Subiaco-based Yilgarn Mining Ltd has appointed BHP Billiton Iron Ore's Wayne Richards as its managing director, as part of a company plan to expand its iron ore focus.
Subiaco-based Yilgarn Mining Ltd has appointed BHP Billiton Iron Ore's Wayne Richards as its managing director, as part of a company plan to expand its iron ore focus.
The full text of a company announcement is pasted below
Perth-based Yilgarn Mining Limited (ASX Code: YML) today announced plans to significantly expand its exploration and development focus in the iron ore business in Western Australia following the appointment of a highly accomplished senior executive from BHP Billiton Iron Ore Division, Mr Wayne Richards, as Managing Director.
Mr Richards - who since 2004 has held the key position of Project Integration & Commissioning Leader for BHP Billiton Iron Ore Division, with responsibility for integrating projects across BHP Billiton's three Iron Ore Business Sectors (Mine, Port and Rail) - will now spearhead Yilgarn's plans to advance its 100%-owned Marillana Iron Ore Project in WA's Pilbara region.
The Company recently commenced a 40-hole RC (Reverse Circulation) drilling program at Marillana to in-fill the North-West Sector of the prospect and underpin an initial JORC compliant resource. Yilgarn has previously reported a "mineralization estimate" for the North-West Sector of 30 million tonnes grading 58.4% Fe (64% Fe on a calcined basis).
Yilgarn's founding Managing Director, Mr David Burt, will step down from the position with effect from 2 July 2007 after five years at the Company's helm.
Yilgarn's Chairman, Mr Ross Norgard, said the appointment of Mr Richards represented a significant vote of confidence in the quality and growth potential of the Company's strategically located iron ore assets in the Pilbara region by one of Australia's most experienced and accomplished iron ore executives.
"We are delighted to announce that Wayne has agreed to join us as Managing Director to advance the development of our assets to the next level," Mr Norgard commented. "His appointment is the culmination of a planned management handover after David Burt indicated his wish to step back from front-line executive duties after five years with the Company and its predecessor, Yilgarn Mining Pty Ltd."
"David has played a key role in the establishment, listing and subsequent development of Yilgarn to the point where we now have two excellent assets in Marillana and the Carr Boyd nickel project with the potential to underpin a significant increase in value for our shareholders," he added. "I would like to take this opportunity to thank David for his enormous contribution to the Company."
Before assuming the role of Project Integration & Commissioning Leader for BHP Billiton Iron Ore Division, Mr Richards fulfilled the roles of General Manager - Operations and Deputy Vice President of Boodarie Iron, a company that is owned and operated by BHP Billiton, where he was responsible for the management and coordination of a wide range of strategic business units.
Prior to that, Mr Richards held key executive roles with Anaconda Nickel, including Project Technical Manager - Corporate and Plant Operations Manager for Anaconda's Murrin Murrin Nickel/Cobalt Project, as well as spending over 12 years as Production Manager and Business Development Manager with Queensland Nickel (now QNI - BHP Billiton).
Commenting on his appointment, Mr Richards said: "I was attracted by the excellent potential of Yilgarn's iron ore assets and their strong growth potential relative to other junior iron ore companies in Australia. I look forward to working with the Yilgarn team to advancing their projects to the next level, with the Marillana Project representing the core of a potentially exciting iron ore portfolio in the Pilbara region."
"The delineation of a JORC compliant resource estimate for the Marillana mineralization will represent the first key step in establishing a strong growth platform for the Company and achieving a significant value-uplift. The next important steps will be ongoing exploration to extend the mineralization and securing an off-take agreement to enable us to commercialise the project."
The Marillana detrital iron ore prospect is located between the Hamersley Ranges and Fortescue River Valley in Western Australia's world-class Pilbara iron ore region. The current focus of exploration is the North-West Sector, where drilling last year confirmed continuous, high-grade mineralization which is expected to underpin an initial JORC compliant resource.
A gravity survey conducted during the December Quarter identified a number of anomalies similar in magnitude to the mineralisation at the North-West Sector, highlighting potential further significant accumulations of detrital iron ore mineralisation.
The tenements surrounding the Marillana licence area, E 47/1408, are held by high-profile iron ore producers and developers Rio Tinto, BHP Billiton, Hancock Mining and Fortescue Metals Group. Yilgarn anticipates broadening its iron ore exploration activity within the east and west Pilbara region within the Company's tenement portfolio which comprises four recently granted Exploration Licences and four priority Exploration Licence Applications in addition to the Marillana licence.
The Company is also advancing its key nickel asset, the Carr Boyd nickel-copper sulphide project, where it is earning a 51% interest from Australian Nickel Mines, a subsidiary of Consolidated Minerals Limited. The proposed recommencement of mining at Carr Boyd is currently being evaluated in two stages, an initial open pit expansion and a subsequent decline development to access deeper resources.
