Padbury Mining fills board seats

Padbury Mining (ASX: PDY) has welcomed two new board members with the appointment of Terry Quinn as non-executive chairman and William Han as non-executive director.

Quinn replaces Dr John Saunders, who will take on a new position as non-executive chairman of Padbury’s wholly-owned subsidiary Midwest Infrastructure.

Midwest Infrastructure holds the Midwest rail and Oakajee Port intellectual property (IP) purchased by Padbury from Yilgarn Infrastructure.

Saunders’ new role will focus on the promotion of the IP, in particular its commercial modelling, to various interested parties as a potential means of contributing to a solution to the development of viable port and rail infrastructure to service the emerging mines of Western Australia’s mid-west region.

Quinn is Padbury’s major shareholder and managing director of 30% joint venture partner Aurium Resources.

He has 20 years experience in the retail and resources sectors and has had broad exposure and experience with overseas investors based in China, Malaysia and Indonesia.

Meanwhile, Han has extensive business interests in China and is chairman of White Horse Australia Holdings, which has recently become a top 20 Padbury shareholder.

In early December Padbury began maiden drilling at the Mt Padbury Prospect within the Peak Hill Iron Project joint venture in the mid-west region of Western Australia and has completed the first of a 39 hole program.

An exploration target of 20-28 million tonnes at 55-60% iron has been defined for the Mt Padbury Prospect, with a defining factor of the project’s potential being that geological mapping has identified iron ore targets with potentially significant hematite-goethite mineralisation.

Another plus is grades of up to 63.2% iron have been achieved from surface rock chip samples, supporting the case for direct shipping ore mineralisation.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23795/padbury-mining-fills-board-seats--23795.html