Last checked at 29 Jul 2008 15:18
MERCATOR GOLD PLC
RETIREMENT OF CHAIRMAN
London: 29 July 2008 - Mercator Gold plc ("Mercator" or "the Company") announces that Mr Terrence Strapp, who has chaired the Company since 2004, has retired from the board due to ill-health. The retirement becomes effective on 28 July 2008.
Mr Michael Bernard Silver, age 71, will be appointed Executive Chairman with immediate effect. Mr Silver is a professional Engineer with over 40 years experience in the mining industry in Australia and other parts of the world. Mr. Silver is currently a director of the following companies:
Adriatic Development Corporation D.O.O.
Advance Conveyors Limited
Fair Choice Limited
First International Resources Limited
Global First International Limited
Mayford Development Limited
Pure Profile Limited
Mr. Silver has also been a director of the following companies in the previous five years:
Paddington Gold Holdings Australia Limited
Sustainable Resource Development Limited
Mr. Silver had previously held positions as Managing Director of Dome Mining Limited, Regent Mining Limited, Southern Goldfields Limited and Quest Mining and Exploration Limited. Mr Silver has also been Chairman of a number of companies including Drillsearch Energy Limited and Marino Limited. He was responsible for the successful development of the Nevoria gold mine in Western Australia and the Tolukuma gold mine in Papua New Guinea.
His mining experience includes managing base and precious metal mining programs for Africa, Australia, North and South America and Papua New Guinea. His recent experience has been concentrated in gold mining. He has also managed the acquisition of numerous gold prospects around the world.
Mr Silver was a director of Advance Conveyors Limited, an Australian registered company, when on 26 May 2005, Advance Conveyors Limited entered into voluntary administration. A deed of company arrangement was prepared and total debt estimated at £400,000. Advance Conveyors Limited exited administration on 24 May 2006 and has been operating as a going concern since that date.
Mr Silver's full CV will be published on the Company's web site.
No further information is required to be disclosed in accordance with Schedule 2(g) of the AIM Rules.
Patrick Harford commented:
"Terry has been instrumental in building up the Company from his appointment as Chairman in July 2004, overseeing the listing of Mercator on AIM in 2006 and the transformation of the Company from junior explorer to producing gold miner. The Board wishes him a speedy recovery.
He has my personal thanks for his contribution, as well as I am sure all shareholders. His counsel
and enthusiasm will be much missed.
Michael Silver has been a long standing supporter of Mercator and brings a vast amount of relevant experience to the Board of Mercator. He has worked in the mining industry worldwide and in particular developing a major contract mining company in Australia. He was responsible for building some notable successful operations in Western Australia and the Northern Territory. Additionally his experience in the corporate development of small public mining companies and financial structuring will be invaluable. We welcome Mr Silver to the Board and look forward to his ongoing support and contribution."
For further information please contact:
Mercator Gold plc
Patrick Harford, Managing Director Tel: +44 (0) 20 7929 1010
Email: info@mercatorgold.com
Website: www.mercatorgold.com
Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888
Simon Rothschild
Keith Irons
Oliver Winters
AIM: MCR