Moving Toward On-Hands ManagementWell, now we know why the smash down today. Wall Street has an old saw, "when management starts to resign, watch out." But, if one looks what actually occurred, it may be a real step forward.
1. Ms. Tang, as Chief Financial Officer, was intending to step down, but had remained in her post, as was previously indicated as I recall. Unfortunately, the website remains "down for maintenance," and a verification citation cannot be provided. This may have been indicated in the December 2008 conference call. She was replaced by Mr. Herminder Rai, who has experience, perhaps less than seasoned, in the investment community and finance industry. But, that, nevertheless, should be a positive going forward.
2. Dr. Medard M.C. Kalemani, LLB, LLM, PhD, Mining Management - Director, who resigned, was an attorney to the Millennium Challenge Account Tanzania, Ministry of Finance, which is an autonomous government entity responsible for managing energy, transportation and water projects in Tanzania. (August 4, 2008 Press Release) In all due respect, his expertise would not appear to be that of managing a developing mining project. Hands-on experience as to this particular project would seem remote at best.
3. Abdulkarim Hamisi Mruma is a Professor. "Prof. Mruma is the Chief Executive Officer of the Geological Survey of Tanzania, Ministry of Energy and Minerals and since 2004, he is the Vice Chairman of the Association of Geological Survey of Africa." ( August 4, 2008 Press release). His experience would appear to be academic and not that of hands- project development.
4. Appointed as President and a Director was Mr. Charles Xaviar Mnguto. This appointment would appear to provide on-site qualified, professional, indigenous management to free-up Harp for over-all management activities as Chief Executive Officer:
'Mr. Charles Xaviar Mnguto, B.Sc. in Geology (Hon), from the University of Dar es Salaam, Tanzania (1995), has been a consulting geologist to and the Company's Exploration Manager in Tanzania since January of 2007. Mr. Mnguto is a multi-terrain geologist with 13 years experience in both local and international exploration fields. During his career Mr. Mnguto has worked on various base and precious metals projects located in Tanzania, Zimbabwe and the Democratic Republic of Congo. Prior to working with the Company, and during the previous five years, Mr. Mnguto has worked: as a Senior Project Geologist (Expatriate) on the Lugushwa Project for Banro Congo Mining SARL (January to October of 2006); as a Senior Project Geologist (Expatriate) on the Namoya Project; as a Project Geologist on each of the Golden Pride West Project (January to September of 2005) and Nyanzaga Project (March to December of 2004) for Barrick Exploration Africa Ltd.; and as a Senior Project Geologist (Exploration Dept.) on the Ashanti Goldfields/Anglogold Joint Venture for Geita Gold Mining Limited (August of 1999 to February of 2004). "
So, contrary to what some would like to make out such management change as a negative, I see it as a step forward.
But,
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