TORONTO, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Melior Resources Inc. (TSXV: “MLR”) (“Melior” or the “Company”) today announces that the board of directors (the “Board”) has received and accepted the resignation of Mark McCauley as Chief Executive Officer (“CEO”) of the Company, effective from August 5, 2019.
Martyn Buttenshaw, Chairman of Melior, stated:
“On behalf of the Board, and the entire Melior team, I would like to thank Mark for his contributions to the Company during his tenure as CEO. We all wish him well in his future endeavors and are pleased that he will remain a member of the Board to help guide Melior through to completion of the ramp-up of the Goondicum mine.”
Mr McCauley will remain as a Non-Executive Director of the Company and will participate in the Board’s process of identifying new candidates for the CEO position. Until a new permanent CEO is appointed, Mr Buttenshaw will assume the position of interim CEO.
Additionally, the Company has appointed Philip Day, who joined the Board on July 8, 2019, as interim Chief Operating Officer of Goondicum Resources Pty Ltd to further assist with completion of the ramp-up of the Goondicum mine to achieve steady state operations as soon as possible. See the Company’s press release dated July 8, 2019 for Mr. Day’s background and experience.
Production of ilmenite and apatite for July 2019 was 7,557 tonnes and 947 tonnes, respectively. This remains below the annualised targeted ilmenite production rate of 160,000 per annum.
The Company is in active discussions with its senior lender regarding funding options.
About Mr. Buttenshaw
Mr. Buttenshaw has over 18 years of mining experience. Martyn was a former Managing Director of Pala Investments and over the last nine years worked closely with several of Pala’s portfolio companies in both commercial and technical functions including Sierra Rutile Limited, Norcast Wear Solutions and Asian Mineral Resources, assisting with the development and execution of strategic plans, product marketing strategy, expansion projects, development of corporate governance practices and in the achievement of operational goals.
Prior to joining Pala, Martyn worked as a business development manager for Anglo American plc. and a senior mining engineer for Riotinto. Mr Buttenshaw is currently a non-executive director of Kasbah Resources Ltd. and a former director of Sierra Rutile Ltd and Asian Mineral Resources Ltd. Martyn is currently an advisor to Pala. Martyn holds an MBA with distinction from the London Business School and a MEng (First Class) in Mining Engineering from the Royal School of Mines, Imperial College, London.
About Melior
Melior is the owner and operator of the Goondicum mine, a past-producing ilmenite and apatite mine strategically located in Queensland Australia. Further details on Melior and the Goondicum mine can be found at www.meliorresources.com and regulatory filings are available on SEDAR.
Melior is incorporated under the provisions of the Business Corporations Act (British Columbia) and has a registered office in Vancouver, British Columbia. Melior is classified as a Tier 1 Mining Issuer under the policies of the TSX-V.
Amelia Bauer, BEng (Environment), (member of Engineers Australia and Member of Association of Professional Engineers and Geoscientists Manitoba), employed by Goondicum Resources Pty Ltd is the Qualified Person re this announcement.
The expectations outlined in this press release regarding the Goondicum mine represent the information contained in the PEA prepared independently by TZ Minerals International Pty Ltd. for the purposes of National Instrument 43-101 (“NI 43-101”) and rely, in part, on inferred resources. As a result, the PEA is subject to increased uncertainty and technical and economic risks of mine failure and there can be no assurance that the report’s expectations will be achieved.
The PEA is preliminary in nature and includes Inferred Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty the PEA will be realized. Shareholders are strongly encouraged to refer to the complete updated Technical Report prepared in accordance with NI 43-101 in respect of the Goondicum mine, which includes the results of the PEA described in this news release, which has been filed on SEDAR at www.sedar.com under the Company’s profile on August 30, 2018.
Forward Looking Statements Disclaimer
Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. Such statements can typically be identified by terminology such as ‘‘may’’, ‘‘will’’, ‘‘could’’, ‘‘should’’, ‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘possible’’, ‘‘continue’’, “objective” or other similar expressions concerning matters that are not historical facts. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Risks, assumptions and uncertainties regarding Melior and the forward-looking information herein are described in its publicly available disclosure documents including the Technical Report, as filed by Melior on SEDAR (www.sedar.com) except as updated herein. This forward-looking information represents management’s views as of the date of this press release. While subsequent events and developments may cause such views to change, Melior does not intend to update this forward looking information, except as required by applicable securities laws.
For further information please contact:
MELIOR RESOURCES INC.
Martyn Buttenshaw
Chairman of the Board of Directors
+41 41 560 9070
info@meliorresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
