JOHANNESBURG (miningweekly.com) – Dublin-based explorer Glencar Mining on Tuesday reported that five of its directors have resigned, with immediate effect, upon the Gold Fields offer becoming unconditional.

Directors Sean Finlay, Hugh McCullough, Kieran Harrington, Bill Cummins and Philip O’Quigley have resigned.

Thomas McKeith, Johan Pauley and Stephen Ellis have been appointed to the board of Glencar with immediate effect. All of the new directors hold full time executive positions in the Gold Fields group.

Commenting on the outcome of the Gold Fields offer, Glencar's outgoing chairperson Finley said that the high level of acceptances - over 83% - of the Gold Fields offer reflects the strong support by Glencar’s shareholders for this transaction, which, he believed, provided fair value for all the parties.

“I wish Gold Fields every success with Glencar’s exploration projects, particularly in Mali and am confident that successful mining ventures will emerge from these projects.”

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