Crescent Gold chief resigns

Crescent Gold managing director Roland Hill has resigned effective immediately.

Company chairman Geoff Stanley said Mr Hill was instrumental in moving the gold miner from its entrepreneurial roots to become one of Australia's top ten listed gold companies.

"The Board would like to recognise and thank Mr Hill for his contribution to this significant achievement," he said.

"Mr Hill will remain a director of the company in a non-executive capacity, allowing Crescent to continue to capitalise on his knowledge and experience," Mr Stanley said.

"I feel I am leaving the company with an excellent foundation and poised for further growth and that it is now an appropriate time for me to pursue other opportunities," Mr Hill said.

Crescent's chief financial officer Mark Tory will be appointed to the board and assume the role of interim managing director.

See company statement below:

Crescent Gold (ASX: CRE, TSX: CRA), advises that Mr Roland Hill has resigned as Managing Director of the Company, effective immediately.

Crescent's Chairman, Mr Geoff Stanley said Mr Hill was instrumental in the Company's transition from its entrepreneurial roots to its current status as a 100,000+ ounce gold miner and one of Australia's top ten listed Australian gold companies.

"The Board would like to recognise and thank Mr Hill for his contribution to this significant achievement. Mr Hill will remain a Director of the Company in a non-executive capacity, allowing Crescent to continue to capitalise on his knowledge and experience," Mr Stanley said.

Mr Hill commented on his resignation saying: "Over the last three years the efforts of many people have contributed to Crescent's emergence as a major participant in the Australian gold mining scene, and I would like to personally thank all those who have been part of this achievement."

"I feel I am leaving the Company with an excellent foundation and poised for further growth and that it is now an appropriate time for me to pursue other opportunities."

Mr Mark Tory, currently the Company's CFO will be appointed to the Board and assume the role of Interim Managing Director. Mr Tory has over 20 years of professional experience in the mining industry including eight years with Anglo American and six years with Homestake Gold.

He has been CFO of Crescent Gold for two and a half years and in that time has played a leading role in all key aspects of the Company's operational and corporate activities. Mr Tory will relinquish his Company Secretary responsibilities, which will be assumed by Mr Iain Garrett.

Mr Stanley confirmed that Crescent has commenced a global search for a suitable replacement for Mr Hill.

"We are optimistic that the Company's recent emergence as a significant gold producer, its robust forecast cash flows and extensive opportunities to grow its reserve and resource base, will attract candidates of the highest calibre," Mr Stanley said.

"Crescent will use this opportunity to further enhance its Board and senior management capabilities."