Sable Mining Africa Regulatory News (SBLM)

Sable Mining Africa Ltd / Index: AIM / Epic: SBLM / Sector: Natural Resources

20 January 2014

Sable Mining Africa Limited ('Sable Mining' or 'the Company')

Board Changes

Sable Mining, the AIM listed resource company, is pleased to announce that it has appointed Mr James ("Jim") Cochrane, a highly experienced mining industry professional, as Chairman with immediate effect. At the same time, Mr Peet Snyders is stepping down as a director, also with immediate effect. Mr Phil Edmonds, who has held the position of Chairman since the Company was established, remains a director and will move into a non-executive role.

Mr Cochrane's appointment will provide the Board with specific industry focussed strength, experience and expertise as the Company progresses with the next stage of its development advancing its world-class Mount Nimba iron ore project in Guinea ('the Nimba Project') towards commercial production, a milestone which is targeted for 2015. 

Mr Cochrane, who holds a Bachelor Degree in Mining & Petroleum Engineering and a Master's Degree in Business Administration, has over twenty years' management experience within several leading diversified natural resource businesses. Most recently, he was Executive Director and Chief Commercial Officer at ENRC, a major natural resources group with integrated mining, processing, energy, logistical and marketing operations, where he was responsible for the group's marketing and logistics businesses. Prior to his time at ENRC, Mr Cochrane spent 12 years with Billiton/Gencor in various corporate and production management roles. He has extensive experience in managing mining operations in Africa. 

Sable Mining CEO Andrew Groves said, "I would like to firstly thank Phil for his invaluable contribution during his years as Chairman. His expertise and commercial acumen have been critical in assisting in the identification and development of the Nimba Project, and I am delighted that we will retain Phil's involvement moving forward. I am also grateful to Peet Snyders for his contribution to the Company's development during the course of his appointment.

"These Board changes reflect the fact that the Company is transitioning into a new and exciting period as the Nimba Project approaches the construction and production phase. Jim Cochrane's appointment is evidence of this development and the Board believes that significant benefits will come from Jim's extensive experience of managing and developing mining projects. His appointment demonstrates our focus on ensuring that we have the requisite skills and expertise to develop the Nimba Project and create value as rapidly as possible."

Jim Cochrane added, "Over the past two years Sable Mining has defined the exceptional potential value of the Nimba Project and I am delighted to be joining the Company at this important juncture during its evolution into an operational mining company. The coming months are set to be a highly active period for the Company, with the publication of feasibility studies, a further anticipated expansion to the current JORC Resource of 178.4Mt @ 59% iron, and advancing negotiations with the Liberian Government regarding infrastructure development following the MOU signed in November 2013."

Mr James Alistair Kirkland Cochrane (age 49) has or holds the following directorships and/or partnerships in the last 5 years:

In connection with his appointment, Mr Cochrane has been granted options over 2,000,000 ordinary shares in the Company (the 'Options'). The Options have been granted in accordance with and subject to the Company's share option scheme and are excercisable at a price per share of 10 pence between the first and sixth anniversaries of Mr Cochrane's appointment. 

There is no further information on Mr Cochrane required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

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