Vatukoula Gold Mines PLC Vatukoula Announces Resignation of CEO (6927E)

TIDMVGM

RNS Number : 6927E

Vatukoula Gold Mines PLC

11 April 2014

Vatukoula Gold Mines plc

("Vatukoula" or "the Company")

Vatukoula Announces Resignation of CEO David Paxton

The Board of Directors of Vatukoula (AIM: VGM) today announces that David Karl Paxton has tendered his resignation as Chief Executive Officer ("CEO") of the Company and will resign from the Board of Directors, effective immediately.

The Board would like to thank Mr. Paxton for his dedication, leadership and contribution to the Company during his tenure as CEO. Mr. Kevin Zhu, current Mine Manager of the Vatukoula Gold Mine has been appointed Chief Operating Officer ("COO") of the Company and will take over Mr. Paxton's principle roles and responsibilities. The COO role will remain a non-Board position and the Chairman Ian He will assume the former Board responsibilities of the CEO.

Mr. Paxton said "It has been a great pleasure to serve as CEO of the Company during the last six years and now that Vatukoula has finalised the outstanding US$20 million loan note agreement, the Company is well placed to increase production to its long term targets. It has been a privilege to work with Vatukoula and the entire Company's team, and to have the mine advanced to its current state. I would like to thank shareholders for their continued support and look forward to the Company's transition to a low cost gold producer".

Mr. Ian He, Non-Executive Chairman said "We would like to thank David for bringing Vatukoula to this point. We wish him well in his endeavors and look forward to VGM's continued progress."

 
 Enquiries: 
 Vatukoula Gold Mines plc 
 Ian He                  + 44 (0)20 7440 0643 
 
 W.H. Ireland Limited                           Bell Pottinger 
 James Joyce                                                        + 44 (0)20 7861 
  James Bavister         + 44 (0)20 7220 1666   Daniel Thöle    3232

This information is provided by RNS

The company news service from the London Stock Exchange

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