Orosur Mining Chief Executive Officer to step down in May

AIM-listed South America-focused gold producer Orosur Mining has announced that David Fowler will resign from his position as Chief Executive Officer on May 31st.

Fowler joined Orosur as Chief Financial Officer in 2004 and became Chief Executive Officer in 2006.

The company said that it is in the process of recruiting a replacement. Fowler's existing terms of employment will apply until May 31st and the company said that the terms of his severance and engagement after that date were in the process of being finalised.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Gold production for the third quarter ended February 28th was 18,401 ounces, resulting in year-to-date production for the nine months of 47,822 ounces.

The company reported that its production forecast remained 63,000-to-68,000 ounces for the full year.

Fowler commented: "The successful development of the first underground mine in Uruguay at Arenal Deeps reached an important milestone during the quarter with the completion of the ramp to provide access to higher grade ore and leaves the company in a strong position to pursue its objectives of generating cash, extending the mine life at San Gregorio, and realising value from its Chilean exploration assets.

Tony Shearer, Chairman of Orosur Mining, commented: "David has been with Orosur for nine years and we have mutually decided that he needs new challenges and opportunities, and that a fresh approach would be beneficial to the company. We are very grateful to David for all he has achieved for Orosur, and we will be working together to achieve a smooth transition."

"Overall, the board is confident that the company remains on track to deliver the strategy that was outlined in October 2012," he concluded.

Orosur Mining is a fully integrated gold producer and exploration company focused on identifying and developing gold projects in Latin America. It operates the only producing gold mine in Uruguay, San Gregorio, and has assembled an exploration portfolio of high quality assets in Uruguay and Chile.

Orosur Mining's share price was up 1.17% to 32.50p at 08:59 on Friday.

MF