Dominion
Mining Limited (ASX: DOM)
ASX
RELEASE
1 FEBRUARY 2008
RETIREMENT
OF MANAGING DIRECTOR & NEW APPOINTMENT
KEY
POINTS
- Long-serving Managing Director of Dominion Mining, Peter
Alexander, to retire after 25 years with the Company, the last 10 years as
Managing Director.
- Mining executive, Jonathan Shellabear, appointed new
Managing Director commencing 1 February 2008.
- Peter Alexander to remain on the Board as a
Non-Executive Director.
The Board of
Directors of Dominion Mining Ltd (ASX Code: DOM) is pleased to announce the
appointment of Australian mining executive, Jonathan Shellabear, as Managing
Director of the Company, effective from 1 February 2008. Dominion’s
long-serving incumbent Managing Director, Peter Alexander, has announced his
decision to retire from executive duties with the Company and will remain on
the Board as a non-executive Director.
Jonathan
Shellabear is a senior executive with extensive experience in the Australian
and international mining industries, having held senior corporate roles
with Portman Limited and in investment banking with NM Rothschild, Deutsche
Bank and Resource Finance Corporation where he advised resource companies
on a range of initiatives and transactions.
He most
recently acted as an adviser to TPG-Axon, a leading global investment firm with
over US$13 billion in funds under management, providing advice on investment
opportunities in the global resources sector.
Jonathan
holds a Bachelor of Science degree with Honours in Geology from the University of Western
Australia and an MBA from the University of Western
Australia.
In welcoming
Jonathan Shellabear’s appointment, Dominion’s Chairman, Peter
Joseph, also paid tribute to retiring Managing Director, Peter Alexander:
“Peter has led Dominion wonderfully well during his 10 years as Managing
Director, resulting in an increase in the Company’s market capitalisation
from $25 million in 1997 to approximately $450 million today.
“Peter
led the re-definition of Dominion’s exploration strategy to focus firstly
on the Challenger Gold Project in South Australia,
which has emerged as one of the highest grade and lowest cost gold operations
in Australia.
It has underpinned the Company’s outstanding growth profile over the past
decade. Secondly, the company over some years has developed an impressive suite
of regional exploration plays particularly in Western Australia and from which we are now
just starting to see the benefit. Allied with buoyant gold prices, the
plus 100,000 ounce per annum gold producer has a strong balance sheet with no
debt, nearly $50 million in cash and pays regular dividends. Peter has
created quite a legacy” Mr Joseph commented.
“On
behalf of the Dominion Board, I would like to sincerely thank him for his
outstanding efforts over the past 25 years and wish him and his family the best
for a well-deserved retirement. I am pleased that Peter has agreed to stay on
the Dominion Board as a non-executive director so the Company can continue to
benefit from his operational and management experience,” he added.
Peter
Alexander stepped down as Managing Director on 31 January 2008.
Peter Joseph
said Jonathan Shellabear’s appointment marked an exciting new phase for
Dominion, as the Company continued to build its gold resource and reserve
inventory at Challenger and further develop its significant regional
exploration programme, financed by the strong cash flows generated by the
Challenger gold mining operation.
“Jonathan’s
expertise in the resource and finance sectors will add a new dimension to the
Company’s operations,” he said. “We look forward to his
contribution to the Company’s growth. He joins a top team at
Dominion which is passionate about the Company’s future. Jonathan
has previously worked with us as a corporate adviser so the Company knows him
well and vice versa. He understands our culture and is well suited to
it. He has an excellent corporate platform to work with and an absolute
focus and commitment to the creation of shareholder wealth. We wish him
well.”
Dominion
recently extended the life of its 100%-owned Challenger
Gold Mine in South
Australia, announcing a 23% increase in its gold reserves to 2.7 million tonnes at 7.2g/t Au for 625,940 ounces,
included in gold resources of 1.04 million ounces.
Peter
Joseph
Chairman
Tel:
(02) 9236 0143
Contacts:
Peter
Alexander: 0403 317 280
Jonathan
Shellabear: 0417 917 637
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