Board & Management Update to Progress RUM towards Production
Darwin, June 5, 2014 AEST (ABN Newswire) - Emerging Australian fertilizer minerals company, Rum Jungle Resources (
ASX:RUM), is pleased to announce the following Board and management changes to facilitate the company's progression from an exploration company to a potential producer.
David Muller, the founding CEO of RUM, will retire on 30th June as Managing Director and CEO to become Non-Executive Chairman of the company. Current Chairman, Rob Annells, will step down to become a Non-Executive Director.
Chris Tziolis, currently an Executive Director of RUM and Director of Project Development with the company, will become the new Managing Director and CEO. Prior to joining RUM, Mr Tziolis spent more than 6 years with Rio Tinto, including as Chief Development Officer with Energy Resources of Australia (ERA), a subsidiary of Rio Tinto, based in Darwin.
The Board and management changes represent an important development for the company, as it potentially moves towards Bankable Feasibility Study (BFS) stage on either of the company's key fertiliser mineral projects in the Northern Territory - Ammaroo Phosphate Project (100%) and Karinga Lakes Potash Project (100%) - and ultimately production.
Importantly, the changes in role for Messer's Annells, Muller and Tziolis ensures the company retains the significant RUM corporate and project knowledge, at both a Board and management level.
Commenting on the changes, David Muller said: "I have been with the company since inception and its listing on the ASX seven years ago. It has been a very rewarding experience, during which we have survived the GFC and successfully established two new projects and a top management team in the Northern Territory.
"Chris Tziolis and I have worked closely over the past 18 months and I strongly believe he has the professional experience and energy to progress the RUM projects successfully. Chris will have the full support of the Board and, once the green light is pushed to proceed with a BFS on the potash or phosphate project, further additions of key people to the Board and management are likely."
Current Chairman, Rob Annells said: "While I have known David for more than 30 years, it is only in the last seven that I have been closely associated with him on the Board of Rum Jungle, during which time I have come to recognise the depth of his entrepreneurial talent and ability to build a company.
I would formally like to thank him for the tremendous effort that he has put into creating and developing Rum Jungle Resources. I am confident that in a Non-Executive role David will continue to push hard for the further development of the company and future capital growth for shareholders."
Board and management changes will be effective from 30th June 2014.
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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