and subsequently in mine evaluation and project management of various underground and open pit mines in Australia and Europe. Steve, together with his family, has been based in Spain for the last six years.

As the Company moves towards production at Barruecopardo, Mr Paul Carroll (38) has been appointed Chief Financial Officer with immediate effect. Paul, a chartered certified accountant by background, has served as Corporate Development Manager for Ormonde over the last three years, playing a key role in all aspects of the Company's project financing for Barruecopardo. Mr David Varian, who fulfilled the position of CFO for the Company on a part-time basis since July 2011, will remain with the Company as Group Financial Accountant.

The Board is also pleased to announce the appointment of Mr Jonathan Henry as a senior non-executive director. Jonathan has widespread mining industry and corporate finance experience, and is currently President and CEO of Gabriel Resources Ltd, a TSX-listed company. Previously, he was Finance Director and subsequently CEO of Avocet Mining PLC, a company formerly involved in the tungsten industry through its ownership of the Panasqueira Tungsten Mine in Portugal, the Pasta Bueno and Palca XI Tungsten Mines in Peru and the Pine Creek Tungsten Mine and Bishop APT plant in California. Jonathan has considerable mine operating and development experience and significant exposure to capital funding and M&A activity.

In completing this reorganisation Mr Mike Donoghue, Chairman, will move to a position of Non-Executive Chairman with immediate effect.

Commenting on the appointments, Mr Mike Donoghue, Chairman of Ormonde, stated:

"On behalf of the Board, I am pleased to welcome Steve Nicol as the Company's new Managing Director. Steve has the operational skills, capability and experience to manage the Company's development as a mining company and to provide the direction, energy and framework to guide our expansion as we move forward.

I am also pleased to see the key proven management team of Steve and Paul Carroll formalised, with Paul assuming the role of CFO having played a key corporate role for Ormonde over the last number of years particularly in relation to financing arrangements.

Jonathan Henry also brings considerable experience, both industry and financial, to the Board, as well as independence, and will be an asset to the Board and the Company in the years ahead as we move towards the transformational development at Barruecopardo and beyond."

Additional Disclosures in relation to appointments:

Paul Carroll 

Mr Carroll (38), a Fellow of the Association of Chartered Certified Accountants, has wide ranging experience within Irish companies at CFO/Financial Controller level and has since 2007 been in the position of CFO of LIA, a professional membership association (~10,000 members) which provides education and accreditation to those working in the Financial Services Industry in Ireland. Mr. Carroll is also a director of Bluestorm Ltd, an Irish electronic product trading company with a current annual turnover of ~€40 million, and a director of a number of other private businesses.

During the past three years, in his capacity as Ormonde's Corporate Development Manager, Mr Carroll has been actively involved in corporate affairs and has played a lead role in discussions and negotiations in relation to the funding of the Barruecopardo Project. Mr Carroll is the son of Mr. John Carroll, a non-executive director of Ormonde. 

Jonathan Henry

Mr. Henry (49) is currently President and Chief Executive Officer of TSX-listed Gabriel Resources Ltd.  Between 1994 and 2010 he worked with Avocet Mining PLC ("Avocet"), now a West African gold mining and exploration company operating the Inata Gold Mine in Burkina Faso, in a variety of senior management capacities including Finance Director and Chief Executive Officer. During his tenure at Avocet he oversaw successful exploration, feasibility study, mine development and capital funding activities, plus a number of acquisitions and disposals of mine assets in Portugal, Peru, USA, Tajikistan, Burkina Faso, Malaysia and Indonesia. Avocet's activities during Mr Henry's tenure also included the redevelopment and operation of tungsten mining and processing operations in Portugal, Peru and USA.

Mr Henry has an honours degree in Natural Sciences from Trinity College, Dublin.

The following are the directorships and partnerships held by Mr. Henry within the past five years:

Current Directorships:	Past Directorships:
Gabriel Resources Ltd.	-

Mr. Henry is currently not a holder of the ordinary shares in Ormonde. There are no further details that are required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM and ESM Rules.

Enquiries to:

Ormonde Mining plc

Steve Nicol, Managing Director  Tel: [phone]

Capital M Consultants

Simon Rothschild  Mob: [phone]

Murray Consultants

Mark Brennock  Tel: [phone]  Mob: [phone]

Davy Corporate Finance (Nomad / ESM Adviser, Joint Broker and Financial Adviser)

Eugenée Mulhern / Roland French  Tel: [phone]

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat / Katy Birkin  Tel: [phone]

About Ormonde

Ormonde Mining plc is admitted to trading on the AIM market in London and the ESM market in Dublin and is a mineral development and exploration company focused on Spain (Ticker: ORM). In partnership with funds managed by Oaktree Capital Management ("Oaktree") through the joint venture company Barruecopardo JV BV (Ormonde 30%/Oaktree 70%), the parties are now developing a low cost tungsten mining operation at Barruecopardo in the Salamanca Province to become a major, European supplier of tungsten, with commissioning targeted for late 2016.  Ormonde also has other exploration projects with gold and copper.

For more information please visit www.ormondemining.com or follow Ormonde on Twitter https://twitter.com/ormondemining or Linkedin http://www.linkedin.com/company/ormonde-mining-plc

ENDS

 

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