der Text wird durch das Einfügen etwas verrissen :-(.
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Mr David Kennedy to stand down as Chairman
and Mr David Riekie joins board as Chairman elect
Having been in the Chair for the past 10 years, Mr H.D. (Dave) Kennedy has decided to
stand down as Chairman of Sub-Sahara Resources NL effective from the conclusion of
this years’ Annual General Meeting. Mr David Riekie, a Perth based corporate
consultant, has accepted appointment as a non-executive director of the Company and
will become the Chairman at this time.
Mr Kennedy (aged 70) has been instrumental in developing the Company from the
former Maiden Gold and unlisted Universal Gold. Mr Kennedy has overseen the
Company’s growth in Tanzania, such that it can now lay claim to an impressive range of
exploration assets and strong joint venture partners such as Barrick Gold and Resolute
Resources.
Mr Kennedy was also responsible for generating valuable opportunities for the Company
into Eritrea; initially the Asmara project that the Company is now converting into a
significant share holding (7.6million shares) in Canadian listed Sunridge Gold Corp and
more recently, the Zara project. The current value of Sub Sahara’s interest in Sunridge
Gold Corp is approximately AUD $25m.
The directors of Sub-Sahara wish to acknowledge Mr Kennedy’s efforts as Chairman
and thank him for his significant contribution during the Company’s formative period. Mr
Kennedy will remain on the board as a non executive director.
Mr David Riekie (B.Ec, Dip Acc, CA - Aged 45) is a Chartered Accountant with Australian
and International experience. He is a non-executive director of a number of ASX listed
companies, engaged primarily to assist with corporate, financial, strategic and
compliance matters. As an executive director of Grange Consulting Group Pty Ltd, David
has developed significant experience in capital markets, via capital raising initiatives
(public and private) and corporate and strategic development programs in the resource
and industrial sectors, both in Australia and overseas.
ACN: 061 104 158
288 Stirling Street, Perth
Western Australia 6000
PO Box 8260
Perth Business Centre
Western Australia 6849
Telephone (+61 8) 9227 3260
Facsimile (+61 8) 9227 3271
Email: enquiries@subsahara.com.au
Web: www.subsahara.com.au
Sub-Sahara Resources NL
2
The directors welcome David to the board of Sub-Sahara and are confident that he will
add significantly to the functioning of the board and the overall operations of the
Company.
About Sub-Sahara (ASX: SBS)
Sub-Sahara has interests in a number of highly prospective and rapidly expanding
African projects as well as substantial equity interests; in summary they are as follows:
Tanzania
• Nyanzaga Joint Venture (Gold) – JV partner Barrick East Africa Limited
(Barrick Gold) has earned 51% and is currently earning a further 19%. The JV is fully
financed to completion of a Bankable Feasibility Study (BFS). The independently
estimated gold resource is currently 4.5million ounces (indicated and inferred).
• Lake Victoria Joint Venture (Gold), JV partner Currie Rose Resources
(TSX.V), earning 70% by completing a BFS, currently holds 40%. The JV includes
the Mwamazengo gold discovery
• Nyakufuru Joint Venture (Gold) – JV partner Resolute Mining Limited is earning
70%. Drilling is planned
Eritrea
• Zara Joint Venture (Gold) – central Eritrea – Sub-Sahara manage and drilling is
on-going
Note: Sub-Sahara is fully financed in the Tanzanian projects.
Equity Interests:
• Sunridge Gold Corp. On completion of the Asmara Project transaction Sub-
Sahara will hold 7.6 million shares currently valued ~ $25million.
• Currie Rose Resources – Sub-Sahara holds 6 million shares currently valued at
~ $1.7million.
Cash:
Sub-Sahara presently holds operating funds of $5.6 million.
For and on behalf of
Sub-Sahara Resources NL
E.A Myers
Company Secretary
For further information please e-mail Michael Griffiths or Mr Ernie Myers -Company
Secretary (enquiries@subsahara.com.au ) or contact by phone on 61-8-9227 3260