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Xanadu Mines makes board changes to reflect renewed Australian market focus

The changes mark a shift on money spent towards direct exploration as well as redirecting efforts to the Southern hemisphere.

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The company has a substantial position across Mongolia’s South Gobi.

Xanadu Mines Ltd (ASX:XAM) (TSX:XAM) has made changes to its board of directors reflecting a renewed focus to connect with the Australian retail investor market for its Mongolian gold-copper project.

The changes will be effective from the conclusion of the annual general meeting to be held on April 30, 2019.

They include:

  • The company’s two London-based directors, Kevin Tomlinson and Marcus Englebrecht will stand down from the board;

  • Managing director and CEO Andrew Stewart will be relocated to Australia from Mongolia to take up the chief executive officer position;

  • The board will now comprise Darryl Clark as executive chairman, Andrew Stewart as CEO, Ganbayar Lkagvasuren as executive director and Michele Muscillo as an independent non-executive director while Hannah Badenach remains as a non-executive director and Noble Resources nominee.

Xanadu's outgoing non-executive chairman Kevin Tomlinson said he was proud of the achievements the team had made during his years with the company.

Tomlinson said: “In light of this strategic focus on the Australian market and the desire to reduce the size of the board, I am handing the reins over to Darryl Clark, who is based in Melbourne, to redirect the efforts to the Southern Hemisphere.”

READ: Xanadu Mines measures up to 92.5% gold recoveries at Golden Eagle target

Chairman-elect Darryl Clark said: “We are rebuilding our efforts to connect with the Australian market and with the focus being on our new gold discovery, the high-grade gold at Stockwork Hill and soliciting interest from well-recognised industry players.

“These changes also reflect the company’s renewed focus on cutting general administration costs with a focus on money into direct exploration.”

Quick facts: Xanadu Mines Ltd

Price: 0.032 AUD

ASX:XAM
Market: ASX
Market Cap: $22.81 m
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