The chairman of Perth-based gold explorer Sub-Sahara Resources NL, David Kennedy, will stand down on November 30, to be replaced by Grange Consulting Group director David Riekie.
The chairman of Perth-based gold explorer Sub-Sahara Resources NL, David Kennedy, will stand down on November 30, to be replaced by Grange Consulting Group director David Riekie.
The full text of a company announcement is pasted below
Mr David Kennedy to stand down as Chairman and Mr David Riekie joins board as Chairman elect
Having been in the Chair for the past 10 years, Mr H.D. (Dave) Kennedy has decided to stand down as Chairman of Sub-Sahara Resources NL effective from the conclusion of this years' Annual General Meeting. Mr David Riekie, a Perth based corporate consultant, has accepted appointment as a non-executive director of the Company and will become the Chairman at this time.
Mr Kennedy (aged 70) has been instrumental in developing the Company from the former Maiden Gold and unlisted Universal Gold.
Mr Kennedy has overseen the Company's growth in Tanzania, such that it can now lay claim to an impressive range of exploration assets and strong joint venture partners such as Barrick Gold and Resolute Resources.
Mr Kennedy was also responsible for generating valuable opportunities for the Company into Eritrea; initially the Asmara project that the Company is now converting into a significant share holding (7.6 million shares) in Canadian listed Sunridge Gold Corp and more recently, the Zara project. The current value of Sub Sahara's interest in Sunridge Gold Corp is approximately AUD $25m.
The directors of Sub-Sahara wish to acknowledge Mr Kennedy's efforts as Chairman and thank him for his significant contribution during the Company's formative period. Mr Kennedy will remain on the board as a non executive director.
Mr David Riekie (B.Ec, Dip Acc, CA - Aged 45) is a Chartered Accountant with Australian and International experience. He is a non-executive director of a number of ASX listed companies, engaged primarily to assist with corporate, financial, strategic and ompliance matters. As an executive director of Grange Consulting Group Pty Ltd, David has developed significant experience in capital markets, via capital raising initiatives (public and private) and corporate and strategic development programs in the resource and industrial sectors, both in Australia and overseas.
The directors welcome David to the board of Sub-Sahara and are confident that he will add significantly to the functioning of the board and the overall operations of the Company.
