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Crest CEO falls victim to budget cuts

17th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior Crest Minerals has undertaken a corporate restructure as part of its cost-cutting measures aimed at reducing overheads by as much as 40%.

The restructure would see CEO Stephen Jones stepping down from December 16.

“Our costs are currently out of kilter with what we can realistically budget for longer-term mineral exploration and we need to cut back our expenses while we re-prioritise the multiple exploration targets so they are in line with our strategic plan,” said Crest chairperson Jonathon Trewartha.

He added that tough cost reduction measures were necessary to conserve cash for Crest’s longer-term aspirations.

“This period of consolidation is difficult after the company’s dynamic start to public life since the listing on the ASX just 16 months ago. In that period, drilling of more than 37 000 m of reverse and air core has occurred, resulting in a discovery of an extensive gold system at Majestic North. This discovery will be developed further in the coming months.”

Trewartha said that Crest remained enthusiastic about proving up a mineable gold resource at Majestic North, and added that the company had recently applied for an additional tenement of some 103 km2 adjoining the discovery area.

Edited by Creamer Media Reporter

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