13/06/2008 - 09:09

Jones steps down from Mundo Minerals

13/06/2008 - 09:09


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West Perth-based resource company Mundo Minerals has announced that its founding chairman, George Jones, will step down immediately.

Jones steps down from Mundo Minerals

West Perth-based resource company Mundo Minerals has announced that its founding chairman, George Jones, will step down immediately.

Mr Jones made the decision to enable him to spend more time focusing on personal business interests and his family.

Non-executive director Barry Eldridge will take up the chairman position.

Mr Jones currently holds chairmanships at Gindalbie Resources Ltd and Sundance Resources Ltd.

A full copy of the Mundo statement is below:

Following its recent successful transition to gold production, Mundo Minerals Limited (ASX: MUN - "Mundo Minerals") today announced a key Board transition with the retirement of its non-executive Chairman, Mr George Jones, and appointment of non-executive Director, Mr Barry Eldridge, to take up the role effective immediately.

After almost three years as founding Chairman of Mundo Minerals, Mr Jones has announced his decision to step down from the Mundo Board to enable him to spend more time focusing on his personal business interests and his family. He has indicated his intention to remain a supportive shareholder in the Company.

"George has made an outstanding contribution to the Company since its establishment, providing strong Board leadership as well as making available his considerable business acumen, contact network, vision and insight during this critical formative period in our history," said Mundo Minerals' Managing Director, Mr John Langford.

"On behalf of the Board, senior management team and shareholders, I would like to thank George for his valued contribution, which has helped us set Mundo Minerals on a strong long-term growth path, with a quality asset base, the Engenho Project in Brazil now in production and generating cash flow, and an outstanding pipeline of exploration and development opportunities in front of us," he added.

"I would also like to take this opportunity to congratulate Barry Eldridge on his appointment as Chairman," Mr Langford added. "Having also been involved with the Company from its inception, Barry's appointment provides for a completely seamless transition and ensures continued strong leadership and vision to carry the Company forward into its next phase of growth. The current board structure continues to provide a strong balance of commercial and technical experience for the Company and at this stage it is not proposed to seek to add another director to the board."

Mr Eldridge, who previously worked closely with Mr Jones as Managing Director of successful iron ore producer Portman Limited, has over 30 years experience in senior management and operational positions in the resources sector.

A Mining Engineer and Geologist, he was previously held senior executive roles with Griffin Coal Limited, North Limited and Forrestania Gold Limited. Mr Eldridge is currently a director of Cleveland-Cliffs Inc, the largest producer of iron ore pellets in North America, Chairman of Vulcan Resources Limited, a base metals and gold exploration company with a portfolio of projects in Finland, and Millennium Minerals Limited, an exploration company exploring for Molybdenum in Western Australia.

Mundo Minerals recently joined the ranks of international gold producers with the successful commissioning of its 100%-owned Engenho Gold Project in Brazil on schedule and some 21% under its original capital cost budget.

"I would like to congratulate the team at Mundo Minerals for their efforts in achieving this significant milestone," commented Mr Jones. "The Company has established a strong reputation in the market for delivering on its core objectives, and I believe it has established a high-quality portfolio of assets in South America with the potential to deliver a significant gold production profile.

"I wish everyone at Mundo well for the future and look forward to continuing to follow the Company's progress as it adds value to the Engenho asset and moves towards development of its Torrecillas and Tocantins assets and other new opportunities such as the recently announced new project opportunities in Brazil," he added.

The successful commissioning of the Engenho Project marks the first major milestone towards achieving the Company's medium term strategy of establishing a +250,000 ounce per annum sustainable production base in South America.



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