RESTRUCTURING OF BOARD AND MANAGEMENT SETS NEW DIRECTION FOR SMC GOLD The Board of SMC Gold has made a number of changes to the composition of the Board as the first step of a wider restructuring that will result in the Company accelerating the development of its operations in Chile. Mr Rob Kidd, Managing Director of SMC Gold will step down effective today. Since founding the private company in 1989, Rob has built a company with a range of production and exploration opportunities in Chile and Australia. The Board thanks Rob for his dedication and commitment particularly over the last 9 years in which SMC Gold has traded as a public company. The Board will appoint a new Managing Director shortly. The Board intends to manage the transition through a consultancy arrangement with Rob Kidd. Mr Peter Evans, Non Executive Chairman of SMC Gold, will step down as Chairman with immediate effect, but remain on the Board as a Non-Executive Director. Mr Peter McGiffin, currently a non-Executive Director, has also tendered his resignation with immediate effect. We thank Peter for his contribution to the Company and wish him well in his future endeavours. The Board is pleased to announce the appointment of Mr Hugh Callaghan as Non- Executive Chairman. Hugh has extensive experience in the copper industry including working in the Chilean copper industry and will assist in guiding the Company’s management in growing the Company and building investor recognition.
The Board also announces the appointment of Mr Richard Palmer as non-Executive Director. Richard has over 18 years of commercial and operational experience in the domestic and international resources sectors. He is currently involved in corporate advisory and investment banking and has been variously a major shareholder, lender and advisor to SMC Gold over the last two years. Many shareholders will be familiar with the positive contributions Richard has made to the Company in that time and we welcome him to the Board Notes on New Chairman:- Mr Callaghan (B.Com. LLB. LLM) is currently Managing Director of Riversdale Mining Limited, a coal mining company based in Sydney. He previously held a range of positions within Rio Tinto Plc and Xstrata, with a focus on the copper industry that included working with several major copper mining and processing operations around the world. This included a year’s secondment to the management team of Escondida Copper in Chile, the largest copper mine in the world. Mr Callaghan has extensive experience in the commercial development of mining businesses focussed on commodities ranging from base metals to coal. These changes to the Board are made with immediate effect. Contact for further information is: Simon Brodie on 07 3839 4166 or 0411 558 544 Bill Lynne Company Secretary
SMO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held