Titanium Resources Group
Directorate Change
3 June 2010: Titanium Resources Group (“TRG” or “the Company”) announces that Walter Kansteiner has resigned as Chairman having served for a period of 5 years since joining the Company in February 2005 ahead of the IPO on AIM. The decision follows completion of a $25million capital raising and final settlement of all outstanding insurance claims (relating to the capsize of Dredge D2) which have together alleviated uncertainty about the Company’s plans to restore production growth.
Commenting on the announcement, John Sisay, Chief Executive of TRG, said:
“The Board would like to thank Walter for his significant contribution to the Company since he has been Chairman of TRG. Walter’s experience and leadership has been invaluable in both establishing TRG as a listed company and in supporting our ongoing recovery from a challenging operating period.”
Walter Kansteiner, said:
“After an enjoyable 5 years, I am leaving TRG at a time when the Company is well positioned to enter a new stage in its development following the successful fundraising in 2009 and the recent settlement with the Company’s insurers. TRG‘s senior management is well placed to now further develop the company’s significant potential.”
The Board has begun the process of recruiting a new Chairman and intends to provide an update on progress at the Company’s forthcoming AGM on 10 June 2010. The forthcoming AGM will be attended by the Company’s two Executive Directors John Sisay and Jean Lindberg Charles as well as the remaining four Non Executive Directors Mr. Rod Baker, Mr. Alex Kamara, Mr Raju Jaddoo and François Colette.
ENDS
Jean-Raymond Boulle Corporations
Jean-Raymond Boulle Charities
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