PERTH, WESTERN AUSTRALIA--(Marketwire - June 20, 2011) - Magma Metals Limited (News - Market indicators)(ASX:MMW) ("Magma" or the "Company") is pleased to announce that it has restructured its Board of Directors to provide more focused leadership of the Company.
The following changes have been made, which are effective 1 July, 2011 unless noted otherwise:
- Max Cozijn from Executive Director – Corporate to Non-Executive Chairman;
- Keith Watkins from Executive Chairman & CEO to Managing Director & CEO;
- Ralph Porter from Executive Director – Exploration, Australia to General Manager Exploration, Australia; and,
- Peter Whitcutt has resigned as a director, effective June 17, 2011.
The Board will now comprise one executive director, the Managing Director & CEO (Keith Watkins), and four non-executive directors, including the non-executive Chairman (Max Cozijn), and three independent non-executive directors (Terry Burgess, Neil Fearis & David Constable).
"This restructure, which is in accord with Australian and Canadian corporate governance principles, results in a smaller Board, and will allow executive management to focus more closely on execution of exploration and development strategies" said Keith Watkins, Magma's CEO.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this report constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" , "is expected", "estimates", "intends", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Although management believes that the expectations expressed in such forward-looking information disclosed herein are based on reasonable assumptions, these statements are not guarantees of future performance. A number of factors could cause actual results, performance or achievements to differ materially from those in the forward-looking information. Such factors include future metal prices, exploration and evaluation results, future availability of capital and general economic, market or business conditions, government regulation of mining operations, failure of equipment or processes to operate as anticipated, risks inherent in mineral exploration and development including unusual or unexpected geological formations. Descriptions of these risks can be found in the Company's various statutory reports, including its Annual Information Form available on its website at www.magmametals.com.au and on the SEDAR website www.sedar.com.
ABN 72 114 581 047