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RED MOUNTAIN MINING LIMITED — Board/Management Information 2012
Dec 17, 2012
65719_rns_2012-12-17_e34fba17-b0f5-4dec-b356-2894c2019e54.pdf
Board/Management Information
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18 December 2012
ASX ANNOUNCEMENT
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Red Mountain Strengthens Board and Executive Management
On 30 October 2012, Red Mountain Mining Limited (ASX; RMX) (“Red Mountain” or “the Company”) announced that Mr Jon Dugdale had joined Red Mountain’s Board as an Executive Director, effective immediately. It further noted the intention that, over the following months, Mr Dugdale would resign as President and CEO of Mindoro Resources Limited (“Mindoro”) and transition to Managing Director of Red Mountain.
The Company is pleased to advise that it has executed an Employment Agreement with Mr Dugdale, pursuant to which he will assume the full time role of Executive Director – Development and Operations, from 21 January 2013 and transition to Managing Director by 30 March 2013 after resigning as President and CEO of Mindoro, effective 21 December 2012.
Mr Dugdale graduated as a geologist with first class honours from the University of Melbourne in 1986 and has 26 years mining and investment experience in Australia and the Asian region. Following graduation Mr Dugdale immediately joined Western Mining Corporation, spending 7 years in Western Australia and Queensland in gold and nickel mine geology and exploration. With MPI Mines from 1993 to 2004, Mr Dugdale was involved with the exploration and development of several discoveries made by the MPI exploration team, including Silver Swan nickel deposit in Western Australia and Golden Gift gold deposit in Stawell, Victoria, Australia. Mr Dugdale spent four years with Mindoro’s major shareholders Asian Lion and Lion Selection Group, where he obtained exposure to the valuation and development of mining projects in the Asian region as an active investment manager. Most recently, from February 2010, Mr Dugdale was President and CEO of Mindoro Resources Limited.
The material terms of Mr Dugdale’s appointment are detailed in Annexure A.
The Company further advises that, from 21 January 2013, Executive Director, Mr Keith Rowe, will assume a Non-Executive Director’s role.
Executive Chairman, Mr Neil Warburton said, “the addition of Jon to the Red Mountain Board brings a wealth of exploration and mine development experience which will assist the Company progress the development of our current Philippines’ gold assets through to production. The Company is extremely excited with the recent high-grade exploration results at the Batangas Gold project south of Manila and looks forward to further success.”
“This advanced gold project last month returned a high-grade gold drilling intersection of 2.2m at 36.53 g/t gold, including 1.2m at 62.09 g/t gold from a 10 hole program at the Archangel prospect. All holes intersected gold mineralisation. Batangas already features
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ASX code: RMX COMPANY DIRECTORS CONTACT DETAILS ABN 40 119568106 Neil Warburton Michael Wolley RED MOUNTAIN MINING LTD Executive Chairman & Acting CEO Non-Executive Director Head Office Keith Rowe Shannon Coates Unit 1, 2 Richardson Street Executive Director Company Secretary West Perth Western Australia 6005 Jon Dugdale Executive Director www.redmm.com.au
an Indicated Resource of 10.1Mt @ 1.2 g/t Au for 393,000 oz of gold and 1,427,800 oz of silver, and an Inferred Resource of 3.8Mt @ 0.88 g/t Au for 108,000 oz of gold and 210,000 oz of silver”.
“Additional high grade gold channel sampling results have also been returned from the under explored Lobo epithermal lode structures”.
__________________________________________________________________________________________________ For further information about Red Mountain Mining please visit www.redmm.com.au or contact:
Company Investors Media Neil Warburton Kevin Skinner Executive Chairman Field Public Relations (+61) 408935014 (+61) 4014822631 (+61 8) 9226 5668 (+61)8 82349555
About Red Mountain Mining Limited
Red Mountain Mining (ASX: RMX) is primarily a gold explorer and project acquisition company incorporated in Australia in May 2006 and which listed on the ASX in September 2011. The Company’s strategy is to unlock the potential of ‘under-developed’ gold and polymetallic projects in the greater Asian region by introducing Australian mining methods and improving efficiencies to gain significant production and exploration upside.
The Company has recently completed the acquisition of significant gold resources and copper gold tenements in the Philippines.
Competent Person Statement
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Jon Dugdale, who is a Fellow of The Australasian Institute of Mining and Metallurgy.
Jon Dugdale is Executive Director of Red Mountain Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Jon Dugdale consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
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ASX code: RMX ABN 40 119568106
COMPANY DIRECTORS Neil Warburton Executive Chairman & Acting CEO Keith Rowe Executive Director Jon Dugdale Executive Director
CONTACT DETAILS RED MOUNTAIN MINING LTD Head Office Unit 1, 2 Richardson Street West Perth Western Australia 6005
Michael Wolley Non-Executive Director Shannon Coates Company Secretary
ANNEXURE A
The material terms of Mr Dugdale’s Employment Agreement are:
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Base Salary of $300,000 per annum, plus statutory superannuation.
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Subject to shareholder approval, a total of 4,000,000 options as described below.
The Company intends to wait to seek shareholder approval to the issue of the options until a shareholder meeting is required to be held for other transactional or annual business.
- The Employment Agreement may be terminated by either party on three month’s written notice.
The Employment Agreement contains other terms and conditions standard for an agreement of this nature.
Terms and Conditions of Options:
Subject to shareholder approval, the Options will be issued in accordance with vesting terms and conditions and otherwise in accordance with the Company’s Employee Share Option Plan.
The Options will be issued on one date but in 3 tranches as follows. The Options will only vest if and when the respective vesting terms and conditions are satisfied. The vesting terms and conditions relate to specific performance criteria relevant to the Company's operations. Details of the material terms and conditions of the Options including the vesting terms and conditions will be set out in the notice of meeting which will be sent to Shareholders in due course. Options that do not meet the vesting terms and conditions will lapse automatically.
| Tranche | Number ofOptions | Exercise Price | Expiry Date |
|---|---|---|---|
| 1 | 1,000,000 | 2x VWAP for the 5 trading days prior21 January 2013 | 22/01/2017 |
| 2 | 1,000,000 | 4x VWAP for the 5 trading days priorto 21 January 2013 | 22/01/2017 |
| 3 | 2,000,000 | 6x VWAP for the 5 trading days priorto 21 January 2013 | 22/01/2017 |
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ASX code: RMX ABN 40 119568106
COMPANY DIRECTORS Neil Warburton Executive Chairman & Acting CEO Keith Rowe Executive Director Jon Dugdale Executive Director
CONTACT DETAILS Michael Wolley RED MOUNTAIN MINING LTD Non-Executive Director Head Office Shannon Coates Unit 1, 2 Richardson Street Company Secretary West Perth Western Australia 6005