Board Changes

RNS Number : 5303I

Pathfinder Minerals PLC

16 June 2011

 

Embargoed: 0700hrs 16 June 2011

Pathfinder Minerals Plc

("Pathfinder Minerals" or the "Company")

Board Changes

Appointment of Major-General Jacinto Veloso

Pathfinder Minerals (AIM: PFP), the natural resources company with licences to mine heavy minerals sands in Mozambique, is pleased to announce the appointment of Major-General Jacinto Veloso ("General Veloso") as a non-executive director with immediate effect.

General Veloso is a highly distinguished Mozambican who, after a decorated career in the armed forces following the country's independence, held many prominent government positions, including Minister of State Security, General Director of the Intelligence Services, Minister of Economic Affairs and Minister of International Cooperation. From 2003-2009 he was Chairman of the Mozambique Chamber of Commerce.

General Veloso is an adviser to the President of the Republic of Mozambique and a member of the National Defence and Security Council. He has acted as the President of the Republic of Mozambique's envoy on numerous occasions, mainly in the matters of the establishment of peace in Mozambique and Angola, the end of apartheid in South Africa and Namibian independence. General Veloso was the chairman of the Government Commission that negotiated the M'Komati Accord of "good neighbourliness and non-aggression" with the Republic of South African 1984. He remains, today, the President of the South Africa-Mozambique Friendship Association.

General Veloso was instrumental in identifying Pathfinder Minerals' opportunity to mine heavy minerals sands on the Indian Ocean coast of Mozambique. Together with Diogo Cavaco, he co-founded the Company's 99.99%-owned subsidiary, Companhia Mineira de Naburi, S.A.R.L., which holds the Naburi and Moebase licences on which Pathfinder Minerals is undertaking a detailed feasibility study with a view to developing a mine for commercial extraction.

General Veloso was educated in Mozambique and Portugal and is fluent in Portuguese, French, English and Spanish.

Through JV Consultores, a company beneficially owned by General Veloso and his family members, General Veloso owns 110,120,680 ordinary 1p shares in Pathfinder Minerals, representing 13.56% of the issued share capital.

John McKeon, Chairman of Pathfinder Minerals, commented,

"It is an honour to welcome General Veloso to the board. He is one of the most respected individuals in the Republic of Mozambique and we could not wish for a better local partner for Pathfinder Minerals as we seek to develop a mining operation."

Resignation of Tim Baldwin

Tim Baldwin, a non-executive of the Company, has stepped down from the board with immediate effect. Tim was a co-founder of IM Minerals, which was acquired by Pathfinder Minerals in February 2011. The board would like to thank Tim for his contribution towards identifying the opportunity in Mozambique and wish him well in his other business interests.

AIM Rules disclosure under Schedule 2(g) of the AIM Rules

There is no other information that is required to be disclosed with regards to the appointment of Major-General Jacinto Soares Veloso, aged 73, pursuant to Schedule 2 paragraph (g) of the AIM Rules, save as set out below:

Current directorships:

J.V.Consultores Internacionais Lda

Casino Polana SA

Companhia do Pipeline Moçambique - Zimbabwe

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

Daniel Stewart & Company Plc

Oliver Rigby or James Thomas

Tel: [phone]

M: Communications

Ben Simons or Maria Souvorov

Tel: [phone] /2327

Notes to Editors

About Pathfinder Minerals

Pathfinder Minerals, through a wholly owned subsidiary, has licences covering approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.

The licences, known as Naburi and Moebase and formerly held by BHP Billiton, are over land located near the Indian Ocean coast of Mozambique. Historical reported mineral resources on the assets are estimated at 2.02 billion tonnes with a 3.55% total heavy mineral content, which is equivalent to approximately 71.7 million tonnes of contained heavy minerals.  Confirmatory drilling and metallurgical test work will be required to upgrade the classification of the mineral resources.

Exploration work conducted on the licences from the mid-1980s through to 2002 has identified significant mineralisation. Bulk sampling and metallurgical test work conducted in support of prefeasibility and feasibility studies in the mid-1990s indicates that valuable heavy minerals can be recovered using conventional dredge mining, wet concentration and dry mineral separation processes.

The Company is undertaking a detailed feasibility study with a view to developing a mine for commercial extraction.

Heavy Minerals Sands

The more valuable components of a heavy mineral sands deposit include the titanium oxide minerals ilmenite and rutile, and in addition, zircon.  Ilmenite and rutile are used to produce titanium dioxide pigment used in the production of paint, paper, plastic, textiles, rubber and pharmaceutical products. Zircons are commercially mined for the metal zirconium and are used for abrasive and insulating purposes.

 

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