director exiting, page-40

I questioned the appointment at the time and was howled down by Prime1. Today's announcement suggests there appears to be a "conflict of interest"


Syrah Resources (ASX: SYR) wishes to advise that John Nitschke has resigned as a director effective from today’s date.

John is Chairman of IMX Resources Ltd (ASX: IXR) which holds the ‘’Nachingwea Regional Exploration Project” in southern Tanzania. That project is adjacent to Syrah’s Nachingwea graphite project.

IMX have been exploring their project for nickel and copper. However, IMX have announced that the project has graphite prospectivity and Syrah has now been advised by John that IMX intends to actively pursue the graphite potential. John is also conducting work with another Company which would put him in further potential conflict with SYR in relation to another of Syrah’s projects that it intends to actively explore.

Due to conflict of interest issues, John and the rest of the Board have decided that John could not continue to effectively act as an executive director of Syrah going forward. SYR has appointed a top line Scoping Study team of independent consultants for its world class Balama Graphite and Vanadium Project headed up by Snowden. John’s resignation is not expected to cause any delays in respect of completion of the Scoping Study which remains on schedule for April 2013.