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ZENITH MINERALS LIMITED — Board/Management Information 2012
Sep 27, 2012
66123_rns_2012-09-27_44703848-5b77-45ae-90e5-318f57fd756e.pdf
Board/Management Information
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Board Change - Appointment of Managing Director
The board of directors of Zenith Minerals Ltd is pleased to advise that highly regarded geologist Neil Martin has agreed to join the Company as Managing Director commencing on 15th October 2012.
Activities Exploration/Development MtAlexanderMagnetiteIron Earaheedy Manganese
Directors GaryComb Chairman Stan Macdonald Non Exec Director MikeJoyce Non Exec Director
Details as at June 2012
| IssuedShares | 81.3 m |
|---|---|
| Unlisted options | 0.9 m |
| Mkt.Cap.($0.28) | A$ 22.5 m |
| CashJune2012 | A$ 1.23 m |
| Debt | Nil |
| MajorShareholders | |
| Atlas Iron | 10.8% |
| HSBCCustod.Nom. | 9.7 % |
| JPMorganNom. | 3.7% |
| Yandal Inv.PL | 3.4% |
Neil brings around 25 years experience in mineral exploration and mining in a wide variety of commodities, ranging from project generation, to near mine exploration. He has completed a PhD in geology from University of Tasmania, and has had a successful career in the mining industry including recent senior management roles as Exploration Manager of Jabiru Metals Ltd, Chief Geologist of Independence Group NL, and previous Senior Geologist and District Geologist roles with Acacia Resources Ltd, MIM Exploration, and Dominion Mining Limited.
Chairman Gary Comb commented, "I am delighted that Neil has agreed to join Zenith. Neil and I worked closely together at Jabiru Metals, and I have the utmost respect for his technical and managerial capabilities. The injection of Neil's drive and enthusiasm will be critical in what is shaping as a very busy and important period for the Company, with follow-up drilling of the new high grade Earaheedy manganese discovery, and further resource drilling and feasibility work aimed at capturing shareholder value for the Company's giant Mt Alexander magnetite deposit."
The terms of Mr Martin's employment contract include a cash salary component of $285,000 per annum inclusive of superannuation. Incentive options are proposed to be issued under the contract subject to the approval of shareholders as follows: 1,000,000 options with a term of 45 months, exercise price 45% above the 20 day VWAP on the date of shareholder approval. Shareholder approval for issue of the options to Mr Martin will be sought at the Company's AGM in November.
Zenith Minerals Limited
28 September 2012
Email:[email protected] Web: www.zenithminerals.com.au