18 Apr 2013 07:00
Richland Resources Ltd
("Richland" or "the Company") (AIM: RLD)
Appointment of Chief Financial Officer
Richland Resources Ltd, the AIM quoted gemstones producer and developer, is pleased to announce that Mr Louis Swart is joining the Company in a non-board capacity as new Group Chief Financial Officer, starting immediately.
Louis holds a Bachelor of Commerce degree from the University of Pretoria and a Honours degree in Commerce (Accounting) from the University of South Africa. He is a chartered accountant and a member of the South African Institute of Chartered Accountants and Institute of Chartered Accountants Australia. Louis qualified as a chartered accountant in South Africa, completing his articles in 2001 at Kotze and Abbott.
He has over 14 years of accounting, finance and senior management experience including over 9 years of working in diverse financial roles in the mining industry. Louis previously joined the TanzaniteOne group as Financial Manager in 2003, working at our operations in Tanzania until 2008. Since then he has served as Financial Manager at Simmer & Jack Mines Limited and from 2011 as Senior Staff Accountant at Tronox Western Australia Pty Ltd. Louis will divide his time between Tanzania and Perth, Australia.
Bernard Olivier
Chief Executive Officer
+61(0) 4089 48182
Nominated Advisor & Broker (AIM)
RFC Ambrian Limited
Samantha Harrison/Jen Boorer
+44 (0) 20 3440 6800
Newgate Threadneedle Communications
Beth Harris
+44 (0) 20 7653 9855
+44 (0) 7979 955 923
Notes to the Editor:
Richland Resources Ltd, through its wholly-owned subsidiary, TanzaniteOne Mining Ltd, is the largest and most scientifically advanced miner and supplier of rough tanzanite, a unique position that affords it the opportunity to support and influence the entire channel, from mine to market, ensuring that maximum stakeholder value is achieved at each stage of the process.
As part of the Company's growth and diversification plan into other gemstones and associated minerals that was initiated in 2011, the Company has entered into an option agreement regarding a significant sapphire deposit and in Australia, is currently doing bulk sampling of its tsavorite project in Tanzania and has commenced a feasibility study with a view to restarting the Block C Merelani Graphite Mine.
The Merelani Graphite Mine was began mining operations in 1995 and produced 6,776 tonnes of graphite in the full year of production in 1996. Sufficient reserves were initially identified for a 40-year operation at a mining rate of 15,000 tonnes per annum of high-grade flake graphite of 97-98% An historic prefeasibility study at Merelani undertaken in 1992 on the Block C Graphite determined a Measured Resource, at an open pit depth of up to 50meters, of 25m tonnes assaying 6.9% C, located within the Upper Horizon using a 5% C cut-off. Using a 7% C cut-off, the Resource at a depth of 40m was calculated to contain approximately 5.4 million tonnes assaying 10.1 % carbon. Proven reserves for the project were reported at 7.6 tonnes of graphite ore grading 5.5 - 11.2 wt% C, containing 530,000 tonnes of graphitic C. These figures do not take into account mine production of around 8,000t in the period from 1992 to closure of the Merelani Graphite Mine and are non-JORC compliant.
Further information is available on the Company's website: www.richlandresourcesltd.com
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.