News: Silver Lake Resources director Chris Banasik steps down

Silver Lake Resources (ASX:SLR) exploration and geology director Chris Banasik will step down after seven years of service with the company since its stock exchange listing on the ASX.

As a founding director and shareholder, Banasik has been instrumental, with Les Davis in transforming Silver Lake from an original gold resource base of 0.83 million ounces to its current position of 5.7 million ounces.

The company has also appointed Antony Shepherd as its exploration and geology manager.

Shepard has extensive senior experience in a variety of exploration and mine geology positions with Barrick Gold Corporation and will work closely with Banasik to ensure a seamless transition.

Earlier this month, Silver Lake leased its Murchison gold mill and associated infrastructure in Western Australia to a private consortium.

The company will receive $7.9 million in equal monthly payments over the 10 month lease. This lease could be extended in two stages, increasing payments by up to $16.6 million.

Its Mount Monger Operations near Kalgoorlie generated positive cashflow of $61 million on the back of full year gold sales of 172,838 ounces at an all in sustaining cash cost of $1,070 per ounce.

The company also repeated gold sales guidance for the 2015 financial year of 125,000 to 135,000 ounces of gold.