Don Bailey to chair Cleveland Mining

Australian gold company Cleveland Mining has listed on the Australian Securities Exchange today and announced former Rio Tinto executive Don Bailey has been appointed chairman.

Cleveland opened its first days trading at a 45 per cent premium to its Initial Public Offering price.

Trading hovered around 29 cents during the opening session and finished the day at 30 cents.

Cleveland's IPO closed last month well-oversubscribed.

Cleveland also announced today Mr Bailey's appointment.

Mr Bailey, a foundation shareholder in the company, became a Non-executive Director in September.

His appointment as chairman was conditional upon a successful IPO and re-listing.

Cleveland Mining CEO David Mendelawitz said that few people understand mining as well as Mr Bailey.

"It is a privilege to have Don as the Company's Chairman," said Mr Mendelawitz.

"He brings a wealth of experience and connections to Cleveland, both in corporate and operational arenas.