Tuesday, 5 February 2013

Mariana unveils new CEO and refocused strategy

Mariana Resources (LON:MARL, TSE:MRY) this morning announced a boardroom shake-up and a refocus of its strategy alongside plans to de-list its shares in Toronto.
In a wide-ranging update, the South America-focused gold explorer said John Horsburgh is to step back to become non-executive chairman of the group.
Glen Parsons, currently chief financial officer, becomes chief executive and will “manage, market and deliver” the new programme.
Ray Angus will step down as an executive director and chief operating officer to become the Peru country manager.
The revised strategy will see Mariana’s focus more closely on the Condor del Oro property in northern Peru.
This change in direction has been guided by three factors: the significant potential of the Peru property, the negative investor sentiment surrounding exploration and development in Argentina, and the difficult market conditions overall for junior exploration companies, the firm said.
Separately, a lack of trading activity and the costs of keeping a TSX quote were cited for its exit from the Canadian exchange
Chairman Horsburgh said: "The decision to delist from the TSX, the refocus of exploration efforts and the board and management changes are all designed to respond in a decisive and positive way to current market conditions which are affecting many junior explorers today.
“I fully endorse Glen Parsons in taking over the reins and managing Mariana.
“He has been performing this task in tandem with me for the last two years.”

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