ASX Release and Media Announcement 15 October 2012
Iron Road Limited (Iron Road, ASX: IRD) is pleased to
announce Mr Peter Cassidy has been appointed to the Board of
Directors of Iron Road. Mr Cassidy also takes up the role of
Chairman.
Former Chairman Julian Gosse will continue to serve on the
Board as a Non-Executive Director. Meanwhile, Non-Executive
Director Mr Matthew Keegan has resigned from the Board in
order to
pursue other interests. Outgoing Chairman Julian Gosse
extended his appreciation to Matthew
Keegan for his service to the Company.
"Matthew was a founding director at Iron Road and has been
instrumental helping to grow the business to where it is
today. I wish to extend our warm thanks on behalf of the
Board for his efforts and wish him well in his future
endeavours," Mr Gosse said.
Mr Gosse said the appointment of Mr Cassidy as Chairman
increased the level of expertise on Iron Road's Board as the
Company takes the necessary steps to transform into a
significant iron ore project developer.
Iron Road has seen significant change in recent times. The
Company is progressing its Definitive Feasibility Study for
the Central Eyre Iron Project (CEIP) with a production rate
of 20Mtpa, which places the Project as the largest proposed
iron ore development in South Australia. Together with the
recent $40 million capital raising to continue development
activities, Iron Road is well positioned to progress and
successfully complete its transition to a project developer
and iron ore producer.
"We are very pleased to have someone of Peter's calibre come
onto the Board to take over the Chairmanship and lead the
Company through this exciting stage of the Company's
development," Mr Gosse said.
"The wealth of experience that he brings will be invaluable
as we continue with our development initiatives in South
Australia, with the CEIP moving closer to final investment,
construction and ultimately production," he said.
Mr Gosse said he was looking forward to working with Mr
Cassidy and the other Board members in steering Iron Road
through its exciting future.
Mr Cassidy is a co-founder and Chairman of resources
investment fund The Sentient Group, Iron Road's majority
shareholder. He is also Chairman of Enirgi Group Corporation
and a director of Xinli Titanium. Prior to joining Sentient,
Mr Cassidy established AMP Life's private equity
division.
Sentient invests in metals, minerals and energy projects
across the globe, including several investments in South
Australia. Investments are generally targeted at the
development and commissioning phases and are typically held
for the medium to long term.
-ENDS-
GPO Box 1164, Adelaide, South Australia, 5001 • T +61 (8) 8214 4400 • F +61 (8) 8214 4440
admin@ironroadlimited.com • www.ironroadlimited.com.au • ABN: 51 128 698 108
For further information, please contact:Andrew Stocks James Tranter
Managing Director
Iron Road Limited FTI Consulting
Tel: +61 8 9200 6020 Tel: +61 8 9485 8888
Mob: +61 (0)403 226 748 Mob: +61 (0)408 951 780
Email: astocks@ironroadlimited.com.au Email: shane.murphy@fticonsulting.com
Or visit
www.ironroadlimited.com.au
Iron Road's principal project is the Central Eyre Iron Project in South Australia. The wholly owned Central Eyre Iron Project is a collection of three iron occurrences (Warramboo, Kopi & Hambidge).
Studies envisage a large scale magnetite mine producing 20 million tonnes of high quality iron concentrates per annum grading approximately 67% iron from the Warramboo project area. The concentrates will be marketed as a high quality blending feedstock for sinter plants, which feed the majority of blast furnaces around the world.
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