COMPANY ANNOUCEMENT
ASX/Media Release
Dated: 30 May 2016
ASX CODE
IRC
CURRENT SHARE PRICE
$0.11
SHARES ON ISSUE
160.7M
OPTIONS (IRCO) 19.5M ($0.075)
5.0M ($0.075)
MARKET CAP
~17.7M (undiluted)
BOARD
Peter Hunt Non-Executive Chairman
Jon Price Managing Director
Dr Michael Ruane Non-Executive Director
Robin Dean Non-Executive Director
COMPANY SECRETARY
Bianca Taveira
INVESTOR/MEDIA
ENQUIRIES
Jon Price Lorry Hughes
KEY PROJECTS
Teal Gold Project Menzies Gold Project Goongarrie Project Windanya Project Blister Dam project
WEBSITE
www.intermin.com.au
CHANGES TO THE BOARD OF DIRECTORS
Appointment of Director
Intermin Resources (ASX: IRC) ("Intermin" or the "Company") is pleased to announce the appointment of Mr Lorry Hughes to the position of Executive Director - Business Development effective 1 June 2016 (see terms in Attachment 1).
Mr Hughes is an Economic Geologist with over 20 years' experience and was formerly Managing Director and CEO of South Boulder Mines Ltd from 2008 - 2013. In addition he has held senior management positions on mining and development projects for companies including Energy Metals Ltd, CSA Global, Rio Tinto, North Ltd and Barrick Gold of Australia Ltd. Since December 2014 he has been Intermin's Business Development Manager.
He has comprehensive mining, exploration and development experience from numerous gold mines in the Goldfields of Western Australia and from a number of overseas locations. His experience includes company financing, feasibility studies, geological resource estimation, mine planning optimisation and environmental management.
Retirement of Directors
Intermin also wishes to advise that our long standing Directors Dr Michael Ruane and Mr Robin Dean will step down from their respective positions as Non-Executive Directors effective 31 May 2016. Michael held the roles of Managing Director and Non-Executive Director since May 1998 and Robin has been a Non-Executive Director since October 2012.
"I would like to thank Michael and Robin for their tireless efforts over many years, particularly in more recent times when the overall market has faced considerable challenges. They have both been instrumental in maintaining the Company's assets and positioned them for what we see as an exciting future", IRC Chairman Peter Hunt said.
"In turn, we are delighted with the appointment of Lorry to the Board and look forward to his significant contribution in delivering growth in shareholder value", Mr Hunt said.
For further information contact:
Peter Hunt, Chairman Bianca Taveira, Company Secretary
Intermin Resources Ltd Intermin Resources Ltd
Telephone 08 386 9534 Telephone 08 386 9534
ASX CODE: IRC Head Office: 163 Stirling Highway Nedlands WA 6009 Postal: PO Box 1104, Nedlands WA 6909
ACN 007 761 186 ABN 88 007 761 186
T +61 8 9386 9534 F +61 8 9389 1597 E [email protected] W www.intermin.com.au
Attachment 1
Summary of material Terms of Lorry Hughes's Service Agreement
|
Commencement Date
|
1 June 2016
|
|
|
|
Salary Package
|
|
Total Fixed Remuneration
|
$197,100 per annum
|
|
Long term incentive options (Note 1)
|
2,500,000
|
|
|
|
Termination Clauses
|
|
Notice by Company (Note 2)
|
2 months
|
|
Notice by Executive (Note 2)
|
1 months
|
|
|
|
Term
|
Not specified, the appointment will continue until terminated under the Service Agreement
|
Notes
-
The granting of incentive options is subject to shareholder approval
-
The Company may pay the Executive in lieu of notice
About Intermin
Intermin is a gold exploration and development company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company's flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.
Perth and Menzies-based Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core projects and build a sustainable development pipeline.
Intermin is targeting the definition of significant high grade open cut and underground gold deposits, has acquired highly prospective tenure and will continue to actively pursue consolidation and value-adding joint venture opportunities for the benefit of all stakeholders.
Intermin Resources Limited - Summary of Gold Mineral Resources
|
Deposit (1g/t cut-off)
|
Measured
|
Indicated
|
Inferred
|
Total Resource
|
|
Mt
|
Au (g/t)
|
Oz
|
Mt
|
Au (g/t)
|
Oz
|
Mt
|
Au (g/t)
|
Oz
|
Mt
|
Au (g/t)
|
Oz
|
|
Menzies
|
|
Pericles
|
0.53
|
2.49
|
42,500
|
0.53
|
2.49
|
42,500
|
|
Yunndaga
|
1.58
|
2.03
|
103,000
|
1.58
|
2.03
|
103,000
|
|
Bellenger
|
0.24
|
2.63
|
19,900
|
0.24
|
2.63
|
19,900
|
|
Warrior
|
0.07
|
2.49
|
5,910
|
0.07
|
2.49
|
5,910
|
|
Kalgoorlie
|
|
Teal
|
0.18
|
3.56
|
20,283
|
0.60
|
2.37
|
46,031
|
0.06
|
3.05
|
5,434
|
0.84
|
2.67
|
71,747
|
|
Goongarrie
|
0.25
|
2.87
|
23,000
|
0.25
|
2.87
|
23,000
|
|
TOTAL
|
0.177
|
3.56
|
20,283
|
1.62
|
2.52
|
131,431
|
1.71
|
2.09
|
114,344
|
3.51
|
2.36
|
266,057
|
Notes:
1. Competent Persons Statement - The information in this report that relates to Exploration results, Mineral Resources or Ore Reserves is based on information compiled by Mr David O'Farrell and Simon Coxhell. Both are Members of the Australasian Institute of Mining and Metallurgy and are consultants to Intermin Resources Limited. The information was prepared and first disclosed under the JORC Code 2004 and has been updated to comply with the JORC Code 2012. Mr O'Farrell and Mr Coxhell have sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves'. Mr O'Farrell and Mr Coxhell consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.
1. Forward Looking Statements - No representation or warranty is made as to the accuracy, completeness or reliability of the information contained in this release. Any forward looking statements in this release are prepared on the basis of a number of assumptions which may prove to be incorrect and the current intention, plans, expectations and beliefs about future events are subject to risks, uncertainties and other factors, many of which are outside of Intermin Resources Limited's control. Important factors that could cause actual results to differ materially from the assumptions or expectations expressed or implied in this release include known and unknown risks. Because actual results could differ materially to the assumptions made and Intermin Resources Limited's current intention, plans, expectations and beliefs about the future, you are urged to view all forward looking statements contained in this release with caution. The release should not be relied upon as a recommendation or forecast by Intermin Resources Limited. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
Visit us at www.intermin.com.au
For further information, please contact:
Investors/Media
Jon Price, Managing Director Office: +61 8 9386 9534
[email protected]