Australasian Resources announces new CEO

Iron ore developer Australasian Resources has announced an internal replacement for former managing director Andrew Caruso who stepped down in May.

Dio Wang, who has worked at Australasian since 2006 has been appointed chief executive officer.

Mr Caruso stepped down for personal reasons and in June Murchison Metals announced he had been appointed chief executive of its half owned subsidiary Crosslands Resources.

In June, Nicholas Jukes also resigned as a company director.

In the position of chief executive officer, Mr Wang will provide technical and project direction along with peer support and leadership towards the search for strategic partner assisting the development of the Company's projects, primarily its flagship Balmoral South Iron Ore Project, in the Pilbara.

The company, chaired by Queensland mining magnate Clive Palmer, has experienced a level of uncertainty this year.

Mr Palmer has been a staunch critic of the federal government's proposed mining tax.

However, WA Business News reported the outlook for the neighbouring Balmoral South magnetite project planned by Australasian Resources looked uncertain even before the federal government's proposed tax was announced.

A bankable feasibility study for a Sino Iron-style magnetite development costing $2.7 billion was successfully completed in mid 2008, but the project has been in limbo since China's Shougang Steel pulled out of a deal to sole fund the development due to the global financial crisis.

Earlier this year, the ASX queried the company over its cash expenditure, with Australasian reporting that it had $2.3 million at the end of calendar 2009 after burning through $1.8 million through the December quarter.

A subsequent plan to merge Australasian with Mr Palmer's budding coal and iron vehicle, Resource Development International, also collapsed in early 2009.

These events were revealed before the federal government's proposed resources super profits tax was announced and Mr Palmer said Balmoral South was not one of the projects he would abandon as a result of the tax.

See full company statement below:

Australian iron ore exploration and development company Australasian Resources Ltd (Australasian or ASX: ARH) is pleased to announce the appointment of Mr Dio Wang to the position of Chief Executive Officer. Mr Wang's appointment to the position is effective immediately.

Mr Wang is a Civil Engineer with a Postgraduate Diploma in Planning and Design (Urban Planning) and Master of Engineering Structures. He arrived in Australia in 2003 and studied at the University of Melbourne, subsequently becoming an Australian citizen in May 2009. Mr Wang has been employed with Australasian since 2006 and during this time he has been involved in the successful completion of the Feasibility Study of the Balmoral South Iron Ore Project working as part of the project team.

In the position of Chief Executive Officer, Mr Wang will provide technical and project direction along with peer support and leadership towards the search for strategic partner assisting the development of the Company's projects, primarily its flagship Balmoral South Iron Ore Project, in the Pilbara region of Western Australia.

Mr Wang has already been an integral participant in negotiations with a number of potential Chinese partners since 2006. His elevation to CEO in part strengthens the Company's strategy to progress the finalisation of financing of the Balmoral South Iron Ore Project with particular emphasis on Chinese partners, in conjunction with the progression of discussions and negotiations with other potential strategic partners.

The Company welcomes Dio Wang to the position of Chief Executive Officer and believes this appointment enhances Australasian's management expertise as it continues to develop and seek long term partners for the Balmoral South Iron Ore Project.