REG - Shanta Gold Limited - CEO Transition and Directorate Appointment

Shanta GoldAnnouncement

24/04/2023 07:15

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RNS Number : 1388X  Shanta Gold Limited  24 April 2023

24 April 2023

 

Shanta Gold Limited

 

("Shanta Gold" or the "Company")

 

CEO Transition and Directorate Appointment

 

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and
explorer announces that Eric Zurrin, Chief Executive Officer ("CEO"), has
informed the board of his decision to step down from his role after six years
with the Company. Mr Zurrin will remain as CEO until the publication of the
Interim Results and throughout Q3 to ensure a smooth transition to new
leadership for Shanta Gold. The board has initiated a search process to
appoint a new CEO and will update the market on its progress in due course.

 

 

In addition, the Company is pleased to announce the proposed appointment of
Matthieu Bos as an independent Non-Executive Director, pending completion of
regulatory due diligence. Mr Bos is a trained metallurgist and former mining
investment banker with experience across Africa. Mr Bos is currently the
President and CEO of SRG Mining, an advanced stage graphite development
company with assets in Guinea and backed by the La Mancha Fund. Mr Bos
previously worked as Executive Vice President Africa for Ivanhoe Mines in the
Democratic Republic of Congo. Mr Bos was a key member of the team that
delivered the world-class Kamoa-Kakula Copper Project in the Democratic
Republic of the Congo and was actively involved in US$3 billion of financings
from various strategic and institutional investors, including Zijin Mining and
CITIC Metal.

The Company will make a further announcement confirming Mr Bos' appointment in
due course at which time the information required in accordance with Schedule
2 (g) of the AIM Rules for Companies will be disclosed.

Separately, as indicated in the Company's recently published 2022 Annual
Report, a search process is advanced to appoint an additional Independent
Non-Executive Director in the near term.

Tony Durrant, Chairman, commented:

"I would like to thank Eric for his success in transforming the fortunes of
Shanta Gold over the last six years. The business today is vastly improved
from that which he took over in 2017 and he has transformed Shanta from a
single asset, single country gold producer encumbered with debt to a business
with a diversified revenue base and hugely attractive exploration growth.

 

Eric catalysed Shanta's new approach as a modern, decentralised Tanzanian
mining champion, had the vision and leadership to develop a viable plan for
the successful construction of Shanta's second producing gold mine - Singida -
and transform Shanta's growth through the successful acquisition of the West
Kenya Project. His commitment and astute investment skills have been key to
our success.

 

On behalf of the Board, I would like to give our appreciation for all Eric has
done in building the Company which we are today. He will leave after the
transition period with our very best wishes, and we have no doubt that he will
continue to be successful in whatever he does next.

 

In addition, we are delighted to welcome Mathieu to the Board. We believe
Mathieu's experience in Africa and the capital markets will bring a
complementary skill set and will be of considerable value as the Company
continues to develop its portfolio in East Africa."

Eric Zurrin, CEO, commented:

"I am grateful to the Shanta Gold Board of Directors for their unwavering
support and commitment to me over the last six years. During that period,
Shanta's share price has increased by 340%, gold resources have increased
three-fold to 3.7 million ounces, production has grown by 50% to 100,000 oz pa
run-rate, and we have solidified our position as a diversified, highly
attractive dividend paying junior gold producer and explorer in East Africa.

The business has never been stronger and with an experienced management team
in place, it now feels like the right time to hand over to somebody new.
During the transition period, I will remain committed to all of our
stakeholders and will give the Board and management all possible support
during the succession process so we can find a suitable, new CEO to steer
Shanta Gold through its next phase of growth.

I have thoroughly enjoyed my time at Shanta, and I would like to thank my
Board colleagues both past and present and the talented and dedicated team
which I will leave behind. I strongly believe they will continue to grow the
business into the leading junior gold mining company in Africa."

 

Enquiries:

 

 Shanta Gold Limited
 Eric Zurrin (CEO)                               +44 (0) 14 8173 2153
 Michal Devine (CFO)

 Nominated Adviser and Joint Broker
 Liberum Capital Limited
 Scott Mathieson / Ed Thomas / Nikhil Varghese   +44 (0) 20 3100 2000

 Joint Broker
 Tamesis Partners LLP
 Charlie Bendon / Richard Greenfield             +44 (0) 20 3882 2868

 Public Relations
 FTI Consulting
 Sara Powell / Nick Hennis                      +44 (0) 20 3727 1426

 

About Shanta Gold

 

Shanta Gold is an East Africa-focused responsible gold producer, developer,
and explorer. The company has an established operational track record, with
defined ore resources on the New Luika and Singida projects in Tanzania, with
reserves of 625 koz grading 2.91 g/t, and exploration licences covering
approximately 800 km(2) in the country. Alongside New Luika and Singida,
Shanta also owns the high-grade West Kenya Project in Kenya and licences with
resources of 1.7 million ounces including 722 Koz in the Indicated category
grading 11.45 g/t. With a healthy balance sheet, a growing diversified
portfolio and a maiden dividend paid in 2021, Shanta offers a resilient
investment opportunity for the near and long-term. Shanta is quoted on
London's AIM market (AIM: SHG) and has approximately 1,051 million shares in
issue.

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