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Thundelarra changes focus from exploration to development; outlines management changes

The company is aiming for low-cost development and cash flow from its recently expanded tenements on the Garden Gully and Abbotts greenstone belt.
Garden Gully Gold Project
Garden Gully Gold Project is Thundelarra’s flagship project

Thundelarra Ltd (ASX:THX) has revealed its new growth strategy and changes to the company’s board and management.

Following the acquisition of the Abbotts Gold project and the completion of an independent review of its assets, Thundelarra has decided to change the near-term focus of its growth strategy from exploration for a large resource to one of low-cost development and cash flow from its recently expanded tenements on the Garden Gully and Abbotts greenstone belt.

READ: Thundelarra completes Abbotts acquisition, more than quadruples gold-prospective strike

The board has further unanimously agreed that the implementation of this strategy will be best achieved under new leadership with the appropriate mine development skill sets.

Accordingly, Thundelarra has agreed with its chief executive officer, Tony Lofthouse that his executive services agreement with the company will come to an end on April 30, 2019.

This period prior to his departure will enable orderly transition as the work on focusing on the new strategy progresses.

Thundelarra in its statement said that it would like to take this opportunity to thank Lofthouse for not only for his dedicated service over the past almost 7 years which have seen very challenging times for the junior exploration sector but also for his support and co-operation during this period of refocus by the company.

Lofthouse coordinated the acquisition of 90% of Red Bore, the company’s flagship project for several years and recently the acquisition of the Abbotts Project, which constitutes 85% of Thundelarra’s current flagship Garden Gully Gold Project.

Changes to the board

Philip Bruce has been appointed as an additional non-executive director with effect from March 1, 2019.

Bruce has a successful track record in the global minerals industry in exploration, evaluation, development, acquisitions, operations and senior corporate management.

He is a mining engineer with extensive experience in Australia and overseas and has been instrumental in the growth of small and large resource companies including Plutonic Resources Limited in its growth from $30 million to over $1 billion market capitalisation.

New chairman

Philip G Crabb will step down as chairman of the company at the close of Thundelarra’s upcoming annual general meeting but will remain as a non-executive director.

Existing non-executive independent director Rick Crabb will be appointed as chairman of the company.

Phil Crabb, as chairman, was instrumental in Thundelarra’s acquisition of the Garden Gully Gold Project, which will be central to the company’s strategy to identify low-cost mining opportunities.

He remains as the largest shareholder and will continue to apply his experience to assist in the new strategy.

Thundelarra will consider the appointment of a new chief executive officer at the appropriate time whilst progressing its growth strategy as outlined above.

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