CEO to step down at African Eagle Resources

AIM-listed nickel exploration and development company African Eagle Resources has reported that Trevor Moss will step down both as Chief Executive Officer and from the board of the company and will leave the company, effective of June 28th. The board said that it did not intend to seek a permanent replacement at this time.Moss' departure follows recent announcements by the company that it has suspended all activity on the Dutwa project, funding of its Tanzanian subsidiaries, and has taken action to minimise operational costs going forward. The company is currently seeking a purchaser for all or part of its Tanzanian assets.As a result of Moss' departure, the board announced the appointment of Robert McLearon as interim Managing Director.McLearon currently serves as Group Financial Controller of African Eagle and last year served as an interim director on the board. Prior to joining the company, McLearon held positions as Financial Controller and Company Secretary at European Nickel and Corporate Controller at Baltic Oil Terminals.Dr. Christopher Pointon, Chairman of African Eagle, said: "The board wish to express their appreciation for the enormous contribution Trevor has made to the definition of the Dutwa project, improving its potential financial and technical performance and the leadership demonstrated in the management of the company as it has dealt with challenging issues." He added: "His fellow directors share his disappointment that the company has not been able to raise funds to complete the Dutwa Bankable Feasibility Study, and wish him every success in his future endeavours. The board is also pleased to welcome Robert back to the Board in his new role as interim Managing Director"African Eagle Resources' share price was down 10% to 0.22p at 09:54 on Monday.MF