THE BOURSE WHISPERER: Cobre Montana (ASX: CBX) announced the commencement of the Coolgardie Rare Metals Venture (CRMV) – a joint initiative with Focus Minerals (ASX: FML).

The CRMV plans to evaluate lithium and rare metals (cesium, rubidium, gallium, tantalum, and niobium) within 20 prospecting licenses and two mining leases located to the south of Coolgardie, in Western Australia.

 

Tenements subject of the Coolgardie Rare Metals Venture (CRMV). Source: Company announcement

 

In its announcement to the ASX, Cobre Montan explained the CRMV tenure covers pegmatite swarms known to contain lepidolite (lithium mica), petalite (lithium aluminium silicate), tantalite (an oxide of iron, manganese and tantalum), pollucite (cesium zeolite), beryl (beryllium silicate) and other minerals that may be of commercial importance.

“The lepidolite is most abundant at Lepidolite Hill where, in addition to lithium, the mica contains high concentrations of rubidium,” the company said.

“The CRMV also covers Tantalum Hill, a well-documented tantalite occurrence.

“The mineral occurrences within the vicinity of Lepidolite Hill were first identified in the 1940s, explored by Western Mining Corporation in the 1960s, and mined from 1971 to 1973 for petalite, beryl and lepidolite.”

Under the terms of the CRMV, Cobre Montana will sole fund exploration to the point of committing to a definitive feasibility study, within five years of the commencement date.

At this time the CRMV will be replaced by a contributing joint venture (80% Cobre, and 20% Focus Minerals).

Cobre Montana said the CRMV complements its recently-announced option to purchase Exploration Licence 74/0543 in the Ravensthorpe mineral field, Western Australia.

The company said the licence contains a large part of the Cocanarup Pegmatite Field which, like the pegmatites within the CRMV, hosts lithium and rare metals.

Email: info@cobremontana.com.au

Website: www.cobremontana.com.au

THE BOURSE WHISPERER: Kula Gold (ASX: KGD) has received confirmation from the Government of Papua New Guinea regarding the State’s equity participation in the development of the company’s Woodlark Island gold project.

Kula Gold said the PNG Government’s decision to acquire a five per cent participating interest in the Woodlark Island project is evidence of the strong support it is receiving from the Government and local communities for the development of the gold mining operation.

The company explained that, in accordance with the conditions of all exploration licences issued under the current Mining Act, the State has the option to acquire a participating interest of up to 30 per cent by the payment of sunk costs and contributing to construction capital costs on a basis pro rata to the percentage of the project acquired.

The Government of Papua New Guinea has exercised this option to acquire only a 5 per cent interest in the project, which will be shared between the local landowners and the Milne Bay Provincial Government.

The PNG Government is expected to fund this acquisition and has also indicated potential interest in a further acquisition of up to 25 per cent on commercial terms through the State’s nominee, Petromin PNG Holdings Limited.

Kula indicated terms of any acquisition of a participating interest by Petromin will need to be negotiated at that time.

Kula also said that it would be willing to consider this if it facilitates early development of the project.

The State’s equity participation the Woodlark Island gold project follows the completion of other milestones towards production, which include: a Definitive Feasibility Study; Environmental approval and Permit granted; and a Mining Lease granted.

“We are very pleased to have received confirmation of the PNG Government’s participation in the development of the Woodlark Island gold project,” Kula Gold CEO Stuart Pether said in the company’s announcement to the Australian Securities Exchange.

“The State equity commitment is further indication of the robust support we are receiving from not only the PNG Government, but the local communities for the continued development of the project.

“This milestone follows on from the granting of the Mining Lease for the project in July.

“We look forward to updating our shareholders with further news flow in due course.”

Email: info@kulagold.com.au

Website: www.kulagold.com.au

THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.

Key board and management appointments

IMX Resources (ASX: IXR) will be making a number of changes to its board and senior management team, effective from the end of September 2014.

The company said the changes are designed to ensure it has a strong leadership team in place as it transitions from being a South Australian iron ore producer to a Tanzanian minerals explorer.

Nick Corlis, who commenced with IMX earlier this year as general manager Exploration, has been appointed to the Board as executive director – Exploration.

The company’s chief financial officer, Phil Hoskins, has been appointed acting CEO.

IMX company secretary, Stuart McKenzie, has been appointed to the combined role of general manager Commercial and company secretary.

IMX chairman, Dr Derek Fisher, will assume a more ‘hands on’ role to support the company’s management team during this transition period.

Appointment of Director

Celamin Holdings (ASX: CNL) announced that Gary Scanlan has rejoined the board as a non-executive director.

In addition to his role as a non-executive director, Scanlan has agreed to serve as chairman of the Audit Committee of the Board and as deputy chairman of the Board.

“We are very pleased to have Gary’s direct input and greater involvement at a time when the company is moving to rapidly advance its definitive feasibility study of the Chaketma phosphate project in Tunisia,” Celamin Holdings chairman Andrew Thomson said.

“His project experience and knowledge of capital markets adds a vital element to the Board’s spectrum of expertise.”

Board Appointment

Doray Minerals (ASX: DRM) has appointed Peter Lester to the company’s Board as a non-executive director.

Lester is a mining engineer by profession and has over 35 years’ experience in the mining industry.

He has held senior executive positions with North Ltd, Newcrest Mining, Oxiana and most recently with Citadel Resource Group as an executive director.

He is currently a non-executive director of Chesser Resources, Toro Energy, White Rock Minerals and Nord Gold NV.

“The Board welcomes Peter to Doray and we look forward to his input, utilising his significant experience, as we enter the next growth phase for the company,” Doray Minerals managing director Allan Kelly said.

Appointment of CEO

Minbos Resources (ASX: MNB) announced the appointment of Lindsay Reed as chief executive officer.

Reed is a mining executive with over 30 years’ experience in senior management roles in Australia and overseas, having previously been director and CEO of resource development company Aviva Corporation Limited.

Reed’s immediate focus will be to finalise the scope of a Definitive Feasibility Study pursuing capital and operating cost reductions, extend the high-grade component of the resource base, and to present the company to international investors, potential strategic and off-take partners.

Appointment of CEO and MD

Gold producer Troy Resources (ASX: TRY) has appointed Martin Purvis as its new chief executive officer and managing director.

Purvis is a qualified mining engineer and was most recently CEO of Singapore-based Sakari Resources, a 10Mtpa coal mining business that was demerged from ASX-listed Straits Resources in 2010.

“With over 30 years’ experience on the front line of the mining industry, in a variety of challenging roles, we are confident that Martin is the right match for Troy,” Troy chairman David Dix said.

“He has the right skill set to ensure the company maintains the significant momentum it has built up over recent years.”

Resignation of Non-Executive Director

Ramelius Resources (ASX: RMS) reported Ian Gordon has resigned as a non-executive director of the company.

Gordon joined Ramelius in 2007 as COO and was appointed CEO in 2009 and subsequently managing director in October 2010.

In June 2014 he ceased acting as managing director and continued on the Board as a non-executive director without remuneration.

Gordon told Ramelius his decision was based on a need to focus his efforts in his new external role [MD with Flinders Mines (ASX: FMS)].

THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.

Board composition resolved

Blackham Resources (ASX: BLK) announced Joseph Gutnick has resigned from the Board of the company effectively immediately.

The company also advised that Mazil Pty Ltd, a company of which Gutnick is a director and shareholder has agreed to withdraw its requests for general meetings of shareholders to vote on the composition of the Board.

Following the resolution the directors of the company have been confirmed as follows:
Paul Murphy – non-executive chairman; Bryan Dixon – managing director; Alan Thom – executive director; and Greg Miles – non-executive director.

The company and Gutnick’s associated parties have reached a settlement which they believe is in the best interests of all shareholders and involves Blackham terminating the Note Deed dated 1 February 2013 between Blackham and Great Central Gold Pty Ltd, as amended by an agreement dated 6 June 2013.

The parties including Blackham, Gutnick, Mazil and Great Central have conditionally agreed to settle all disputes and other matters and release each other from all liabilities and claims against each other on a without admissions basis.

CEO Transition

Millennium Minerals (ASX: MOY) announced managing director and chief executive officer, Brian Rear is to step down from his executive role following six years in the role.

Rear has indicated he wishes to take on another, as yet unidentified full time role, in developing a new resources project.

The Millennium Board has invited Rear to remain on as a non‐executive director to ensure a seamless transition of the senior leadership of the company.

Millennium said it will engage an executive search firm to identify suitably qualified candidates to take over the role of CEO.

“Having successfully established Millennium as a stable, profitable producing gold company, Brian has achieved what he was appointed to do,” Millennium Minerals chairman Richard Procter said.

“We understand that the time is now right for him to move on to another opportunity and for a CEO with a different skill set to take the company through the next phase of its growth.”

Resignation of Director- Appointment of Chief Executive

Diatreme Resources (ASX: DRX) announced Neil McIntyre has resigned as a director to assume the role of company chief executive.

“Following the recent implementation of Diatreme’s Board and Management restructuring, acting managing director Neil McIntyre has been appointed as chief executive of the company and has resigned his position as a director of Diatreme Resources Ltd to assume this role effective immediately,” Diatreme Resources chairman William Wang said.

“We thanks Mr McIntyre for his service to the board of Diatreme and welcome his involvement in this challenging management role.

“The restructuring, cost cutting and major project refocus of Diatreme is still an ongoing task and the clear separation of management and board will assist in terms of good governance and management practice moving forward for the company.”

Appointment of new Chairman

Superior Resources (ASX: SPQ) announced that Carlos Fernicola has succeeded David Horton as chairman of the company.

Fernicola has been appointed to the Board of Superior as a non-executive director and will assume the role effective as of 25 August 2014.

Fernicola will also continue his office of company secretary to which he was appointed on 11 November 2010.

Horton, who is a founding director of the company, will continue as a non-executive director effective.

Appointment of Directors

Metaliko Resources (ASX: MKO) announced that Geoff Baker and Ms Min Yang have been appointed directors of the company.

Baker is an Australian lawyer previously residing in Hong Kong now residing in the UK. He is also qualified to practice as a lawyer in Hong Kong.

Over the past 20 years Mr Baker has been active in China conducting a practice assisting companies to do business in the region.

Ms Min Yang is a resident of Hong Kong with extensive business connections in the Asia Pacific region especially greater China and has over twenty years of hands-on experience dealing with both private and state-run businesses in China.