PERTH (miningweekly.com) – Copper and gold junior Celsius Resources has resumed share trading after announcing significant board changes and the sale of its Cullarin West project in New South Wales.
The ASX-listed company has announced the termination of MD Robert Gregory and nonexecutive director Bill Oliver’s contracts, by mutual agreement, with immediate effect.
Instead, Celsius has appointed Peter Hume as an executive director, complementing his current role as Philippine country operations director and member of the board of Celsius’ Philippine subsidiaries.
Simon James Farrell has also been appointed as a nonexecutive director, effective immediately.
Both Hume and Farrell have more than 40 years' experience in the resources sector.
Executive chairperson Martin Buckingham will be sharing executive duties with Hume on an interim basis, until the company has appointed a suitable MD.
Meanwhile, Celsius also announced the sale of its Cullarin West exploration project to unlisted Second String for A$25 000 in cash, and the issue of A$200 000 ordinary shares in the company.
The agreement was subject to Second String completing a listing agreement, and the satisfaction of regulatory approvals.
Buckingham said on Friday that the sale of Cullarin West was part of a programme to rationalise the noncore assets of Celsius in order to reduce overhead costs and maximise shareholder value.