SHG.L Regulatory News (SHG)

1 Jun 2006 07:01

Shanta Gold Limited01 June 2006 Board restructure at Shanta Gold Limited ("Shanta" or the "Company") Shanta is pleased to announce that following a board meeting on 26 May 2006Richard Shead was appointed chief executive officer of the Company with effectfrom 1 June 2006. Richard Shead is one of the founding members of Shanta andhas been a non-executive director since the company's admission to AIM, a marketof the London Stock Exchange, in July 2005. In a further move to lend capacity to the board, Walter Vorwerk, currentlynon-executive director and chairman of the Company's audit committee, wasappointed chief financial officer of the Company on 26 May 2006, with effectfrom 1 June 2006. This reorganization of the board of Shanta follows thepositive results from, and planned expansion of, the Company's drillingprogramme at its Singida project in Tanzania, and the commensurate need foradditional executive capacity at board level. Shanta chairman Walton Imrie commented, "I am delighted that Richard and Walterhave taken on these additional executive responsibilities on the board. Richardhas an impressive track record in the global resources sector, having held aboard position at AIM-listed Oxus Gold plc, and having been managing director ofthree South African exploration companies, namely Southern Prospecting Limited,Lydenburg Exploration Limited and Benguela Concessions. As chief executiveofficer of East Daggafontein Mines, Richard was also responsible for the reverselisting of the Mvelaphanda assets into East Daggafontein." Richard Shead has since resigned from Mvelaphanda Resources. Before joining the ASX-listed Aquarius Platinum Limited as Finance Director in2002, Walter Vorwerk was finance manager at AngloGold Limited where he wasinvolved in corporate finance and merger and acquisition activities. He hasheld directorships at a number of industry-related companies including VaalReefs Mining and Exploration Company Limited (now part of AngloGold Limited),Western Deep Levels Limited and Driefontein Consolidated Limited. On 11 May 2006, George Bennett, a non-executive director of the Company,tendered his resignation from the board, with effect from 31 May 2006, owing tothe pressure of other professional commitments. Walton Imrie thanked GeorgeBennett for his contribution in successfully bringing the company to AIM. For further information please contact: Shanta GoldWalter Vorwerk, Chief Financial Officer Mobile: +27 82 444 2851Walton Imrie, Chairman Mobile: +27 83 308 0080 WH Ireland LimitedDavid Youngman Tel: +44 161 832 2174 Russell & AssociatesJohannesburgMarion Brower/Charmane Russell Tel: +27 11 880 3924 This information is provided by RNS The company news service from the London Stock Exchange