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White Cliff Minerals appoints ex-Viking Mines, Mincor Resources director Jack Gardner as chairman

Last updated: 14:17 26 Oct 2018 AEDT, First published: 23:17 25 Oct 2018 AEDT

Board table
The company is making changes as it focuses on Aucu Gold Deposit in Kyrgyzstan

White Cliff Minerals Ltd (ASX:WCN) has welcomed John William (Jack) Gardner as its new non-executive chairman today it progresses gold and cobalt strategies.

The engineer and former Viking Mines Ltd (ASX:VKA) chairman of seven years was an executive director of Mincor Resources NL (ASX:MCR) (FRA:MV3) (OTCMKTS:MCRZF) for 21 years, retiring from both postings in 2017.

READ: White Cliff Minerals’ rights issue raising up to $2.3 million for Asian and Australian projects

Outgoing White Cliff chairman Michael Langoulant will continue on as an executive director, with the company saying its restructure would allow it to strengthen the board as it developed its Aucu Gold Deposit in north-west Kyrgyz Republic.

White Cliff said: “We warmly welcome Jack to the team and believe his wide-ranging experience across different commodities in both production and exploration phases will be of significant value to the company.”

The company is hoping to extract value from the 90%-owned deposit in Kyrgyzstan and define cobalt resources at its cobalt-nickel projects in Australia.

Aucu has a 2.95 million tonnes inferred gold resource grading 5.1 g/t gold.

The project’s inferred copper resource has 17.2 million tonnes grading 0.37% copper for a contained 64,000 tonnes.

 

The company is currently rattling the tin, running a two-for-one renounceable rights offer for shareholders at a 1.5-cent issue price to raise up to $2,309,754.

For every new share issued, shareholders will receive one free attaching option exercisable at 4.5 cents on or before September 30, 2020.

The rights offer is being underwritten by Perth-based CPS Capital Group Pty Ltd to the tune of $500,000.

Each share picked up will include a free-attaching option exercisable at 4.5 cents on or before September 30, 2020.

READ: White Cliff Minerals seeks to divest non-core assets as part of corporate restructure

In Australia, White Cliff plans to focus on the cobalt and nickel project it holds south-east of Laverton.

White Cliff reported today: “Each of these projects have the potential to become significant mines in the near term.

“Although the projects are at early stages, White Cliff believes each could potentially support a stand-alone development of a size and quality that could rival some similar projects being promoted by the leaders in the Australian cobalt-nickel sector.

READ: White Cliff Minerals discovers new gold zone at Aucu in Kyrgyz Republic

The projects are found near Glencore PLC’s existing Murrin Murrin nickel-cobalt plant run by its wholly-owned subsidiary Minara Resources Pty Ltd and GME Resources Limited’s (ASX:GME) proposed Mt Kilkenny nickel-cobalt plant.

White Cliff said the proximity could “offer alternative development options.”

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