Katoro Gold plc has appointed Tertiary Minerals plc former managing director Patrick Cullen as interim chief executive officer on the board.
REVIEW
Mr Cullen has extensive geological, geophysical and mining experience from working in the junior resource exploration and major mining sectors.
Katoro said that Mr Cullen, who also previously worked for Arkle Resources plc, would guide and manage the company through the next phase in its development.
Work includes progressing a technical review of the Haneti gold project in Tanzania and “extracting value from the company’s business interests and AIM listing”.
He will also advance the review and potential acquisition of new “transformational” opportunities in critical and precious metals exploration and/or project development.
As part of his contract, Mr Cullen received 25 million options to subscribe for new Katoro ordinary shares of 0.1p each at an exercise price of 0.2p pence with a life to expiry of three years.
The company holds 65% of the Haneti joint venture and Power Metal Resources plc owns 35%.
In February, Katoro appointed former Power Metal CEO Paul Johnson as chief consultant through Value Generation Ltd, which received 25m warrants for Katoro shares.
In the same month, current Power Metal CEO Sean Wade was appointed non-executive chairman and issued with 25m options to subscribe for new Katoro ordinary shares.
Katoro plans to extend its interests in Africa, North America and Australia and to change its name to Katoro Global Resources to reflect the broader portfolio.
In addition to Haneti, the company also currently has a gold project in South Africa and an iron ore project in Namibia.