- Christiaan Jordaan has resigned as Managing Director for personal reasons and now serves as a Non-Executive Director
- Mustang Chairman Ian Daymond becomes Interim Executive Chairman until a new Managing Director is appointed
- The Board has commenced the search for a new Managing Director
Mustang emphasises that it was Mr Jordaan's decision to resign and the Directors reluctantly accepted his resignation, but are pleased he still serves on the Board.
Mustang Chairman Ian Daymond has agreed to become Interim Executive Chairman until a new managing director is appointed. The search for a new managing director has commenced.
Director Cobus van Wyk remains in charge of the operations in Mozambique and Non-Executive Director Peter Spiers assists on technical matters related to the Montepuez Ruby Project and the Caula Graphite Project.
Mr Daymond thanked Mr Jordaan for the crucial role he played in the Company's growth and development since his appointment as Managing Director in February 2016.
"Mustang has been transformed under Christiaan's leadership," Mr Daymond said. "He has worked successfully and incredibly hard on advancing the Company's mineral projects.
"On behalf of the Board, I thank Christiaan for his immense efforts and dedication to Mustang Resources.
"The Company continues to receive valuable feedback from the first ruby auction and plans to make a further announcement later this week regarding future ruby exploration and marketing strategies."
Mr Jordaan said: "I am proud to have led Mustang Resources as it grew from a junior exploration company to becoming a new entrant in the ruby sector in such a very short period and to having one of the world's highest grade graphite projects, the Caula Graphite Project, with the recently announced maiden JORC Inferred Mineral Resource."
Material terms of Mr Jordaan's employee entitlements on resignation and non-executive director's fee are disclosed in Annexure A hereto.
About Mustang Resources Ltd
Mustang Resources Limited (ASX:MUS) (FRA:GGY) is an ASX listed company focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project. In July 2018 Mustang announced a maiden vanadium JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.
The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of graphite and vanadium, both key components used in battery production, the company currently has a scoping study underway, which is due for completion in Q3 2018.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
ContactMedia & Investor Relations:
Mustang Resources Ltd (ASX:MUS) Raises A$2.4 Million in Placement for Caula Vanadium-Graphite Project
Mustang Resources Ltd (ASX:MUS) Caula Vanadium-Graphite Project - Feasibility Study Drilling Underway