Fotios steps down from Northern Star board

Northern Star Resources has announced that director Michael Fotios has resigned from the company's board and will take up a position as a consultant to the gold miner.

Mr Fotios joined Northern Star as a director in 2009, shortly before the company acquired the Paulsens gold mine.

Northern Star has since risen sharply in value and delivered substantial returns for its shareholders.

His investment company, Investmet, became the company's biggest shareholder but last year sold half of its stake. 

Investmet now holds a 5.1 per cent stake in Northern Star with close to 22 million shares.

Mr Fotios said the time was right for him to step down, with Northern Star enjoying a strong balance sheet and solid production.

Northern Star chairman Chris Rowe said Mr Fotios had played a key role in the company's rapid growth and would continue to provide invaluable experience as a consultant.

Northern Star shares were unchanged at 91 cents at 11:30AM WST.