TIDMNRRP
RNS Number : 6515C
North River Resources Plc
20 January 2015
North River Resources plc / Ticker: NRRP / Index: AIM / Sector:
Mining
20 January 2015
North River Resources plc ("North River" or the "Company")
Board & Senior Management Appointments and Project
Update
North River, the AIM quoted resource company focused on the
Namib Lead-Zinc Mine in Namibia ("NLZM" or the "Project"), is
pleased to provide details of changes to the Board and senior
management reflecting its transition to the next stage of project
development on the NLZM including the immediate appointment of two
new non-executive directors, and an update on the project.
Overview
-- Appointment of key directors and senior management to support
the next phase of development at the flagship NLZM:
o Appointment of Messrs. Keith Marshall and Ken Sangster as
Non-Executive Directors - both bringing significant senior level
experience from extensive careers with mining majors including Rio
Tinto PLC
o Appointment of Mr. James Beams, the former CFO of Anglo
American PLC's copper division, as Managing Director
(non-Board)
o Mr. Martin French stepping down from his role as current
Managing Director and Executive Director
o Appointment of Mr. Andrew Little as Project Director for the
NLZM (non-Board), a highly qualified mining engineer with 30 years'
broad experience in constructing and commissioning mines
-- Optimisation studies continuing at NLZM to further enhance
robust economics demonstrated in the NLZM Definitive Feasibility
Study published in November 2014
-- Two drill rigs currently operating at the NLZM - recent
positive drill results have further highlighted the potential to
extend the initial mine life to in excess of 3.5 years
-- Drill highlights include:
o 8.6m @ 3.8% Pb, 15.9% Zn & 64 g/t Ag
o 10.0m @ 5.9% Pb, 13.5% Zn & 105.3 g/t Ag
o 18.2m @ 3.7% Pb, 9.6% Zn & 96.7 g/t Ag
o 13.0m @ 7.4% Pb, 18.0% Zn & 49.3 g/t Ag
o 10.3m @ 2.6% Pb, 12.5% Zn (Ag Pending)
Non-Executive Director Brett Richards said:
"Both of the two new directors for North River have very strong
technical backgrounds, and distinguished corporate track records.
They are leaders in the industry and will serve the Company well as
it finalises the project development and enters the construction
phase. As well, Keith and Ken will also be great advisers on
potential new projects and acquisitions.
"James Beams is another extremely strong addition to the team,
where his mining sector, general management, business development
and financial experience will prove critical to the overall
management of North River including financial discipline and
delivering the longer term growth vision. In addition, James is
supported by a strong group of experienced technical experts in
their field. It is rare that a company of North River's size
continues to attract such very senior and experienced appointees. I
believe this to be a reflection in the potential of the
Company.
"On behalf of the Board of Directors of North River, we would
like to thank Martin French for his significant contribution and
earnest pursuit to see North River's long term success, and the
Board respects his decision to step down at this time as the
Company enters its next stage of development. We wish him every
success in the future."
Board Changes and Appointment of Senior Management
North River has appointed Keith Marshall as a Non-Executive
Director, with immediate effect. Keith is a mining engineer and has
over 35 years' experience in the mining industry and has worked for
extended periods of time in every continent specialising in
underground mining. Keith has developed a wealth of technical and
managerial experience and has spent the last 15 years in senior
mine leadership roles with Rio Tinto PLC as Managing Director of
the Palabora Mining Company (copper) in South Africa, and President
of the Oyu Tolgoi Project in Mongolia (copper/gold).
North River has also appointed Ken Sangster as a Non-Executive
Director, with immediate effect. Ken was trained as a metallurgist
and has 49 years' experience in the mining industry in a number of
highly successful project development / project management roles
ranging in project size from US$20M to US$600M. He previously
worked in numerous senior roles for Rio Tinto plc for over 15
years, as well having metallurgy focused project development roles
for Anglo American PLC, Consolidated Gold Fields, Outokumpu Metals
and Resources, TVX Gold and Ivernia plc.
Both Keith and Ken are extremely experienced and respected
mining executives and it is testament to the robustness of the
NLZM, and the long term vision for North River, that they have
agreed to join the Board. As North River transitions from study
phase to a construction phase, Keith and Ken's technical,
operational and construction experience will serve the Company
well.
Additionally, Martin French has resigned as the Managing
Director of North River and as an Executive Director. Martin has
served North River as Managing Director for over two years and in
this short time has done an outstanding job in successfully turning
the Company around and taking it through its Definitive Feasibility
Study ("DFS"), in very challenging circumstances. The Board is
extremely grateful for his dedication and service. He has decided
to step aside so the Company can bring in more technical and
operational expertise as it enters its next phase, and will be
assisting in the transition.
Accordingly, the Board is also pleased to announce that James
Beams has been appointed as Managing Director with immediate effect
(but not a director of the Company). James joined North River two
months ago on a contract basis to assist on the project, and
previously spent 14 years with Anglo American plc, where he was the
Chief Financial Officer for the Copper division for the last 5
years, having previously served in several senior management
positions within Anglo American. Prior to his time at Anglo
American, he held senior finance roles at Minorco and Commercial
Union. The Board is delighted that someone of the calibre of James
has agreed to accept this role.
In addition, Andrew ("Andy") Little has been appointed as
Project Director, for the NLZM project, reporting directing to the
Managing Director, James Beams. Andy is a graduate HNC Mechanical
Engineer from the Bell College of Technology (Scotland), and is a
Fellow of the Institute Of Mining, Minerals & Materials (UK)
and a Registered Professional Engineer with the European
Engineering Council. Andy has over thirty years' experience in
Project Development, Field Engineering, Construction Management,
Project Engineering, and Design Management, predominantly in the
base metals sector. He has previous held senior project and
operating roles with FLUOR (at Oyu Tolgoi); Kazakhmys Project LLC,
Sino Mining and Freeport McMoRan. As well, Andy has been an
independent consultant on project construction roles with:
Caijiaying Zinc/Gold Mine in China; Wardrop Engineering; AngloGold
Ashanti; and Griffin Mining. His experiences from all perspectives
of the industry in construction and commissioning are well suited
to delivering the Namib project on time and on budget.
Project Update
Following completion of the DFS for the NLZM in November 2014,
the Company is now carrying out detailed design and optimisation
studies on the processing plant design, preparing a detailed mine
development plan, and strengthening technical and operational
capabilities at the mine site as part of overall project
implementation planning before entering construction. North River
is aiming to be ready to take the project to the Board for final
investment decision in Q2 2015. The main gating item before a
decision to construct NLZM can be made is approval of the Mining
Licence by the Namibian Ministry of Mines and Energy. The
application was submitted in April 2014.
In addition to the project development activities, the Company
views the increase of the Mineral Resource at NLZM as a key
component to driving growth and overall shareholder value. To that
end, the Company's exploration programme at Namib and near mine
targets will aggressively continue in an effort to increase the
classified Mineral Resource. Recently, very positive drill results
further increases management's confidence in the potential to
significantly extend the initial 3.5 year mine life.
Drilling Results
Two underground diamond drills are currently operating at the
Namib mine. Drilling continues to confirm the extensions of known
and unknown mineralised zones at the NLZM.
Highlights include:
NLDD 054 8.6m @ 3.8% Pb, 15.9% Zn & 64 g/t Ag
NLDD 056 10.0m @ 5.9% Pb, 13.5% Zn & 105.3 g/t Ag, and 18.2m
@ 3.7% Pb, 9.6% Zn & 96.7 g/t Ag
NLDD 061 13.0m @ 7.4% Pb, 18.0% Zn & 49.3 g/t Ag
NLDD 063 10.3m @ 2.6% Pb, 12.5% Zn (Ag Pending).
A full table of recent drilling results is shown in the
following:
Drill From To (m) Interval Pb % Zn % Ag g/t
Hole (m) (m)
ID
---------- ------ ------- --------- ----- ----- --------
NLDD054 42.6 51.1 8.6 3.8 15.9 64.0
---------- ------ ------- --------- ----- ----- --------
NLDD055 27.8 37.5 9.7 1.5 10.5 28.7
---------- ------ ------- --------- ----- ----- --------
NLDD056 55.6 65.6 10.0 5.9 13.5 105.3
---------- ------ ------- --------- ----- ----- --------
NLDD056 98.7 116.9 18.2 3.7 9.6 96.7
---------- ------ ------- --------- ----- ----- --------
NLDD057 105.2 110.2 5.0 0.0 11.2 14.5
---------- ------ ------- --------- ----- ----- --------
NLDD058 60.0 78.2 18.2 0.5 6.8 18.4
---------- ------ ------- --------- ----- ----- --------
NLDD059 38.7 43.7 5.1 0.1 5.0 4.6
---------- ------ ------- --------- ----- ----- --------
NLDD059 91.8 93.8 2.0 4.2 7.8 59.2
---------- ------ ------- --------- ----- ----- --------
NLDD060 7.2 17.8 10.6 7.8 6.5 90.3
---------- ------ ------- --------- ----- ----- --------
NLDD061 116.7 129.7 13.0 7.4 18.0 49.3
---------- ------ ------- --------- ----- ----- --------
NLDD062 146.2 157.4 11.2 8.7 10.9 Pending
---------- ------ ------- --------- ----- ----- --------
NLDD063 39.0 49.3 10.3 2.6 12.5 Pending
---------- ------ ------- --------- ----- ----- --------
NLDD063 57.4 61.3 3.9 0.5 8.3 Pending
---------- ------ ------- --------- ----- ----- --------
NLDDK038 No Significant Intercepts
---------- --------------------------------------------------
NLDDK039 No Significant Intercepts
---------- --------------------------------------------------
NLDDK041 No Significant Intercepts
---------- --------------------------------------------------
NLDDK043 26.1 29.8 3.7 0.0 21.6 Pending
---------- ------ ------- --------- ----- ----- --------
Notes on drilling:
All intervals are reported as down hole lengths
and are not corrected to true widths for the mineralised
intervals, as drill holes typically cut mineralisation
at variable angles and geometries of mineralised
zones remain speculative until further drilling
is completed.
Holes NLDD056, NLDD061 and NLDD062, have intersected
mineralisation that has not previously been identified or modelled,
and lies between the known Central and Junction ore bodies.
Additional drilling is planned to further delineate the extent of
this high grade mineralisation.
As the Company has further progress to announce in the
optimisation of the DFS, other project milestones, or material
drill results, it will announce them in due course.
**ENDS**
For Further Information please contact:
James Beams North River Resources Tel: +44 (0) 20
Plc 7930 6966
Andrew Emmott Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer 7409 3494
Will Slack Pareto Securities Limited Tel: +44 (0) 20
7786 4370
Susie Geliher St Brides Partners Tel: +44 (0) 20
Elisabeth Limited 7236 1177
Cowell
Dominic Claridge of North River Resources has reviewed and
approved the technical information contained within this
announcement in his capacity as a qualified person, as required
under the AIM Rules. Dominic Claridge is a member of the Australian
Institute of Mining and Metallurgy and has over 10 years'
experience in Lead and Zinc exploration and mining operations.
AIM Rules disclosures
Mr. Keith Marshall (age 56) holds or has held the following
directorships and/or partnerships in the last 5 years:
Current Past (within the past five
years)
--------------------------- ---------------------------
Marshall Mining Associates -
Limited
--------------------------- ---------------------------
Mr. Kenneth Sangster (age 70) holds or has held the following
directorships and/or partnerships in the last 5 years:
Current Past (within the past five
years)
---------------------------- ------------------------------
Ken Sangster and Associates International Lead Associates
Limited
---------------------------- ------------------------------
Chieftain Metals Inc. Ivernia Inc.
---------------------------- ------------------------------
There is no further information on Messrs. Marshall and Sangster
required to be disclosed under Schedule Two, paragraph (g)
(i)-(viii) of the AIM Rules for Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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North River (LSE:NRRP)
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North River (LSE:NRRP)
Gráfica de Acción Histórica
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