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CANNINDAH RESOURCES LIMITED Board/Management Information 2012

Jul 30, 2012

64600_rns_2012-07-30_22b43d6f-5b2d-45a4-9451-cfd8dc65e49d.pdf

Board/Management Information

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----- Start of picture text ----- ASX RELEASE31 July 2012ASX Code: PMQ----- End of picture text -----

Appointment & Resignation of Director

KEY POINTS

Planet Metals is pleased to announce that the Company’s Chief Executive Officer, Brett O’Donovan, has been appointed to the Board as Managing Director, effective immediately.
At the same time, Andrew Gillies has stepped down from the Board as a Non-Executive Director. Mr Gillies’ resignation was based on his decision to reduce his number of Board positions and focus more on his role as Managing Director of Metallica Minerals.
The Planet Metals Board now comprises David Barwick (Non-Executive Chairman), Barry Kelly (Non-Executive Director) and Brett O’Donovan (Managing Director).
Planet’s Chairman, David Barwick, said, “On behalf of the Board, I would like to sincerely thank Andrew for his commitment and expertise over the last 3 years. At the same time, I welcome Brett to the Board. Brett has excelled in his previous role as CEO and I am confident he will continue to successfully lead the Company.”

For further information, please contact:

Brett O’Donovan Managing Director Ph: 61 7 3249 3080

About Planet Metals Limited

Planet Metals (ASX Code: PMQ) is a Brisbane-based ASX-listed resource and exploration company, with a focus on gold and copper. The Company’s key operations are the Mount Cannindah copper-gold project (subject to a farm-in agreement with Drummond Gold) and the Mount Borium gold project (located between Kidston and Einasleigh, Qld). Planet also recently entered into a farm-in agreement over the Casuarina Salt Prospect, near Gladstone, Central Queensland. Planet Metals has 59.7 million shares on issue as well as 6.5 million unlisted options. Cash on hand at 30 June 2012 was $5.945M, with the Company currently in the process of finalising a $3.9M return of capital, equivalent to 6.5 cents per share to all Shareholders. The capital return has been approved by shareholders and will be paid on 9 August 2012.The Company’s cash position post capital return will be approximately $2.0M.