26 February 2014
Savannah Resources Plc
Management Team Update
Savannah Resources plc (AIM: SAV), advises that it has made two executive appointments. The first is the formal appointment of Paul O'Donoghue as Country Manager for Savannah in Mozambique. The second is that of Dr Durair A'Shaikh, a geologist with over 18 years' international geological experience.
Savannah's CEO Mr. David Archer said today "Paul is a founder of Matilda Minerals Limitada, a long term resident of Mozambique, fluent in Portuguese and managed the successful implementation of last year's Jangamo drilling programme. He is doing a first class job leading our activities in the country. Dr Durair is an internationally recognised expert in the genesis of base metal deposits, has published extensively and will add to the geological capability of Savannah's team. His appointment supports our stated strategy of becoming a multi commodity focussed exploration and development group.
'"I am also pleased to note that they are helping our cash conservation programme by their agreeing to receive share options for reduced cash compensation thereby clearly aligning their interests with those of our shareholders."
Paul O'Donoghue and Dr Durair may each receive up to 1,500,000 share options with a strike price of 8.81p, which represents a 35% premium to the 30 day volume weighted average price ("VWAP"), and the final exercise date will be 25 February 2019. There are performance conditions attached to the 1,500,000 share options that Mr O'Donoghue and Dr Durair will each receive which are summarised as follows: 500,000 options on signature of their contracts; 500,000 options following the completion of a corporate transaction or the announcement of an applicable JORC mineral resource; and, 500,000 options on completion of 12 months' service.
In addition, a group providing Savannah with consulting services in relation to Savannah's activities in Mozambique will be issued with 82,514 of shares worth £6,000 in lieu of consulting fees at a price 7.2715p per share based on a 15 day VWAP.
Application will be made for the new ordinary shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on 3 March 2014. Following Admission, the total number of voting rights in the Company will be 138,448,295 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.savannahresources.com or contact:
David Archer |
Savannah Resources plc |
Tel: +44 (0)20 3664 9330 |
James Maxwell / Jen Boorer |
N+1 Singer |
Tel: +44 (0)20 7496 3000 |
Felicity Edwards/ Charlotte Heap |
St Brides Media & Finance Ltd |
Tel: +44 (0)20 7236 1177 |
Notes
About Savannah
Savannah Resources Plc (AIM: SAV) is a multi-commodity focussed exploration and development company. Through its 80% ownership of Matilda Minerals Limitada it operates the Jangamo exploration licence in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12 billion tonnes at 3-4.5% THM (published in 2008). In addition, Savannah owns an effective 19% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold/base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc, under which Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project. The Company is also evaluating additional opportunities to expand its portfolio and geographical focus.
