ASX:KGL) advises that in response to low commodity prices and market conditions, the Company is implementing plans to minimise administrative expenditure. As part of this process, Mr John Taylor will step down as a non-executive Director and Simon Milroy will also step down from the board and continue as Chief Executive Officer.Denis Wood will now assume the role of Chairman of the Company and in this capacity, he thanked John for his contribution and service over the past six and a half years.
The board has also has implemented a number of other cost saving measures including reductions in the workforce and reducing board fees by 30%.
About KGL Resources Ltd
KGL Resources Limited (ASX:KGL) is an Australian mineral exploration company focussed on increasing the high grade Resource at the Jervois Copper-Silver-Gold Project in the Northern Territory and developing it into a multi-metal mine.
Contact
Mr Simon MilroyCEO
Phone: (07) 3071 9003
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