Directorate Changes and Share Issue

RNS Number : 5981P

Savannah Resources PLC

03 October 2013

 

Date: 3 October 2013

Savannah Resources plc

("Savannah", "SAV" or "the Company")

Directorate Changes and Share Issue

Savannah Resources plc (AIM: SAV) is pleased to announce the appointment of Dale Ferguson to the board as Technical Director.   The Company also confirms that Mark Jones has stepped down from the board of SAV to take up his position as CEO of Alecto Minerals plc ("Alecto") where he will continue to lead the Kossanto Gold Project. Upon completion of the sale of AME West Africa Ltd to Alecto which is expected to complete within the next few days Savannah will have a 24.9% shareholding in Alecto and will hold £350,000 of convertible loan notes which on conversion is equivalent to 5.9% of the expanded share capital of Alecto.

David Archer, the Company's CEO commenting on the changes stated: "I would like to thank Mark for his hard work in establishing and running the Company, and special thanks and recognition are deserved for his foresight in the acquisition of Caracal Gold Mali, with its highly prospective set of gold exploration tenements. I am particularly pleased that Mark has become the CEO Alecto Minerals Plc where he will be able to continue the great work he has been doing in evaluating the Kossanto Gold Project.

We are particularly pleased to welcome Dale Ferguson to the Board; he is an outstanding geologist with extensive commercial experience.  He will be integral to building on the current foundations and continuing the growth of the Company."

Technical Director - Dale Ferguson

In support of the broadening of Savannah's strategic focus, the Company is pleased to announce the appointment to the Board of Dale Ferguson as Technical Director. Dale has been engaged by the Company since July 2013 as Technical Project Leader and was instrumental in the acquisition of 80% of Matilda Minerals Limitada. Dale is an experienced geologist with significant experience in the commercial aspects of exploration and development projects. Dale graduated in 1993 and has over 20 years' experience in the resources industry with Hillgrove Resources Limited, Thundelarra Exploration, Savage Resources Limited and Gasgoyne Gold Mines. His experience spans greenfields and near mine exploration, resource delineation, feasibility studies, due diligence investigations and mine developments.

Kossanto Gold Project Stewardship - Mark Jones

As stated above, Mark Jones has joined  the Board of Alecto as CEO and will continue his valued stewardship of the Kossanto Gold Project.

In order to minimise cash expenditure upon termination of his contract with Savannah, Mark agreed to waive the right to 25% of his contractual entitlements and will be issued with 2,666,667 new ordinary shares as part of his termination arrangements.

Application will be made for the new ordinary shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on 9 October 2013. Following Admission, the total number of voting rights in the Company will be 109,102,197 ordinary shares.  This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules. 

AIM Rule Disclosures

The following information is disclosed in relation to Schedule Two paragraph (g) of the AIM Rules:

Mr Dale John Ferguson, aged 42, has been a director of the following companies during the five years preceding the date of this announcement:

Current directorships	Previous directorships
Bluebone Enterprises (WA) Pty Ltd	Hillgrove Resources Limited
Daleo Family Trust	Intermet Resources Limited
Bluebone Consulting Pty Ltd Wardo Nominees Pty Ltd Daleo Pty Ltd	Silver Swan Group Limited

As announced on 22 July 2013 Dale has been granted 5,321,776 share options in the Company with an exercise price of £0.03.

For further information please visit www.savannahresources.com or contact:

David Archer	Savannah Resources plc	Tel: [phone]
James Maxwell / Jenny Wyllie	N+1 Singer	Tel: [phone]

 

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