Perth-based gold explorer Crescent Gold Ltd has announced a plan spin-out its copper-uranium assets into a separately listed vehicle as it moves towards commissioning its Laverton Gold Project.
The full text of a company announcement is pasted below
Crescent is in the final stages of completing the commissioning of its Laverton Gold Project ("LGP"). To this end, the Board has unanimously resolved to do two things which will derive greater value from its current assets for the benefit of all Crescent Gold shareholders:
* To continue focus on the LGP as a core asset and to substantially grow the gold focused business through synergistic transactions with the benefit of the Company's strong balance sheet. * To deliver further value by realising the Company's unrecognised value in its copper / uranium assets in South Australia and Northern Territory, currently held in a 100% owned subsidiary Uranium West Pty Ltd.
Consequently the Crescent Board has resolved to implement as soon as practicable, a strategy with respect to Uranium West, including potentially creating a separately listed vehicle via a pro-rata distribution of Uranium West shares to Crescent shareholders.
By unanimous decision of the Board, Roland Hill will assume the role as Managing Director along with his current position as Acting Chairman of Crescent Gold, and take responsibility for growing the gold focused business organically through exploration and for executing the Company's existing development plan. Roland has been a Board member since May 2005. He has over 10 years of operational and board experience of public and unlisted resource companies.
Mr Andrew Haythorpe will focus on the uranium strategy on a full time basis and has resigned from the Board of Crescent Gold, effective immediately, to progress Uranium West on an "arms length" and independent basis.
The Board would like to recognise Andrew's contribution to Crescent Gold during his term as Director and Managing Director of the Company, and looks forward to working with him closely on the Uranium West collaboration.
Further details in relation to the planned listing of Uranium West will be provided in due course but, as a guide, it is anticipated that preliminary investigation will be completed prior to the end of 2007.
CRE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
