18 Jan 2012 08:45
Paragon Diamonds Limited
("Paragon" or the "Company")
(AIM: PRG)
Directorate Change
Paragon Diamonds Limited, the AIM quoted African focused diamond development and production company, is pleased to announce the appointment of Francesco Scolaro to the board as Executive Chairman.
Mr Scolaro is an active investor in publicly quoted companies and is actively involved in building value for extractive or commodity companies. He was Executive Chairman of Paragon from its IPO in November 2010 to June 2011 when he left to oversee building operations in Tanzania for Obtala Resources. He has previously been Chairman of Regal Petroleum plc from October 2006 to March 2008 and was non-executive Chairman of Kopane Diamond Developments plc until September 2010 when it was acquired by Firestone Diamonds plc. Mr Scolaro is also Executive Chairman of Obtala Resources Ltd. Mr Scolaro has taken the decision to rejoin the board of Paragon Diamonds following the successful conclusion of a joint venture formation between Obtala Resources and the government of Tanzania.
In addition, Luc Huyghebaert and Rudi Saaiman have resigned from the board with immediate effect in order to pursue other interests.
Simon Retter, Finance Director of Paragon, said:
"Rudi and Luc have assisted Paragon greatly during this first stage of optimising existing assets and building a portfolio of excellent diamond exploration assets. I would like to thank both of them for their contribution to Paragon Diamonds and wish them luck for the future. We now enter a phase in our corporate development where our core focus is rapidly building value at our exploration portfolio, particularly within Lesotho. With the progress we envisage to make during 2012 Paragon welcomes the appointment of Mr Scolaro as Chairman to progress our strategy in the field."
For further information:
Paragon Diamonds Limited Francesco Scolaro - Chairman Simon Retter - Finance Director www.paragondiamonds.co | +44 (0) 20 7099 1940
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Fox-Davies Capital Ltd Jonathan Evans Simon Leathers | +44 (0) 20 3463 5010
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Threadneedle Communications | +44(0) 20 7653 9855 |
Laurence Read Richard Gotla
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Francesco Scolaro (47) is currently a Director of the following companies:
Mindex Invest Ltd
Grandinex International Corp
Argento Continental Corp
Obtala Services Ltd
Obtala Resources Ltd
Obtala Ltd
Obtala Resources (T) Ltd
Uragold Ltd
In the past five years Mr. Scolaro has been a director of the following companies:
Paragon Diamonds Ltd
Sierra Leone Hard Rock (SL) Limited
Sierra Leone Hard Rock Limited
African Rock Resources Limited
Kopane Diamond Developments Limited
ANSCO Petroleum Limited
Regal Petroleum plc
Regal Petroleum Corporation Ltd
Regal Petroleum (Jersey) Ltd
African Minerals Limited
African Minerals (UK) Limited
Save as set out above, there are no details in relation to the appointment which need to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules for Companies.