27 Jul 2010 08:30
27 July 2010 | AIM: GMA |
GMA Resources Plc
("GMA" or "the Company")
Directorate Change
Further to the announcement on 30 June 2010 and pursuant to the terms of a subscription agreement ("the Agreement") with Sahara Gold Limited ("Sahara Gold"), a wholly owned subsidiary of ASCOM Precious Metals Mining S.A.E. ("APM"), the Company announces the appointment of Omar El-Alfy as a non-executive director, with immediate effect.
The Agreement gives Sahara the right to appoint a director to the board of the Company following admission of the first tranche of subscription shares, which were admitted to trading earlier today.
Mr El-Alfy, of dual British and Egyptian nationality, graduated with a degree in Business Management and Finance and has since gained experience of the financial markets in both the UK and Egypt. He began his career in UK with Direct Auto Finance as finance adviser and business sales manager, before moving to Egypt in 2005, where he joined Prime Investments Asset Management as a business development executive, working predominantly within the maritime logistics and downstream oil industries. He joined Citadel Capital, a majority shareholder of APM, in 2007 and is responsible for evaluating prospective investments and evaluating the performance of the company's investment portfolio.
David Netherway, Chairman of GMA, commented:
"It is my pleasure to welcome Omar to the Board. We have been working with him for some time now and look forward to the expertise that he will bring to the Board."
Under Schedule 2, paragraph (g) of the AIM Rules, the following information is disclosed:
Omar El-Alfy, aged 30, currently holds the title of Associate with Citadel Capital, which conducts its mining investments through APM. APM is focused on exploring and developing mining properties in the under-explored North and East African region.
Mr El-Alfy has no current or previous directorships and does not hold any interest in the capital of the Company.
Mr El-Alfy has confirmed there is no additional information under Schedule 2, paragraph (g) of the AIM rules which needs to be disclosed.
ENQUIRIES:
| GMA Resources Plc | David Netherway (Chairman) Ken Crichton (Interim CEO) | +27 72 186 1765 +2 (0) 10766 6118 |
|
|
|
|
| Merchant Securities Limited (Nomad) | Bidhi Bhoma | +44 (0) 20 7628 2200 |
|
|
|
|
| Mirabaud Securities LLP (Broker) | Jonathan Colvile | +44 (0) 20 7484 3510 |
Notes to Editors:
GMA owns a controlling 52% stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorisation to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The now closed Tirek mine site is located centrally in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to quickly expand upon resources outside of the major 80km Tirek-Amesmessa fault north/south of the concession.
GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).
For further information on the Company, please visit: www.gmaresources.co.uk