Shares in AIM-listed mining company SolGold fell sharply on Thursday morning after the board issued a public announcement stating that Chief Executive Officer (CEO) Malcolm Norris had resigned.
The company, which secured full ownershuip of the prospective kuma license in the Solomon Islands last month, reported that Nicholas Mather would continue in his role as the Executive Director of the company during a transitionary period until the new CEO had been appointed.
Cost savings inititives announcedThe board stated that it had commenced implementing a range of rationalisation and cost-saving initiatives, including a reduction in board fees, a reduction in salary expenses and a reduction in the general adminitrative costs of running the company.
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Praising Norris's contribution to the company, the board decribed him as having been "pivotal" in securing the company its Cascabel Copper Gold Porphyry project in Ecuador.
"The board is vigorously pursuing the appointment of a new CEO and expects to update the market with regard to this appointment in due course," the company reported.
The company's share price was down 8.33% to 2.75p at 09:12 on Thursday.
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