Battling gold miner Navigator Resources is on the lookout for a new boss, after managing director David Hatch resigned today.
Navigator chairman Allan Trench said the development of the company’s flagship Bronzewing gold project had presented a number of “technical and commercial” challenges, to which Mr Hatch has addressed with professionalism and diligence.
Mr Trench, however, told shareholders at the company’s extraordinary general meeting today that production at Bronzewing was tracking below expectations.
“A number of focused initiatives have already been instigated at site – and a targeted review at both an operational and corporate level is now also under way with the clear aim to lift revenue performance and to reduce company-wide cost exposure,” Mr Trench said.
Navigator also announced it had signed up on Friday for a $10 million short term finance facility with its largest shareholder, Au Mining.
Interest on the facility will be charged at 15 per cent per annum, Navigator said.
The funds, which are in addition to a $US12 million debt facility with Canada’s Waterton Global Value announced in March, will be used for continued development at Bronzewing.
Navigator stocks last traded at 0.8 cents, after being placed into a trading halt on May 25.
The company's shares were trading as high as 14 cents a year ago.