Sumich resigns from DMC Mining

David Sumich has resigned as managing director of DMC Mining following a takeover by Cape Lambert Resources.

Tony Sage's Cape Lambert obtained control of 92 per cent of DMC's issued capital in April and announced it planned on replacing some or all of the Board.

In a statement the board of DMC thanked Mr Sumich for his service, particularly in founding DMC.

DMC's Non-executive director Kim Bischoff and Joe Ariti will oversee the company's the day-to-day operations.

See full statement below:

West African iron ore explorer and developer, DMC Mining Limited (ASX: DMM) ("DMC" or the "Company") wishes to advise the market of the resignation of Mr David Sumich as Managing Director.

Mr Sumich's resignation follows on from Cape Lambert Resources Limited (ASX: CFE) ("Cape Lambert") obtaining control of more than 92% of DMC's issued capital. Cape Lambert set out in its Bidders Statement dated 7 April 2010 that it intended to replace some or all of the Board members upon achieving control (Refer Section 7.2).

The Board of DMC wishes to thank Mr Sumich for his dedication and hard work over the past three years in founding DMC, acquiring the Mayoko Project and increasing the market capitalisation of the Company. Further, the Board wishes Mr Sumich all the best in regard to his future endeavors.

In the period following Mr Sumich's resignation and the closure of Cape Lambert's offer on 8 July 2010, non-executive directors Mr Kim Bischoff and Mr Joe Ariti will oversee the day-to-day operation of the Company.