News: Xanadu Mines appoints Asia Capital Advisors nominee as non-executive director

Xanadu Mines (ASX:XAM) has appointed Asia Capital Advisors Pte Ltd (ACA) nominee and former BHP Billiton (ASX:BHP) senior executive Marcus Engelbrecht as a non-executive director.

ACA has a combined shareholding of about 32% and has the right to nominate a director pursuant to the $13.6 million Placement Agreement from October 2014.

Engelbrecht spent 20 years at BHP Billiton through to 2005 where he rose to become chief financial officer of the diamonds and specialty products business.

He then served as chief financial officer of Oceania Gold during 2009 to 2011 and oversaw a period of restructuring, recapitalisation and success, including a thirteen-fold increase in market capitalisation.

More recently he was the managing director of Archipelago Resources (LON:AR) from 2011 to 2013, delivering 150,000 ounces of gold production in 2012 from its Indonesian operations.

Engelbrecht has worked in various emerging markets including Indonesia and the Philippines and brings a good network and reputation across the international institutional investment community.

“I am very pleased that the Board of Xanadu and ACA have found a candidate of Marcus’ quality to serve as a non-executive director,” executive chairman Mark Wheatley said.

“All shareholders will benefit from his understanding of capital markets and successful management of listed mining companies and his skills will add significantly to our already highly qualified and proficient Board.”

The company is currently drilling at its Kharmagtai Copper-Gold Project in the under-explored South Gobi porphyry copper province of Mongolia.

This will test near-surface strike extensions and high priority targets under shallow cover.

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