Ampella
Mining Limited (ASX:AMX)
Ampella Announces Appointment of Chief Executive Officer
and Resultant Board
Restructure
Ampella
Mining Limited (ASX:AMX) is
pleased to announce the appointment of Dr Paul Kitto, a highly qualified and
respected mining industry professional and experienced explorationist, to
the newly created role of Chief Executive Officer, reporting directly to the
Company$B!G(Bs Board of Directors. Dr Kitto$B!G(Bs appointment is effective immediately
and will see him take responsibility for the progress of the Company$B!G(Bs current
projects in the West African country of Burkina Faso, as well as, in
conjunction with Board of Ampella, the assessment and analysis of any new
opportunities.
At
the same time as announcing Dr Kitto$B!G(Bs appointment, the Company also advises
other changes to the Board structure.
As
of Friday 16th May, Mr Peter Williams,
previously Director of Exploration, stepped down from his executive role to
become a non-executive Director of Ampella. The Board thanks Mr Williams for
his contribution during the early life of the Company and looks forward to his
ongoing contribution. It is anticipated that Ampella$B!G(Bs current Finance
Director, Mr Richard Burden, will also step down to a non-executive role once
Dr Kitto has had an opportunity to assimilate his executive duties.
Commenting on the appointment of Dr Kitto, Ampella$B!G(Bs
Chairman, Ms Jan Hope, said: $B!H(BThe
board is delighted to welcome Dr Kitto to our executive team at an important
time in the Company$B!G(Bs development when our initial exploration programs are
starting to deliver some promising results.$B!I(B
$B!H(BDr Kitto is a well known and highly qualified
industry professional with extensive exploration experience in West Africa and other international locations. He has a
background in structural geology and geochemistry with particular expertise in the
geology of both lode gold and VMS mineral systems, all of which will complement
the skill set of our existing exploration team,$B!I(B she said.
Details
of Dr Kitto$B!G(Bs remuneration package and biography are attached to this
announcement.
A
General Meeting of shareholders will be convened at a date to be advised
shortly to approve an option package as an achievement incentive for Dr Kitto.
Yours
faithfully
Jan Hope
Chairman
For further information:
Ampella Mining Ltd
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Jan
Hope
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Paul Kitto
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Suite 1, 6 Richardson Street
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Chairman
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Chief Executive Officer
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WEST
PERTH WA 6005
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Mobile: 0419 906 940
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Telephone: +61 8 9226 5299
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Telephone: +61 8 9226 5299
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Website:
www.ampella.com.au
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Key Terms of Chief
Executive Officer$B!G(Bs Employment Agreement
The key components of the agreement are as follows:
$B!|(B Annual remuneration, excluding superannuation, of $250,000
$B!|(B No fixed term
$B!|(B Payment of termination benefit on early termination by the
employer, other than for cause, of two years$B!G(B salary if the result of
change of control or three months in other circumstances.
$B!|(B Subject to shareholder approval at a general meeting to be
called shortly, an option package of 1.5 million options with various strike
prices and terms.
Biography of Mr
Paul Kitto
Dr Kitto has
had a successful international exploration career built upon over 20 years of
experience within a range of major mining companies which have included Gold
Fields Limited, Renison Goldfields Consolidated, and Aurion Gold. More
recently he was Africa Exploration Manager for Gold Fields Limited, and then
Exploration Director in Russia
and CIS for Sun Mining Limited.
Dr Kitto has
successfully negotiated, managed and co-ordinated exploration programs, joint
ventures and project generation initiatives world-wide from greenfields through
to advanced resource definition projects. He has either lead or been a
team member of successful exploration groups that have delineated multi-million
ounce gold resources in Africa, Australia
and Papua New Guinea.
Dr Kitto$B!G(Bs
experience spans a wide range of gold and base metal ore deposit types
including mesothermal lode gold and palaeoplacer gold deposits, porphyry
copper-gold, epithermal gold, and volcanic hosted massive sulphide
deposits. Dr Kitto holds a doctorate in geochemistry and structural
geology from the Centre for Ore Deposit Research at the University of Tasmania
where he was also employed as a Research Fellow.
READ CORPORATE
Public
Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
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