Mundo Minerals Limited (ASX: MUN)
Mundo Minerals Announces Key
Board Transition
Following its recent successful transition to gold production, Mundo
Minerals Limited (ASX: MUN - "Mundo Minerals") today announced
a key Board transition with the retirement of its non-executive Chairman, Mr
George Jones, and appointment of non-executive Director, Mr Barry
Eldridge, to take up the role effective immediately.
After almost three years as founding Chairman of Mundo Minerals, Mr
Jones has announced his decision to step down from the Mundo Board to enable
him to spend more time focusing on his personal business interests and his
family. He has indicated his intention to remain a supportive shareholder in
the Company.
"George has made an outstanding contribution to the Company since
its establishment, providing strong Board leadership as well as making
available his considerable business acumen, contact network, vision and insight
during this critical formative period in our history," said Mundo
Minerals' Managing Director, Mr John Langford.
"On behalf of the Board, senior management team and shareholders, I
would like to thank George for his valued contribution, which has helped us set
Mundo Minerals on a strong long-term growth path, with a quality asset base,
the Engenho Project in Brazil now in production and generating cash flow, and
an outstanding pipeline of exploration and development opportunities in front
of us," he added.
"I would also like to take this opportunity to congratulate Barry
Eldridge on his appointment as Chairman," Mr Langford added. "Having
also been involved with the Company from its inception, Barry's appointment
provides for a completely seamless transition and ensures continued strong
leadership and vision to carry the Company forward into its next phase of
growth. The current board structure continues to provide a strong balance of
commercial and technical experience for the Company and at this stage it is not
proposed to seek to add another director to the board."
Mr Eldridge, who previously worked closely with Mr Jones as Managing
Director of successful iron ore producer Portman Limited, has over 30 years
experience in senior management and operational positions in the resources
sector.
A Mining Engineer and Geologist, he was previously held senior executive
roles with Griffin Coal Limited, North Limited and Forrestania Gold Limited. Mr
Eldridge is currently a director of Cleveland-Cliffs Inc, the largest producer
of iron ore pellets in North America, Chairman of Vulcan Resources Limited, a
base metals and gold exploration company with a portfolio of projects in Finland,
and Millennium Minerals Limited, an exploration company exploring for
Molybdenum in Western Australia.
Mundo Minerals recently joined the ranks of international gold producers
with the successful commissioning of its 100%-owned Engenho Gold Project in Brazil
on schedule and some 21% under its original capital cost budget.
"I would like to congratulate the team at Mundo Minerals for their
efforts in achieving this significant milestone," commented Mr Jones.
"The Company has established a strong reputation in the market for
delivering on its core objectives, and I believe it has established a
high-quality portfolio of assets in South America
with the potential to deliver a significant gold production profile.
"I wish everyone at Mundo well for the future and look forward to
continuing to follow the Company's progress as it adds value to the Engenho
asset and moves towards development of its Torrecillas and Tocantins assets and
other new opportunities such as the recently announced new project opportunities
in Brazil,"
he added.
The successful commissioning of the Engenho Project marks the first
major milestone towards achieving the Company's medium term strategy of
establishing a +250,000 ounce per annum sustainable production base in South
America.
-ENDS-
Released
by:
On behalf of:
Nicholas
Read
Mr John Langford
Read
Corporate
Chief Executive Officer
Telephone: (61-8)
9388-1474
Mundo Minerals Limited
Telephone: (+61-8) 94298889
Mobile: (0418)
935 552
Background Information
Mundo Minerals Limited is an Australian-domiciled international gold
company focused on the exploration and development of a portfolio of advanced,
high-quality gold assets in South America.
Mundo commenced initial production at its flagship asset, the Engenho
Gold Project in Brazil,
in May 2008, laying the foundations for its growth strategy as a mid-tier
Australian-domiciled producer focused on small-to-medium sized high-grade ore
bodies in South America.
The A$13 million Engenho Project, which is located in the State of Minas
Gerais in Brazil, was previously operated by AngloGold Ashanti Limited which
closed it in 2004 after treating some 171,257 tonnes of ore from an open pit
through a conventional Carbon-in-Pulp (CIP) treatment facility.
Mundo's other assets in South America include the 100%-owned Torrecillas
Gold Project in Peru and
the Tocantins Gold Project in Brazil.
These projects have the potential to yield multiple resources to underpin the
Company's long-term growth.
The Torrecillas Project comprises some 9,000ha of tenements with a
history of high-grade gold production in south-eastern Peru, a region which
hosts a number of small-to-medium sized gold mines, including the Area,
Capitana, Arirahua, Alcapay and Laytaruma operations - each of which have a
production range of 25,000 - 80,000oz per annum. An exploration decline is
currently being developed to assess the high-grade, narrow vein gold
mineralization at Torrecillas.
The Tocantins Project is a joint venture between Mundo (51% interest)
and Gamaleira Prospeccao E Geologia Ltda (a Brazilian joint venture between
AngloGold Ashanti
and IAMGOLD Corporation) (49%). Mundo can increase this equity to 80% by taking
any gold resource to a bankable feasibility study. The Tocantins
tenements are located in a highly prospective region which includes three
greenstone belts with the potential to contain multiple mid-size gold deposits.
Exploration to date has identified significant zones of gold
mineralization at Concei��o, within the Tocantins Joint Venture. Mundo Minerals
has also secured a strategic new gold exploration project at Nova Prata as part
of the Tocantins Joint Venture, and is assessing an advanced gold production
opportunity at the Jaqueira Project in Bahia
State, Brazil.
READ CORPORATE
Public Relations
Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8)
9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au