From Mining News
John Jones targeted for removal from Tanga
JOHN Jonesis under pressure from a former youth support worker and other parties to stepdown from the board of Tanga Resources.
John Jones
·
Exploration / Development > Leadership
· 31 October 2018
·
Comments
· Share
Michael Quinn
Izaak Trajkovski and others holding 6.87% of Tanga have lobbedthe junior's board with a 249D, calling for a shareholder vote on the removalof industry veteran Jones and fellow board member John Stockley.
Trajkovski, Jalein Pty Ltd andPet FC Pty Ltd want to replace Jones and Stockley with Leslie Ingraham,currently an executive director at Australian Vanadium.
Jones told MNN he was"unable to throw much light on (the reasons for the 249D) to behonest".
MNN was unable to reachStockley or Tanga chairman Allen Lafferty.
Jones, who also serves on theboards of Anglo Australian Resources and Troy Resources, narrowly survived acall for his removal from the latter 12 months ago.
Trajkovski, now described as a"company consultant/promoter", spent two-and-a-half years earlierthis decade at the North Metropolitan Regional Education Office in Perth.
Tanga has been a poor performersince have a short-founded market success in the first half of 2016 when itpromoted a gold discovery called Winston in Tanzania.
Drilling results at Winstonreported in January that year included a hit of 16m grading 55.23 grams pertonne gold, described as the "best greenfields gold intersection in Africaduring the last 12 months".
Shares that traded during that financialyear at 1.1c spiked as high as 15c, with $3.4 million subsequently raised byissuing new shares priced at 5c.
However, an inferred resourcereported in May 2017 for Winston totalled an extremely underwhelming 120,000tgrading 4.5 grams per tonne for 17,600 ounces, with an additional explorationtarget of between 10,700oz and 126,800oz flagged.
Mathew Bowles was brought in asCEO a month later.
Later in 2017, Tanga turned itsfocus to a potential high-grade zinc opportunity in Namibia, with a copper-cobaltexploration project added to the Namibian portfolio in August this year.
The company reported raising $2.2million earlier this month by issuing new shares priced at 0.4c each, with CPSCapital the lead manager and partial underwriter.
In reporting the 249D the ASXjunior said Trajkovski et al "acquired the majority of their shares inTanga pursuant to the entitlements issue conducted during October 2018".
Shares in Tanga wereunchanged at 0.4c in afternoon trade, capitalising the company at $5 million
