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White Rock Minerals appoints board member on path to development

White Rock Minerals (ASX:WRM) has appointed Ian Smith as a non-executive director to its board.
White Rock Minerals appoints board member on path to development
White Rock’s cornerstone asset is the 100% owned Mt Carrington project

Smith has more than 35 years’ experience in the mining and services sector and will look to support the company’s transformation as it delivers on its growth strategy.

White Rock has assembled a highly skilled team to deliver its definitive feasibility study and environmental impact statement for its Mt Carrington gold-silver project in New South Wales.

Smith has held some of the most senior positions in the Australian resources industry, and was most recently managing director and CEO of Orica (ASX:ORI), the largest manufacturer and supplier of explosives and ground support in the world.

Prior to that, Smith was managing director and CEO of Newcrest Mining (ASX:NCM) for five years, growing the business to become one of the largest gold mining companies.

Brian Philips, chairman, commented: “Ian has a wealth of experience in the resources industry, including operational and project management roles through to the most senior corporate executive levels.”


Smith with skin in the game

As an early sign of confidence and in connection with his appointment to the board, Smith has subscribed for 6.67 million shares in the shortfall from the recent rights issue.

The new shares were issued at $0.015, being the same issue price as under the rights issue.

The funds from the issue will be used to advance the definitive feasibility study (DFS), the environmental impact statement (EIS) and associated approvals for Mt Carrington.


Background

White Rock’s cornerstone asset is the 100% owned Mt Carrington project where shallow resources totalling 338,000 ounces of gold and 23.4 million ounces of silver have been defined.

It is located 5 kilometres from the township of Drake in northern New South Wales and is on the Bruxner Highway.

Mt Carrington is a gold and silver development asset with a low capex of circa A$30 million which includes the DFS and EIS.

The estimated initial 7-year mine life will provide a 10 month payback and generate over $100 million in free cash flow.

It also has the potential for high grade gold-silver at depth and for copper porphyry mineralisation.

White Rock is also in the enviable position of already having secured a transformational financing package with Cartesian Royalty Holdings.


Next steps

The assembled definitive feasibility study team’s initial priorities will be:

- Community consultation strategy and engagement;
- The preparation and submission of the project’s preliminary environmental assessment;
- A geological review of the resource to JORC 2012 standard; and
- A detailed review and commencement of the metallurgical test work needed to lock down the preferred plant design.

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