The resignation of the Managing Director in one sense is unsurprising - the Chairman indicated on September 30, 2010 that there would be a changing of the guard.
"The Board intends to seek supplementary directors, as well as additional personnel with relevant mining development experience to take the Company through its next phase of development. The search for mining industry professionals is underway and updates will be provided on any appointments made," said Peter Wicks.
It is appropriate to accept at face value the stated reasons for the departure of John Kelly. It would appear, however, that the resignation was not unexpected;
"The Company will advise shareholders of the replacement to Mr Kelly shortly," said Wicks today.
There is an inference that the replacement has already been appointed and so we wait to see whether the new MD has the credentials and corporate experience to take RAU forward 'through its next phase of development'. The appointment will tell us a lot about the future of Republic Gold. Reading through the CV for Victor Barua who was recently appointed General Manager of Operations, the Board has made an excellent beginning in building a new team as the company progresses towards gold producer. Disillusioned former shareholders my have been premature in pressing the sell button.
BIG Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
