Last checked at 22 Jul 2015 10:00
FinnAust Mining Plc. / EPIC: FAM / Market: AIM / Sector: Mining
22 July 2015
FinnAust Mining plc ('FinnAust' or 'the Company')
Appointment of Interim CEO
FinnAust Mining plc, the AIM listed exploration company with a multi-project, copper, zinc and nickel portfolio in Finland and Austria, is pleased to announce the appointment of Roderick McIllree ('Rod') as its non-Board interim Chief Executive Officer ('CEO').
Mr. McIllree is a graduate of Curtin University's Kalgoorlie School of Mines, holds a Bachelor of Science degree (Mineral Exploration and Mining Geology), as well as a Post-Graduate Diploma in Mineral Economics, and has more than 20 years of experience operating in both the resources and financial sectors. Having worked initially as an exploration geologist for global mining houses he migrated to the financial / advisory side of the industry where he worked extensively as a mining analyst, then later as a corporate adviser to listed exploration and mining companies with projects across a broad spectrum of commodities and countries.
Rod was a key member of the teams responsible for several successful mining companies with assets in frontier jurisdictions, including but not limited to, Medusa Mining, Anvil Mining, and Kingsrose Mining. He was the founder and Managing Director of ASX listed Greenland Minerals and Energy Ltd up until August 2014 and is currently a Non-Executive Director of AIM listed Noricum Gold Limited.
Rod's skills are considered complimentary to the existing FinnAust team where he will provide the leadership necessary to continue to evaluate not just Finland but the continued expansion of the Company's European/Scandinavian footprint. With the appointment of a high calibre interim CEO, the focus will now shift to define and execute the Company strategy, inclusive of the next phase of exploration work currently contemplated for Finland. As an important part of this process the Company is continuing to assess the results from the recent 15,000m diamond drilling programme as well as the completion/interpretation of several local geophysical programmes in and around the Outokumpu belt in Finland.
FinnAust Chairman Dan Lougher said, "We are pleased to welcome Rod into the group. Rod will now move to complete a company wide strategic review whilst continuing with the next phase of planning for our existing Finnish assets. His broad based experience in both the mining sector and global financial markets, as well as being based in London, are highly beneficial to the Company and we are pleased to have him on board. Work will now focus on positioning FinnAust for future growth, a strategy that is well supported by our cornerstone investor Western Areas Ltd, one of Australia's largest nickel producers."
**ENDS**
For further information please visit www.finnaust.com or contact:
Greg Kuenzel | FinnAust Mining plc | + 44(0) 20 3326 1729 |
Graham Marshall | FinnAust Mining plc | |
Ewan Leggat Katy Birkin | SP Angel Corporate Finance LLP SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Elisabeth Cowell | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Charlotte Heap | St Brides Partners Ltd |
Notes
FinnAust Mining plc is an AIM listed exploration company focused on copper and base metals in Finland and Austria. Its proven management team, with its track record of exploring, discovering, financing, constructing and safely operating mines globally, has established a portfolio of highly prospective projects at various stages of development. Finland is rated the number one mining destination worldwide in the Fraser Institute Global Mining Survey Results 2012/2013.
The Company's primary focus of exploration is a portfolio of assets in Finland. Three high-priority target areas have already been identified, Hammaslahti, Outokumpu and Enonkoski, which are prospective for Volcanogenic Massive Sulphide ('VMS'), high-grade magmatic sulphide nickel-copper and Outokumpu type copper deposits. The assets are located in one of the world's most prolific geological belts, which hosts multiple high grade mines including the world famous Outokumpu copper mine, which reportedly produced a total of approximately 34.4 million tonnes of ore at average grades of 3.6% copper, 1.2% zinc, 0.22% cobalt and 0.1% nickel between 1914 and 1988.
FinnAust also holds an 80% interest in the previously producing 33 km sq Mitterberg Copper Project in Austria, which the Company is currently evaluating in order to determine the best plan for future development.