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Ampella Mining Limited

Published : May 21st, 2008

Announces Appointment of Chief Executive Officer and Resultant Board Restructure

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Ampella Mining Limited (ASX:AMX)

 

ASX RELEASE                                                  21 May 2008

 

Ampella Announces Appointment of Chief Executive Officer

and Resultant Board Restructure

 

Ampella Mining Limited (ASX:AMX) is pleased to announce the appointment of Dr Paul Kitto, a highly qualified and respected mining industry professional and experienced  explorationist, to the newly created role of Chief Executive Officer, reporting directly to the Company$B!G(Bs Board of Directors. Dr Kitto$B!G(Bs appointment is effective immediately and will see him take responsibility for the progress of the Company$B!G(Bs current projects in the West African country of Burkina Faso, as well as, in conjunction with Board of Ampella, the assessment and analysis of any new opportunities. 

 

At the same time as announcing Dr Kitto$B!G(Bs appointment, the Company also advises other changes to the Board structure. 

 

As of Friday 16th May, Mr Peter Williams, previously Director of Exploration, stepped down from his executive role to become a non-executive Director of Ampella. The Board thanks Mr Williams for his contribution during the early life of the Company and looks forward to his ongoing contribution. It is anticipated that Ampella$B!G(Bs current Finance Director, Mr Richard Burden, will also step down to a non-executive role once Dr Kitto has had an opportunity to assimilate his executive duties.

 

Commenting on the appointment of Dr Kitto, Ampella$B!G(Bs Chairman, Ms Jan Hope, said: $B!H(BThe board is delighted to welcome Dr Kitto to our executive team at an important time in the Company$B!G(Bs development when our initial exploration programs are starting to deliver some promising results.$B!I(B

 

$B!H(BDr Kitto is a well known and highly qualified industry professional with extensive exploration experience in West Africa and other international locations. He has a background in structural geology and geochemistry with particular expertise in the geology of both lode gold and VMS mineral systems, all of which will complement the skill set of our existing exploration team,$B!I(B she said. 

 


Details of Dr Kitto$B!G(Bs remuneration package and biography are attached to this announcement.

 

A General Meeting of shareholders will be convened at a date to be advised shortly to approve an option package as an achievement incentive for Dr Kitto.

 

Yours faithfully

 

                          

Jan Hope

Chairman

 

 

 

For further information:

Ampella Mining Ltd

Jan Hope

Paul Kitto

Suite 1, 6 Richardson Street

Chairman

Chief Executive Officer

WEST PERTH WA 6005

Mobile: 0419 906 940

Telephone: +61 8 9226 5299

Telephone: +61 8 9226 5299

 

 

Website: www.ampella.com.au

 

 

 

 

 

 

 

 

 

 

 

Key Terms of Chief Executive Officer$B!G(Bs Employment Agreement

 

The key components of the agreement are as follows:

 

$B!|(B Annual remuneration, excluding superannuation, of $250,000

 

$B!|(B No fixed term

 

$B!|(B Payment of termination benefit on early termination by the employer, other than for cause, of  two years$B!G(B salary if the result of change of control or three months in other circumstances.

 

$B!|(B Subject to shareholder approval at a general meeting to be called shortly, an option package of 1.5 million options with various strike prices and terms.

 

 

Biography of Mr Paul Kitto

 

Dr Kitto has had a successful international exploration career built upon over 20 years of experience within a range of major mining companies which have included Gold Fields Limited, Renison Goldfields Consolidated, and Aurion Gold.  More recently he was Africa Exploration Manager for Gold Fields Limited, and then Exploration Director in Russia and CIS for Sun Mining Limited.

 

Dr Kitto has successfully negotiated, managed and co-ordinated exploration programs, joint ventures and project generation initiatives world-wide from greenfields through to advanced resource definition projects.  He has either lead or been a team member of successful exploration groups that have delineated multi-million ounce gold resources in Africa, Australia and Papua New Guinea

 

Dr Kitto$B!G(Bs experience spans a wide range of gold and base metal ore deposit types including mesothermal lode gold and palaeoplacer gold deposits, porphyry copper-gold, epithermal gold, and volcanic hosted massive sulphide deposits.  Dr Kitto holds a doctorate in geochemistry and structural geology from the Centre for Ore Deposit Research at the University of Tasmania where he was also employed as a Research Fellow.

 

 

 

READ CORPORATE
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T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au 

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Ampella Mining Limited

EXPLORATION STAGE
CODE : AMX.AX
ISIN : AU000000AMX0
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Ampella is an exploration gold and zinc company based in Australia.

Its main exploration properties are DONKO, DOULNIA, MADOUGOU and BATIE WEST in Burkina Faso.

Ampella is listed in Australia and in Germany. Its market capitalisation is AU$ 245.2 millions as of today (US$ 187.3 millions, € 157.3 millions).

Its stock quote reached its lowest recent point on July 18, 2008 at AU$ 0.03, and its highest recent level on December 31, 2010 at AU$ 3.42.

Ampella has 256 799 984 shares outstanding.

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