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KINGSROSE MINING LIMITED — Board/Management Information 2013
Jun 4, 2013
65202_rns_2013-06-04_c1cc3128-7f09-4b83-9549-df41d679cb0c.pdf
Board/Management Information
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5 June 2013
Company Announcements Office Australian Securities Exchange Limited Level 6, 20 Bridge Street Sydney NSW 2000
**BOARD
CHANGES AND PROJECT UPDATE**
The Board of Kingsrose Mining Limited (“Kingsrose”) or (the “Company”) wishes to advise that Christopher Start will be stepping down as Managing Director of the Company effectively immediately for personal reasons. Finance Director, Tim Spencer, will act as interim Managing Director whilst the Board considers a permanent arrangement in relation to Mr Start’s replacement.
The Board would like to thank Mr Start for his efforts and contribution to the Company during his time as Managing Director and wishes him well in his future endeavours.
Mr Spencer, who has been with the Company as Chief Financial Officer since February 2009 and as a director since March 2009, is well positioned to undertake the role of interim Managing Director whilst the Board conducts a senior executive search process for an experienced technical person (engineer or geologist) to join the Company. Corporately, the Company’s Financial Controller, Chloe Lam, and Company Secretary, Jeannette Smith, support Mr Spencer.
In accordance with Listing Rule 3.16.4 the Company wishes to advise that there have been no material variations to Mr Spencer’s Employment Contract other than above-‐mentioned change in position.
Project Update
Activity at the Way Linggo Project continues on various development work at Talang Santo. The water pumping station has been completed and development in ore along the 3 Level is underway. The experienced management team based in Jakarta and at Way Linggo are intently focussed on pushing forward on both operational and regulatory fronts. The various regulatory approvals continue to be processed in parallel, but at this stage the Company is not in a position to advise when these processes will be finalised due to the difficulty associated with forecasting timelines in both these circumstances and jurisdiction. The Company will update the market when it has further information.
Suite 9, Level 2 | 12 – 14 Thelma Street West Perth WA 6005 ABN: 49 112 389 910
T + 61 8 9486 1149 | F + 61 8 9486 1151 www.kingsrosemining.com.au [email protected]
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Guidance Forecast
The Company expects to produce 9,000 ounces of gold for the current financial year and guidance for the 2013/14 financial year will be provided after completion of a thorough review taking place during June.
Yours faithfully KINGSROSE MINING LIMITED
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**JOHN
MORRIS CHAIRMAN KINGSROSE MINING LIMITED**
For more information please contact:
+61 9486 1149
www.kingsrsosemining.com.au [email protected]
**About
Kingsrose Mining Limited:**
Kingsrose Mining Limited is a gold producer that owns 85% of the Way Linggo Project in South Sumatra, Indonesia. The Project has emerged as small but highly profitable due to its high gold and silver grades and low operating costs. The Way Linggo Project hosts a JORC compliant resource of 2,188,500 tonnes with a grade of 6.9/t gold containing 485,900 ounces and 135g/t silver containing 3,183,200 ounces. Production for year ending 30 June 2012 reached 37,650 ounces of gold and 432,754 ounces of silver at a cash operating costs of US$254/oz (after silver credits).
The Way Linggo Project, held under a highly prized 4[th] Generation Contract of Work agreement with the Indonesian government (mining title of 10,000 hectares), sits on the prolifically mineralised Trans-‐Sumatra Fault, which is part of the Pacific Rim of Fire. The area is considered highly prospective for low-‐sulphidation epithermal gold-‐silver deposits. Kingsrose made a second high grade epithermal gold discovery in mid-‐2011, named Talang Santo, 7km NNE of the Way Linggo mine and has commenced development of that ore system to supplement and sustain its gold production.