Extract Resources appoints Peter Sydney-Smith as new CFO

Extract Resources (ASX, TSX: EXT) has made further appointments to its board of directors as it continues to develop the world-class Rossing South uranium discovery in Namibia. The company hired a new director, Ron Chamberlain, and Peter Sydney-Smith as the company’s new chief financial officer.

Chamberlain was previously Extract’s acting CFO and has now joined the board. He will continue to provide financial consulting services on an as-needs basis.

Chamberlain is an Associate Member of the Institute of Chartered Accountants in Australia with 20 years experience in international finance with global listed companies, private companies and chartered accountant firms.

Extract noted that new CFO Sydney-Smith has extensive experience in the mining and metals sector, emerging markets and particularly in Africa. He has previously been a finance director of several mining companies including Mwana Africa (AIM: MWA), Vedanta Resources (LSE: VED) and Nikanor.

Earlier this month, Extract appointed its recently hired chief executive Jonathan Leslie to the board of directors, Rio Tinto’s (LSE: RIO, ASX: RIO) representative Chris McFadden consequently stepped down from his position as one of Extract’s non-executive directors.

McFadden’s resignation is the result of a previous agreement between Rio Tinto and Extract, whereby Rio Tinto's nominated representative would resign from the board of Extract upon the appointment of a CEO.

Leslie joined the company as CEO on 1 March 2010.

Kalahari Minerals (AIM: KAH) is the company’s largest shareholder with 40.37%.

On Monday, Kalahari said it was fully supportive of the changes being made to the board. Kalahari noted that as Extract enters a transformational period in its development. Last week Stephen Dattels, Polo Resources (AIM: POL) co-chairman, announced his decision to step down from his position as a non-executive director of Extract.

Whilst the company has been busy on a corporate level, it has also been making strides on the ground. Extract now has seventeen drill rigs active in Namibia. Five rigs are currently focused on exploration drilling, eleven rigs are completing infill and resource extension drilling with the remaining rigs undertaking sterilization drilling - testing areas of the mine site to be sure there are no valuable minerals underneath before building on it.

To date Extract has completed over 300,000 meters of drilling, with around 77% dedicated to Zone 1 and Zone 2.

http://www.proactiveinvestors.com.au/companies/news/6460/extract-resources-appoints-peter-sydney-smith-as-new-cfo-6460.html