- 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
Listed on the Australian Securities Exchange, Mustang Resources Limited (ASX:MUS) (FRA:GGY) is an emerging gemstone developer and producer focused on the near-term development of the highly prospective Montepuez Ruby Project in northern Mozambique.
The Montepuez Ruby Project consists of three licences and now one mining concession covering 19,300 hectares directly adjacent to the world’s largest ruby deposit discovered by Gemfields PLC in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current high demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is currently fast-tracking its work program on the Montepuez Ruby Project with extensive secondary deposits discovered and low-cost bulk sampling well underway. First rough ruby sales are scheduled for 27 to 30 October 2017 in Port Louis, Republic of Mauritius under a closed bid tender of more than 350,000 cts gem quality rubies.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Mustang Resources Ltd