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Tuesday, 6 November 2012
Prophecy Platinum appoints new CFO, corporate secretary
Prophecy Platinum Corp. (CVE:NKL) Tuesday announced the appointment of Jeffrey Mason as chief financial officer and Samir Devendra Patel as corporate secretary.
The move follows a series of recent changes to the company’s management team, part of its plan to assemble new leadership with proven expertise in the operation of successful mining projects.
Late last week, Prophecy appointed professional engineer John Sagman as its senior vice president and chief operating officer, and yesterday it announced the appointment of Greg Johnson as its president and CEO.
New CFO Mason is a chartered accountant with over 20 years of experience in financial reporting and has worked with various medium and large publicly-traded mining companies in the area of accounting, corporate finance and regulatory reporting, the company noted.
“We are very pleased to have someone with [Mr.] Mason's depth of experience join the executive management team as chief financial officer, during this period of rapid growth for the company,” said Johnson in a release Tuesday.
“With the addition of [Mr.] Patel as corporate secretary and the recently announced appointment of [Mr.] John Sagman as chief operating officer, we are putting in place a highly experienced management team to advance the development of the world class Wellgreen platinum group metals (PGM)-copper-Nickel project in the Yukon.”
Prior to joining Prophecy, Mason spent 15 years with Hunter Dickinson as corporate secretary, CFO and director for numerous public mining companies.
As CFO of Taseko Mines (TSE:TKO) during this time, Prophecy said he was “instrumental in the acquisition, reactivation and financing of the Gibraltar copper-molybdenum mine in British Columbia, as well as its expansion from dormant into the second largest open pit copper mine in Canada."
Mason is also credited with negotiating the purchase of the Xietongmen open pit copper-gold project on behalf of Continental Minerals Corp., and setting up a joint venture arrangement with Jinchuan Mining Group, before the eventual outright purchase of Continental by Jinchuan.
Patel joins as corporate secretary, bringing experience in the area of securities and corporate law, particularly in relation to merger and acquisition transactions, continuous disclosure requirements, and equity and debt financings, noted Prophecy.
Prophecy also announced the departure of Joseph Li from the board of directors and as the company's corporate secretary.
The company’s flagship Wellgreen PGM-Nickel-copper project in the Yukon is one of the world's largest undeveloped PGM, Nickel, copper and cobalt resources. Last month, the company hired engineering consultants to start environmental baselines studies this fall at Wellgreen.
Wellgreen is located in the south west of Canada's mining-friendly Yukon Territory, approximately 35 kilometres northwest of the airstrip at Burwash Landing, just 15 km from the Alaska Highway and 402 km from the deep sea port of Haines in Alaska.
A July 2011, NI 43 101-compliant report provided a resource estimate of 289 million tonnes in the inferred category with grades of 0.38% Nickel, 0.35% copper, 1.18 grams per tonne (g/t) PGM and gold, and 14 million tonnes in the indicated category at 0.69%Nickel, 0.62% copper, 2.25 g/t PGM and gold.
Its preliminary economic assessment, released in June, showed Wellgreen had a net present value of $3.0 billion. The economic report, prepared by Tetra Tech, evaluated a base case open pit mine at an 111,500 tonne per day mining rate, and an onsite concentrator at a 32,000 tonne per day milling rate.
The project is expected to produce 1.959 billion pounds of Nickel in concentrate, 2.058 billion pounds of copper and 7.119 million ounces of platinum plus palladium plus gold over a 37-year mine life, with an average strip ratio of 2.57.
Aside from Wellgreen, Prophecy also holds the Shakespeare platinum group metals-Nickel-copper project in Ontario, and its Lynn Lake project in Manitoba.