Silver Lake appoints new MD

Silver Lake Resources founding managing director Les Davis will step down from his role in November, leaving current executive director Luke Tonkin to fill his shoes.

Mr Tonkin played a role in the company’s operations during the placement of its Murchison gold operations and the Lakewood Mill on care and maintenance earlier in the year.

He will enter the new role on a $500,000 per annum salary.

Mr Davis will remain a part of the company, however, by taking up the role of non-executive director, with an annual salary of $81,000 per annum.

In August, Silver Lake reported a $170 million net loss, an improvement on a $320 million loss it reported in the previous year, buffeted by a low gold price and asset impairments.

Last week, Business News spoke to Mr Davis regarding the current state of Western Australia's gold mining industry. 

Its share price fell by 1.2 per cent to 41 cents per share at 12:30pm.