Metal Tiger Plc
23 May 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Chief Technical Officer Position
Metal Tiger plc (LON: MTR) the London Stock Exchange AIM listed investor in strategic natural resource projects is pleased to announce that following meetings held in Bangkok in week commencing 16th May 2016 the Board has agreed to create a Chief Technical Officer position to further build the management team.
On 25th February 2016 the Company announced a strategic and operational update confirming the appointment of a Chief Financial Officer, Company Secretary, Institutional Liaison Manager and Office Manager. The additional team members were appointed on a flexible basis, ensuring the fixed cost commitments of the business remained controllable whilst ensuring that Metal Tiger had the professional resources in house to manage the rapid growth within the business.
Within recent months the Company has seen significant acceleration within its Metal Projects division in three key areas:
· In Botswana the early drilling results from the Company's Joint Venture with MOD Resources in the Kalahari Copper Belt has demonstrated extensive copper/silver mineralisation leading to a substantial increase in operational activity on the ground;
· In Thailand a 3 month standstill agreement was secured on 11th April 2016 with the mine owners of a silver-lead-zinc mine providing a period to finalise discussions and complete due diligence with a view to securing a Joint Venture Agreement between the parties to undertake permitting and bring both mines back into production;
· In Spain the Company has seen successful completion of the first phase of work at the Company's first Joint Venture (Logrosan) with partners Mineral Exploration Network (Finland) and is finalising discussions to bring another significant Spanish interest into the portfolio.
The acceleration of the Metal Projects division, and of note a number of developments that have occurred very recently, mean the Company now needs to expand its internal technical capability to prepare for the next phase of growth.
Metal Tiger is therefore to create a new role of Chief Technical Officer ("CTO"). The CTO will be responsible for management of the technical aspects of all the Company's investments with a particular focus on the Metal Projects division.
Metal Tiger needs to ensure that Metal Project investments are progressing well and that we monitor and understand activities on the ground. Furthermore with additional in-house expertise we can contribute proactively to technical deliberations undertaken by our operating partners on the ground. Finally, Metal Tiger is keen to ensure that the market receives regular, reliable and understandable information with regard to all Metal Projects activities.
The Company has identified a suitable candidate for this role and is currently undertaking appropriate due diligence in line with the prudent management requirements of a public company. A further announcement will be made in due course to confirm the individual assuming this position and to further outline the responsibilities of the role.
Paul Johnson, Chief Executive Officer of Metal Tiger commented: "Metal Tiger is progressing very rapidly with both Asset Trading and Metal Projects divisions performing very well. The level of growth we are experiencing is very positive however we are cognisant of the need to have the financial, managerial and technical resources in place to manage this growth effectively.
The appointment of a Chief Technical Officer is a major step forward for the Company and marks the change from early stage resource investor into a more advanced investment house with diversified interests each of which is potentially on the cusp of a major growth phase.
The growth we anticipate is predominantly from our Metal Projects division and will be primarily from technical progress achieved through our Joint Venture operating partners' work on the ground. We need to prepare for this and the Chief Technical Officer role will enable us to manage our Metal Project investments more closely and effectively.
Metal Tiger continues to drive forward at pace and we have been undertaking much work in the background very recently that we anticipate will lead to further market announcements in the near term. We believe that the progress achieved in negotiations and discussions fully justify the appointment of a Chief Technical Officer.
Prudence is always advisable and we would ask investors to note that there can be no certainty that commercial discussions will be successful unless contracts are signed and formally announced to market."
For further information on the Company, visit: www.metaltigerplc.com:
Paul Johnson (Chief Executive Officer)
Tel: +44 (0)7766 465 617
Terry Grammer (Non- Executive Chairman)
Tel: +44 (0)207 099 0738
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
Tel: +44 (0) 1483 413 500
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company's target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company's key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger's Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company's project based activities.
This information is provided by RNS