TIDMCHF
RNS Number : 5743K
Chesterfield Resources PLC
05 January 2021
Chesterfield Resources Plc / EPIC: CHF / Market: LSE / Sector:
Mining
5 January 2021
Management appointments and options issuance
Chesterfield Resources is pleased to announce a number of
management appointments as it develops its team for 2021.
Neil O'Brien has been appointed as Director of Exploration, in a
leadership role for the company's exploration programmes. Dr
O'Brien holds a PhD in Geological Sciences from Queen's University
in Canada, and has over 30 years industry experience including as
Senior Vice President, Exploration and New Business Development at
Lundin Mining Corporation until his early retirement in 2018.
George Clegg and Ryan Fells have been appointed as Exploration
Geologists. George and Ryan had previously been working for
Chesterfield in Cyprus on a contracting basis. They are now joining
as full-time employees of the company.
Said Executive Chairman Martin French "In making these
appointments we have added strength and continuity to our team.
Neil O'Brien is an acknowledged expert on VMS (Volcanogenic Massive
Sulphide) deposits and the Tethyan Belt, and provides a tremendous
depth of experience to our programme. He was previously acting as
technical consultant to the company, and will now be stepping-up to
take a leadership position within the team.
George Clegg and Ryan Fells graduated in the same year from the
Camborne School of Mines and worked on site with us through the
season last year. These appointments establish continuity to the
project and to the company. It is important that the team is
properly incentivised with share options, and so are focussed on
the same objective of creating share value growth for the benefit
of all our shareholders.
I am pleased to report that we are entering 2021 in a strong
position, with a management and operations team falling into place,
fully funded for our enlarged exploration campaign for the 2021
season, and backed by a FTSE 100 strategic partner. There will be
more news to follow soon."
On the recommendation of the Remuneration Committee, the Board
has agreed to issue management incentive options over a total of
1,400,000 ordinary shares of 0.1p each in the capital of the
company with an exercise price of 14p. These options will vest
immediately and will expire five years from the date of issue. The
options have been issued to the new management appointees as per
the table below.
N ame P osition Number of options
granted with an exercise
price of GBP0.14
Neil O'Brien Director of Exploration 750,000
------------------------- --------------------------
George Clegg Exploration Geologist 200,000
------------------------- --------------------------
Ryan Fells Exploration Geologist 200,000
------------------------- --------------------------
Paul Ensor Consultant 250,000
------------------------- --------------------------
The company now has a total of 11,105,000 incentive options on
issue, equivalent to 9.4% of its fully diluted capital.
Follow us on Twitter at @ChesterfieldPlc
About Chesterfield Resources
Chesterfield Resources is a copper-gold exploration company
active in Cyprus, where it holds the largest mineral exploration
licence area of any operator on the island. Polymetal
International, the FTSE 100 mining group, recently announced it had
taken a 23% strategic investment in Chesterfield via a placing of
new shares.
Cyprus is regarded as a good quality exploration location. It is
a member of the EU, and its legal system is based on English common
law. There has been minimal exploration activity on the island in
the last 46 years since the invasion by Turkey in 1974 put a halt
to what had been a very active mining industry.
Since that time, exploration technology and geological knowledge
has improved significantly. The company is exploring for VMS
(Volcanogenic Massive Sulphide) deposits, which typically occur in
stacks and clusters. Historically only those deposits which were
visible from surface have been mined. It is believed that many more
deposits remain undiscovered buried near surface, and the company
is using modern techniques to locate them.
While copper is the main exploration target, it is noteworthy
that gold was not historically exploited in Cyprus as its price was
pegged to just $35 per ounce when the mining industry was active in
the 1960s and 1970s (less than 50 times today's price). Gold has
been encountered in several locations in the exploration target
area and is an important part of the exploration objective.
The exploration team is led by three very senior geologists:
Neil O'Brien, formally Head of Exploration, Lundin Mining, Dave
Cliff, previously Head of Exploration Europe, Rio Tinto, and Mike
Parker, previously a senior geologist with First Quantum Mining
The current focus of exploration is in the Troodos West group of
licences belonging to the company, with around 30 defined targets
in an area measuring 10km by 10km. The objective is to discover
several VMS deposits in close proximity to each other to create a
mining project with a centralised processing unit. The company is
now in planning for its fully-funded 2021 campaign of geophysics
and diamond drilling.
Chesterfield Resources is committed to world-class environmental
standards in all of its operations to mine copper, which is
essential to developing clean technology projects worldwide. The
company hopes to develop industry and opportunities for the benefit
of the Republic of Cyprus.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information, please visit
www.Chesterfieldresourcesplc.com or contact:
Chesterfield Resources plc:
Martin French, Executive Chairman Tel: +44 (0)7901 552277
Panmure Gordon (UK) Limited
(Joint Broker):
John Prior Tel: +44(0)207 886 2500
Hugh Rich
Fox-Davies Capital Limited
(Joint Broker): Tel: +44 ( 0)20 3884 8450
Daniel Fox-Davies
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