GCM Resources Regulatory News (GCM)

26 June 2013

GCM Resources plc

(the "Company" or "GCM Resources")

(AIM: GCM)

Board Changes

Change of Adviser

GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, today announces Board changes and a change of adviser.

Board Changes

Mr. Michael Vee Mun Tang ("Michael Tang") is joining the Board as Executive Chairman and Messrs. Neil Lindsey Herbert and Guy Elliott as a Non-Executive Directors.

Mr. Gary Lye, whilst remaining as Chief Executive Officer of GCM's subsidiary, Asia Energy Corporation (Bangladesh) Pty Ltd., has stepped down as a director, but assumes the additional role of Chief Operating Officer, of GCM.

Messrs. Gerard Holden, Stephen Dattels and Greg James have also resigned as Non-Executive Directors. An Independent Non-Executive Director is expected to be appointed in due course.

Mr. Tang (aged 40), is executive co-chairman and managing director of the Company's largest shareholder, Polo Resources Limited ("Polo") and is the principal of Mettiz Capital Limited ("Mettiz"), an investment company with significant corporate and financial experience in natural resources, power generation, manufacturing and real estate. Mr. Tang qualified as a barrister in London and holds a Bachelor of Laws degree from the London School of Economics and Political Science.

Neil Herbert (aged 47), was until recently co-chairman and managing director of Polo where he remains as a consultant. He has managed resource exploration and mining companies since 1998 when he joined Antofagasta Plc having previously worked for PricewaterhouseCoopers. He has also managed a number of resource companies through project acquisitions, disposals stock market listings and fund raisings. He was formerly finance director of Uramin Inc. from July 2005 until its acquisition by Areva in August 2007 and held the position of finance director at Galahad Gold PLC, International Molybdenum PLC, Kalahari Diamond Resources PLC and HPD Exploration PLC. He is a fellow of the Association of Chartered Certified Accountants.

Mr. Elliott (aged 55) is founder of F3 Capital Management LLC, an independent alternative asset management and advisory firm. He was president and co-founder of Croesus Capital Management Corp., a specialist emerging markets hedge fund manager. He was a manager of proprietary trading at HSBC New York from 1992 to 1993 and worked for EBF & Associates as a portfolio manager from 1990 to 1992. He has also worked for Merrill Lynch International in New York focusing on fixed income securities and Cargill Inc. in London, Geneva and Minneapolis trading fixed income, foreign exchange and derivatives. Mr. Elliott is the Senior Non-executive Director of Polo Resources Limited and chief investment officer and a Non-executive director of Top Level Domain Holdings Ltd., an AIM-traded company focused on the top level domain space. He is also a director of Copper Development Corporation, an AIM-traded copper exploration and mining company. Mr. Elliott has a BSc in Economics from the London School of Economics. As a minor, Mr. Elliott was known as Guy Elliott Rabbin.

Mr. Tang, Executive Chairman, said: "I am very pleased to be joining the Board of GCM and look forward to further progressing discussions towards gaining approval of the Company's 572 million tonnes world class coal resource at the Phulbari Coal Project in North-West Bangladesh ("the Project"). In the interim, we will be closely controlling our costs and looking to raise further finance for the Company, whilst fully addressing any concerns over the Project's compliance with international standards."

Change of Adviser

The Company announces the appointment of ZAI Corporate Finance Ltd. as its Nominated Adviser. Investec Investment Banking becomes sole broker to the Company.

Directors' Interests

Mr. Tang holds no interest in the Company's issued ordinary share capital, the consultancy agreement with Mettiz Capital Limited having been terminated by mutual agreement prior to vesting of the accompanying options. Messrs. Herbert and Elliott hold no interest in the Company's issued ordinary share capital. Apart from the information set out below, there are no further details relating to the appointments which require disclosure under Schedule 2 paragraph (g) to the AIM Rules.

For further information:

Disclosures under Schedule 2 paragraph (g) of the AIM Rules:

Mr. Tang is currently or has within the past five years been a director or partner of the following firms (incorporated in Malaysia unless otherwise stated):

Current:

1 Malaysia Community Alliance Foundation, 14 Atherstone Mews Management Ltd (UK), Advantage Summer Sdn Bhd, Anjung Efektif Sdn Bhd, Caturan Edisi Sdn Bhd, Citius International GmbH (Germany), Dijaya Corporation Berhad, Gazzo Invest Ltd (BVI), Malene Insurance Brokers Sdn Bhd, Mettiz Capital Limited (BVI), Mid Valley Capital Sdn Bhd, Polo Direction Limited (BVI), Polo Resources Limited (BVI), Regalscape Sdn Bhd, Signet Petroleum Limited (BVI), Single Malt Sdn Bhd, Son GmbH (Germany), Tan Eng Seng Holdings Sdn Bhd, The Lots Venture Sdn Bhd, Trephina Assets Ltd (BVI), Vickers Hoskins International Trading Ltd (Hong Kong), Widetech Manufacturing Sdn Bhd, Yvents Sdn Bhd.

Previous:

Advance Modules Group Ltd (Singapore), Equitech International Ltd (Seychelles), Giganite Ltd (BVI), Shelford Capital Ltd (BVI), Teknologi Tenaga Perlis Consortium Sdn Bhd, Tes Projek Sdn Bhd, Tune Money Capital Sdn Bhd, Vickers Hoskins (M) Sdn Bhd, Vickers Hoskins Holdings Berhad, Virgo Pulse Sdn Bhd.

Mr. Tang was chairman of Advance Modules Group Ltd, formerly listed on the Singapore Stock Exchange, which had liquidators appointed within twelve months of Mr Tang ceasing to be a director.

Mr. Herbert is currently or has within the past five years been a director or partner of the following firms:

Current:

Agroamerica Ltd, Eshmond Films Ltd, Exmin Consulting Ltd, GZ Laboratories Holdings Ltd, MinFer Holdings Ltd, Nimini Holdings Ltd, Signet Petroleum Ltd, UrAmerica Ltd, ZimDiv Holdings Ltd.

Previous:

Andina Gold Corp, Andulela Investment Holdings Ltd, ENK plc, Ferrum Resources Ltd, Goldencrest Enterprises Limited, Haro Mercantile Inc, Ironstone Resources Ltd, Knight Africa Mining Ltd, MUC Resources Ltd, Polo Arrieros Ltd, Polo Australasia Ltd, Polo Bangladesh Ltd, Polo Coal Ltd, Polo Copper Corporation, Polo Cuprita Ltd, Polo Direction Ltd, Polo IndoCoal Holdings Ltd, Polo IndoGold Holdings Ltd, Polo Iron Ltd, Polo NV, Polo Resources Ltd, Polo Resources Cooperatief U.A., Sunrise Resources plc, Templar Georgia Ltd, Templar Minerals Ltd, Vatukoula Gold Mines plc, Vitorian Properties Ltd, World Coal Works Corporation.

Mr. Elliott is currently or has within the past five years been a director or partner of the following firms:

Current:

Copper Development Corporation, Direct Petroleum Inc, F3 Capital Management LLC, Minds and Machines Ltd, NewGen Mining SPC, Polo Resources Ltd, RSL Income Fund, Top Level Domain Holdings Ltd

Previous:

8tan Capital Partners Ltd, Aurelian Oil & Gas PLC, Brazilian Gold Corporation, Chiligon Asia Pte Ltd, Patrimoine Asia Pte Ltd,, Top Level Domain registries Pte Ltd, West African Minerals Ltd