Chalice Gold Mines is on the lookout for a new managing director, with incumbent Doug Jones set to step down into a more technical role.
Chalice announced today that Mr Jones would step down from the position following the sale of the Zara project in Eritrea.
"Dr Jones will remain on the board of Chalice and will focus on assessing resource projects for acquisition and development as the company enters a new phase of growth," executive chairman Tim Goyder said in a statement.
Chalice announced earlier this month that it had reached agreement to sell the Zara project to China's SFECO Group and the Eritrean National Mining Corporation for a combined $US114 million.
The company said it would now shift its focus to acquisitions with its cash balance of $82 million.
At 11:10AM, Chalice shares were up 2 per cent, trading at 25.5 cents.