Retirement of Managing Director (6208L)
03 August 2011 - 4:01PM
UK Regulatory
TIDMAR.
RNS Number : 6208L
Archipelago Resources PLC
03 August 2011
3(rd) August 2011 AIM: AR.
Archipelago Resources Plc
("Archipelago" or "the Company")
Retirement of Managing Director
Archipelago announces the retirement of Colin Loosemore, the
Company's founding and long serving Chief Executive Officer and
Managing Director, effective at the close of the Annual General
Meeting on 3(rd) August 2011.
Mr Loosemore acquired the Toka Tindung Gold Project in North
Sulawesi, Indonesia ("Toka Tindung" or "the Project") in 2002 and
floated Archipelago on the AIM market in 2003. Mr Loosemore's
persistence in leading a team during the last decade resulted in
the construction of a processing plant at Toka Tindung in 2010
followed by commissioning and first production of gold in April
2011.
Mr. Loosemore will assume an executive role with Archipelago
Metals Ltd, a currently unlisted Australian company spun out of
Archipelago in early 2008 and of which Mr. Loosemore has been a
director since inception. The two companies will continue a working
relationship, with the Company focused on gold and Archipelago
Metals focused on non gold projects, in particular an advanced
feasibility stage chromite project in Vietnam.
Mr. Loosemore's replacement will be announced at Archipelago's
Annual General Meeting on 3(rd) August and a statement will follow
shortly afterwards.
Stephen Sulistyo, Chairman of Archipelago, commented:
"I would like to extend my sincere thanks to Colin. He has
served as Managing Director of Archipelago for 10 years and in that
time has lead the Company in its transformation from a junior
explorer to a significant gold producer. When Toka Tindung reaches
full production in a few months time it will be testament to the
hard work of Colin and his team. We wish him similar success in his
new role with Archipelago Metals."
Further Info: Colin Loosemore, Managing Director, Archipelago
Resources Plc.
Tel: 65 6535 3419
Shaun Whyte, Ambrian Partners Ltd.
Tel: 44 20 7634 4700
Bobby Morse / Katharine Sutton, Buchanan.
Tel: 44 20 7466 5000
Gerry Beaney / David Hignell, Grant Thornton Corporate
Finance.
Tel: 44 20 7383 5100
www.archipelagoresources.co.uk
Archipelago is a mining company listed on the AIM market of the
London Stock Exchange. The Company's principal activities are gold
mining and exploration in Indonesia (as 95% owner of the producing
Toka Tindung Gold Project in North Sulawesi, Indonesia), Vietnam
(as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint
ventures with VINACOMIN a Vietnamese Government mining company) and
the Philippines (via entitlement to not less than an 80% interest
in exploration company Corplex).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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