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Xanadu Mines lines up new chairman to start tomorrow

The new chairman aims to take Xanadu through the next stage of the company’s growth strategy for the Kharmagtai Copper-Gold Project

Xanadu Mines Ltd - Xanadu Mines lines up new chairman to start tomorrow
Kharmagtai hosts a large emerging copper-gold resource

Xanadu Mines Ltd (ASX:XAM) has revealed that Colin Moorhead will transition into the chairman role from 29 November 2019 replacing Dr Darryl Clark.

Moorhead is a geologist by background with extensive experience in development and financing significant mining projects internationally.

He began as a graduate with BHP in 1987 and went on to become an executive-level manager responsible for global exploration and resource development at Newcrest Mining from 2008 to 2015, a period of significant growth for Newcrest.

Moorhead was CEO and remains a director of emerging Indonesian listed producer PT Merdeka Copper Gold (IDX:MDKA).

Notably, he built and led the team that constructed and commissioned the successful Tujuh Bukit Gold Mine.

Next stage of company’s growth plan

Xanadu’s CEO Dr Andrew Stewart said: “Firstly, I would like to thank Dr Darryl Clark for his hard work and dedication over the years including securing the Kharmagtai Copper-Gold Project for the company and we wish him all the best in the future.

“I would also like to welcome Mr Moorhead to the team and look forward to working with him and the Board as we look to take Xanadu through the next stage of the company’s growth strategy.”

Delivering next tier-one copper-gold discovery

Moorhead added: “I am proud and humbled to have been selected to lead Xanadu through its next exciting growth phase.

“I look forward to working with the very capable executive team and all of Xanadu’s important stakeholders to continue to deliver sustainable shareholder wealth.

“Exploration will be the most cost-effective way of adding to the company’s growth pipeline. We have a great project in Kharmagtai where we think we can add significantly to our resource base and deliver the next significant tier one copper-gold discovery.

“While the recently defined shallow oxide gold mineralisation provides the company the ability to move quickly on a low capex oxide gold project, providing the capital needed to advance that larger scale copper and gold project.”

Quick facts: Xanadu Mines Ltd

Price: 0.045 AUD

Market: ASX
Market Cap: $42.7 m

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on 4/9/19

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