Last checked at 9 Jul 2008 12:00
METALS EXPLORATION PLC
Appointment of Chairman and Finance Director
Metals Exploration Plc (the "Company" or "Metals Ex") (AIM: MTL), the UK based precious and base metals exploration company focused on the Pacific Rim Region, is pleased to announce the appointment of Ian Holzberger as Executive Chairman and Tim Wheeler as Finance Director. The Company also announces the resignation of Steven Smith from the Board of Directors of Metals Ex, as referred to in the Chairman's Statement in the Company's Report and Accounts for the year ended 30 September 2007.
Ian Holzberger
Ian Holzberger has over 35 years' experience in the base and precious metals mining industry. His experience encompasses a wide range of management, operational, mine development and feasibility study roles.
For ten years, between April 1997 and May 2007, Ian was Managing Director of Highlands Pacific Limited, a company listed on the Australian Stock Exchange with operations in Papua New Guinea (PNG). In this capacity he was directly responsible for the feasibility study on the Ramu nickel laterite project, and subsequent sale of a majority interest in the project to a major Chinese corporation.
He was also responsible for the feasibility study, development, financing, construction and commissioning of the Kainantu gold mine in PNG which was recently acquired by Barrick Gold Corporation for US$141.5 million.
Having previously worked for a number of major and smaller Australian mining companies throughout Australia and South East Asia, Ian has extensive experience in the implementation of major project feasibility studies, equity raising, investor relations, debt financing, working with traditional societies, Government negotiations and all aspects of project development.
He is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists.
Tim Wheeler
Tim Wheeler is an experienced Finance Director, Chief Operating Officer and Business Manager with over 20 years' experience in investment banking.
Most recently he was Finance Director and Chief Operating Officer for Standard Bank Plc where he was responsible for all Standard Bank's operations worldwide with the exception of Africa, including offices in the Far East, Latin America and North America. Standard Bank's product and geographic spread has given him considerable experience of working in the resource sector and in developing economies.
Jonathan Beardsworth, CEO of Metals Exploration Plc commented:
"We are delighted to welcome Ian as Chairman and Tim as Finance Director. With Ian's background in project development and Tim's expertise in finance, we now have a powerful Board equipped to drive our flagship project at Runruno through development and financing towards production.
"We are grateful for all Steven Smith has done as Chairman of Metals Ex in the period since the Company joined AIM in October 2004."
Further information on Ian Holzberger
Ian Raymond Holzberger, aged 53, is beneficially interested in 105,000 ordinary shares representing 0.09 per cent. of the issued share capital of the Company. In addition Mr. Holzberger was issued warrants on 8 July 2008 to subscribe for 1,000,000 ordinary shares of 1p each in the Company exercisable immediately at a price of 20p per share. A further 1,000,000 warrants to subscribe for ordinary shares of 1p each exercisable at a price of 40p per share will be issued on completion of the Runruno feasibility study. Both tranches of warrants are exercisable until 30 June 2013.
Mr. Holzberger is, or has been within the previous five years, a director of the following companies:
| Current | Previous |
| One Body Pty Ltd | Pt Miwah Tambung Emas |
| GPS Rowing Club Limited | PT Tripa Tambang Nusa |
| Boatshed Trust | Astrolabe Pty Limited |
| Skycharger Pty Ltd | Highlands Kainantu Limited |
| Somerville House The Brisbane High | Astrolabe Limited |
| School for Girls | Highlands Pacific Services Limited |
| Highlands Pacific Australia Pty Limited | |
| Highlands Pacific Indonesia Limited | |
| Highlands Pacific Resources Limited | |
| Highlands Frieda Limited | |
| Ramu Nickel Limited | |
| Bledisloe Holdings Pty Ltd | |
| Bledtwo Pty Ltd | |
| Dyhost Pty Ltd | |
| Crematorium Chapel Funerals Australasia Pty Ltd | |
| Australian Pre-Arranged Funeral Plan Pty Ltd | |
| Metropolitan Funeral Services Pty Ltd | |
| Australian Funerals Pty Ltd | |
| South-East Asia & Australasian Services Pty Ltd | |
| Bled One Pty Ltd | |
| F Tighe & Co Pty Ltd | |
| Gregory & Carr Holdings Pty Ltd | |
| Nationwide Care Services Pty Ltd | |
| William Lee and Sons Pty Ltd | |
| Cemetery & Crematorium Management Services Pty Ltd | |
| Bledisloe Australia Ltd | |
| Sydney Crematorium Services Pty Ltd | |
| Gregory Carr Pty Ltd | |
| Gregory Carr of Sydney Pty Ltd | |
| Bledisloe New Zealand Limited | |
| Blenz Limited |
Mr. Holzberger has confirmed that there is no further information to be disclosed in accordance with the requirements of Schedule Two (g) of the AIM Rules.
Further information on Tim Wheeler
Timothy George Wheeler, aged 50, has been conditionally issued warrants to subscribe for 1,000,000 ordinary shares of 1p each in the Company exercisable at a price of 20p per share. The warrants will be held by Wheeler and Dunne LLP, a limited liability partnership of which Mr. Wheeler is a partner. The warrants will vest at a rate of 40,000 per month during his initial 25 month contract and will cease to vest if that contract is terminated. The warrants are exercisable until 30 June 2013.
Mr. Wheeler is or has been within the previous five years, a director or partner of the following companies:
| Current | Previous |
| Wheeler and Dunne LLP | Standard Bank Plc |
| Standard Bank London Holdings Plc | |
| SBIC Investments S.A. | |
| Standard International Holdings S.A. | |
| Standard Debt Finance Plc | |
| Standard Bank Asia Limited | |
| SML Limited | |
| Standard Bank Group International Limited | |
| ZAO Standard Bank | |
| SBIC Finance Limited | |
| SMT | |
| Stanbic Africa Holdings Limited | |
| Banco Standard de Investmentos S.A. | |
| Standard Merchant Bank (Asia) Limited | |
| Standard Yatirim Menkul Kiymetler A.S. |
Mr. Wheeler has confirmed that there is no further information to be disclosed in accordance with the requirements of Schedule Two (g) of the AIM Rules.
For more information:
| Jonathan Beardsworth (CEO) | + 44 (0) 20 7927 6690 |
| + 44 (0) 7747 101 552 | |
| Tim Feather / Matthew Johnson | + 44 (0) 20 7601 6110 |
| Hanson Westhouse Limited | |
| Klara Kaczmarek | + 44 (0) 20 3159 4395 |
| Pelham PR |