george jones steps down as gindalbie chairman

GEORGE JONES STEPS DOWN AS GINDALBIE CHAIRMAN
MR JONES TO REMAIN A NON-EXECUTIVE DIRECTOR
TRANSITION FOLLOWS COMPLETION OF $162M SHARE PLACEMENT TO ANSTEEL
Gindalbie Metals Limited (ASX: GBG – “Gindalbie”) today announces that Mr George Jones will step down as the
Company’s non-executive Chairman, effective from 31 August, 2009.
Mr Jones will remain a non-executive director of Gindalbie, but intends to take a six-month leave of absence, to
enable him to focus on completing his rehabilitation from a previous medical operation.
The Board of Gindalbie has announced the appointment of Mr Geoff Wedlock, who has been a non-executive
Director since February 2008, as the Company’s non-executive Chairman. Mr Wedlock is a highly experienced
mining executive with more than 40 years experience who has had a long association with Mr Jones and with
Ansteel.
Mr Wedlock was previously Managing Director of the successful Australian iron ore producer Portman Limited and
Executive Vice President and CEO of BHP Iron Ore Pty Ltd, where he was directly involved in the development of
four mines, upgrades of two ports and two railways, major infrastructure and the development of iron ore
processing plants.
Mr Jones said that while he was sad to relinquish the role of Chairman, it was with a sense of great satisfaction that
Gindalbie was now firmly established on a path to build a leading Australian iron ore company with a very strong
growth future particularly following the completion this week of the $162 million share placement to Ansteel.
“Our strategy is firmly in place, we have a world-class asset in the Karara Project, we have a strong partnership
with Ansteel, we have funding solutions in place, and we have recently secured key approvals which should see us
commence construction later this year,” Mr Jones said. “I am particularly optimistic about the future of the junior
iron ore sector subsequent to the merger of the BHP and Rio Tinto iron ore interests.”
“The Company will be extremely well served by Geoff Wedlock as Chairman, who is one of the most experienced
and capable mining executives in Australia with many decades of experience in managing major iron ore projects
and dealing with financiers, international partners and customers, external parties and governments.”
Gindalbie’s Managing Director, Mr Garret Dixon, said: “On behalf of the Board, management and staff of Gindalbie
and the Karara Joint Venture, I would like to take this opportunity to pay tribute to George for his vision, strength,
foresight, commitment and hard work while Chairman of Gindalbie over the past four years.”
Mr Wedlock said: “George has put Gindalbie in a formidable position and I look forward to continuing with the firm
strategy Gindalbie has in place. I look forward to driving Gindalbie through the construction phase of Karara and
the many opportunities beyond that for us to grow into a strong and sizeable company.”