Capricorn restructures board, management

Doray Minerals co-founder Heath Hellewell has been promoted to the role of executive chairman of gold explorer Capricorn Metals, as the company restructures its board and management positions.

Mr Hellewell, who has been serving as a non-executive director of Capricorn since leaving Doray in 2014, will chair the company’s board while managing director Peter Thompson,  technical director Peter Langworthy and non-executive director Jonathan Shellabear will step down from the board.

Mr Thompson will become chief operating officer, while Mr Langworthy and Mr Shellabear will become executive general manager geology and chief financial officer, respectively.

Guy LeClezio will remain on the board as a non-executive director, while the company has recruited former Kula Gold chief executive Stuart Pether as a director.

“The changes mark the beginning of new chapter for the company as it embarks on the development of the Karlawinda gold project in WA,” Mr Hellewell said.

“The company has made rapid progress over the past 12 months, acquiring the Karlawinda project, completing a major resource drill-out, commencing a feasibility study and making some important new discoveries.

“Now is the time to capitalize on this excellent work and complete our transformation from explorer to producer.”

Mr Hellewell said the changes would ensure Capricorn had the right people, skills and corporate structure to build the company up to a mining house.

“Karlawinda is a great asset which ticks all of the boxes for an emerging gold company. It is in a great location, in the heart of the world-class Pilbara mining district,” he said.

“It has scale, underpinned by a resource of approximately 1 million ounces and it has a simple, straightforward development plan based around a single, large open-pit mine.

“Capricorn is now in an enviable position to move forward and create significant value for shareholders.”

Shares in Capricorn were 7.4 per cent lower to 12.5 cents each at the close.