Jonathan Price has announced his resignation as managing director of Phoenix Gold, in a board shake-up that bumped Dale Rogers up to executive chairman.
Mr Price, who was a founding director of the gold mining company, will leave his position immediately, just one week after Evolution Mining bought a large stake in Phoenix to gain a 19.9 per cent shareholding.
He will receive a severance package in accordance with his contract.
“Despite the disappointing performance of the Kintore mine, the recently announced strategic alliance with Evolution and the inherent future value of the licence to mine and ore sale agreement with Norton Goldfields, leaves Phoenix well placed to maximise value from both the Kunanulling and Zuleika gold shears,” Mr Rogers said.
Mr Rogers will receive a base salary of $257,600 per annum, reflecting a 20 per cent reduction to senior pay levels as part of a board initiative.
Meanwhile, Phoenix also announced that it had issued 44 million shares at 7.5 cents a share to Evolution, following the receipt of the first tranche of a previously announced $9 million placement.
Phoenix shares were 1.1 per cent higher to 8.7 cents a share at 1:30pm.