Focus Minerals Limited (ASX:FML) Advise Crescent Gold Limited (ASX:CRE) Board Chagnes
Perth, Oct 14, 2011 AEST (ABN Newswire) - Crescent Gold Limited (ASX:CRE) is pleased to advise that Don Taig, Chairman of Focus Minerals Limited (ASX:FML), has joined the Crescent Board, effective immediately.
Focus Minerals successfully completed its off-market takeover of Crescent Gold earlier this month. The offer was strongly supported with 82.5% shareholder acceptance.
Mr Taig has significant mining and executive management experience. He spent 11 years within CRA Ltd's mining businesses both in Australia and overseas and was a director of Metals Exploration Ltd. He has also held a number of senior management roles within the food industry, including as Managing Director of Goodman Fielder's (ASX:GFF) Australian Baking Division; Chief Executive Officer of Bunge Cereal Foods; and Managing Director of Chiquita Brands South Pacific.
Geoff Stanley, Chairman of Crescent Gold said:
"I'd like to personally welcome Don to the Board of Crescent Gold. This is an important step in the process of the integration of our operations and delivering synergies between the two businesses."
Don Taig, Chairman of Focus Minerals said:
"The Laverton Gold Project is a world class mining centre with a very bright future ahead of it. The operations are currently entering an exciting new phase of growth and this is a great opportunity for the management teams of Crescent and Focus to work together to maximise return for shareholders."
Crescent also advises that Simon Grenfell and David Keough have resigned from the Crescent Board. Simon has served as a Non-Executive (Nominee) Director since 6 July 2008, being one of two nominated directors of Deutsche Bank AG (NYSE:DB). His decision to resign follows the transfer of Deutsche Bank's shareholding in Crescent to Focus Minerals due to the recent acquisition of Crescent by Focus. David has served as a Non-Executive Director since 6 June 2007. His decision to resign is a result of a restructuring of the Crescent Board.
The Crescent Board wishes to thank Simon and David for their support over the term of their service.
About Crescent Gold
Crescent Gold Limited is an Australian gold producer operating the Laverton Gold Project, located 250km northeast of Kalgoorlie in Western Australia. The Company maintains a dominant land position of more than 1,200km2 of highly prospective tenements in a world recognised and well-endowed mineralised geological domain. The Company has 26.5Mt of Measured, Indicated and Inferred Mineral Resources that contain more than 2.1Moz of gold, and a Proved and Probable Ore Reserve position of 381,000 ounces (both as at 30 June 2011).
About Focus Minerals Ltd
With over 3.8Moz of Mineral Resource, Focus Minerals Limited (ASX:FML) has a highly strategic portfolio of assets across Australia's two leading gold producing districts – the Kalgoorlie/Coolgardie belt and Laverton – and the financial muscle to continue to unlock further potential for growth.