12 September 2008
CATALPA RESOURCES APPOINTS CFO
Bruce McFadzean,
Managing Director of Perth-based Catalpa Resources (ASX:CAH), today announced
the appointment of Erik Palmbachs as the Company's Chief Financial Officer with
effect from 20th October 2008.
Mr Palmbachs is an
experienced CFO and holds an MSc in Mineral Economics and a Bachelor of
Business (Accounting). He is a member of the Australian Society of
Accountants (AASA, CPA) and has an impressive resume with over 30 years
hands-on experience, much of which was gained in the resources sector.
Mr Palmbachs was
formerly the Chief Financial Officer at Territory
Resources Limited..
"Erik joins us
at an exciting time in our company's growth cycle," Mr McFadzean
said.
"We are on the
cusp of a new phase of development utilising our Edna May (gold) project as a
launching pad for growth.
"Erik's
experience and proven track record in overseeing the financial aspects of
systems, project development, discovery and acquisition of resources is an
important skill set to benefit Catalpa in our journey towards becoming a
mid-tier producer," Mr McFadzean said.
"We see Erik
making a significant contribution in the financing and funding strategy of
Catalpa over the coming months, and also in terms of Catalpa's strategy to
review other regional opportunities for acquisition and/or joint venture,"
Mr McFadzean added.
"Catalpa's Board
and management team are currently focussed on moving the Edna May (gold)
project towards production and Erik's appointment is an indication of our
commitment towards achieving this goal.
"We are very
pleased to have attracted someone with Erik's experience and skill set to
Catalpa Resources and we are delighted that Erik shares our confidence in
Catalpa's assets and the future of the Company," Mr McFadzean concluded.
A photograph
of Eric Palmbachs is available via the link below:
http://www.purplecom.com.au/_content/documents/928.jpg
ENDS
ABOUT CATALPA RESOURCES
Perth-based Catalpa Resources Limited (ASX: CAH) aims to become Australia's
next mid tier producer by developing its open pit assets, located on its
extensive and wholly-owned mining tenements in Western
Australia.
Catalpa is on the cusp of a new phase of development towards production
at its Edna May (gold) Project, conveniently positioned a few kilometres from
the infrastructure of Westonia, an established town with a long mining history.
The project is just 3 hours or 300km by road from Perth;
half way between Perth and Kalgoorlie
and ideally situated to be serviced by both centres.
Notably, there have been three previous successful mining programs which
have occurred both above and below the planned open pit at Edna May, which significantly
reduces the risk of Catalpa's current project.
Catalpa has an experienced and innovative Board and management team that
is committed to realising a timely production and cash flow profile from
the development of the Edna May open pit resources.
This is the company's immediate strategy; and an update to the Company's
2006 Edna May Gold Project Feasibility Study is on schedule to be finalised in
the September quarter 2008. In preparation for planned production at Edna
May, the Company relocated its 2.8mtpa Big Bell mill to site in 2007. The
mill is being maintained 'ready for construction' adjacent to the proposed
plant construction site.
Catalpa is pursuing parallel growth with a renewed exploration programme
underway of its 800km? of under-explored Westonia Greenstone Belt, and is
reviewing other regional opportunities for acquisition and/or joint venture. In
particular, Catalpa seeks to identify and develop new projects and/or
acquisitions on its extensive land holding or within the region, which is
prospective for gold, nickel and base metals.
Catalpa has a sound Resource base at Edna May with significant upside to
grow resources and reserves and move towards production. With a buoyant outlook
on the gold price, the Company's Board believes that Catalpa Resources presents
a sound investment opportunity with significant upside potential.
Catalpa Resources has adopted best practice standards across all its
operating activities, including its social, health and safety, environmental
management and corporate governance functions.
For further enquiries contact:
Bruce
McFadzean
Warrick Hazeldine / Annette Ellis
Managing
Director
Media and Investor Relations
Catalpa Resources Limited
Purple Communications
Tel (08) 9321
3088
Tel: (08) 9485 1254
***
Issued by
Purple Communications
Level 3, 28
Kings Park Road, WEST PERTH
WA 6005
Ph: 08 9485 1254 Fax: 08 6263
0455
purple@purplecom.com.au