Implements Extensive Cost Saving Measures
The Company has reached an agreement with Mr Michael Langoulant to terminate his services agreement, effective 31 December 2018. As a result, Mr Langoulant has resigned as joint Company Secretary and Chief Financial Officer ("CFO") of White Cliff with immediate effect. White Cliff has now engaged an external group to provide corporate CFO services which has led to substantial savings.
Additionally, Mr Hibberd has agreed to waive his director fees of $30,000 per annum.
The Company's exploration team and support staff in Kyrgyzstan remain unaffected. Following the departure of a senior geologist, the Australian exploration team will now consist of Mr Hibberd and an exploration geologist. The reduction of headcount will not impact the Company's ability to continue with its exploration work at the 90% owned Aucu Copper-Gold project in Kyrgyzstan and its highly prospective Gold-Cobalt-Nickel projects in Western Australia.
The Company has reduced the number of administration staff and reengaged with all of its service providers to negotiate better rates. The Company has also notified the landlord of its intention to vacate the head office premise once the lease expires in June 2019. The Company will look to relocate to a smaller office premise around the Perth CBD area which will reduce tenancy costs by ~50% per annum.
Commenting on the cost reduction initiative, newly appointed director Mr Nicholas Ong said: "It is unfortunate that White Cliff has to let go some of its staff, however the cost reductions were necessary to reduce cash burn and enables White Cliff to re-direct its resources toward exploration work which ultimately drives value to shareholders."
About White Cliff Minerals Ltd
White Cliff Minerals Ltd is a Gold, Copper, Cobalt, Nickel resources and mining company listed in Australia (ASX:WCN). The Company is focused on developing low cost high value mineral deposits that have near term cash flow potential.
Major projects include the Aucu gold deposit that contains 484,000 ounces of gold (3mt at 5.1 g/t) starting at surface and Chanach copper deposit that contains 64,000 tonnes of copper (17.2Mt at 0.37% copper). Both projects have substantial blue sky potential with drilling covering only 5% of the known structures. In Australia the company is developing the Coronation Dam cobalt–nickel deposit where a maiden resource will be announced in the late 2018.
White Cliff Minerals Ltd