11 August 2017
NQ Minerals PLC
(the “Company” or “NQ Minerals”; NEX:NQMI, OTCQB: NQMLF)
NQ Minerals welcomes Mr. Adrian Lungan to the Board of Directors
NQ Minerals Plc (NEX: NQMI) (OTCQB: NQMLF), an Australia-based exploration and mining company, is pleased to announce that Mr. Adrian Lungan has been appointed to the Board of Directors as a Non-Executive Director with immediate effect.
This appointment follows NQ Minerals’ acquisition of all of the issued and outstanding shares of Keen Pacific Limited (“Keen”), along with its wholly-owned subsidiaries Ivy Resources Pty Ltd and Hellyer Gold Mines Pty Ltd (the “Acquisition”). The Acquisition has resulted in the Company wholly owning the Hellyer Gold Mine in Tasmania, Australia with AU$1.3 billion of revenues expected over the 10 year mine life and a post-tax NPV of AU$276 million (based on the most recent management evaluation of the project’s potential).
Mr. Lungan previously served as Chief Executive Officer of Keen Pacific Limited, Ivy Resources Pty Ltd and Hellyer Gold Mines Pty Ltd.
Adrian is a geologist with thirty seven years’ experience. He started his career in Australia with multi-national companies such as CSR Ltd, Placer Pacific Ltd, Newmont Mining Corporation and Pasminco Ltd. specialising in project evaluation and acquisitions. He was the founder of leading Southern African uranium exploration company UraMin Inc. and Chinese coal company CCEC Ltd, both of which were targeted for purchase at significant valuations of US$2.6 billion and US$130 million respectively.
Mr. Lungan is the Chairman of Alpha Prime Investments Ltd, a company holding 29,615,719 shares, approximately 11% of the issued share capital in NQ Minerals Plc. He holds 100% of Alpha Prime Investments Ltd.
NQ Minerals’ Non-Executive Chairman Brian Stockbridge said, “We are delighted to welcome Adrian to the board of NQ Minerals. He brings with him a wealth of experience in developing and building resource companies, and I believe he will be invaluable in helping us with our upcoming AIM admission and subsequently fast-tracking the development of our flagship Hellyer Gold Mine towards production in 2018 and, in turn, generating value for shareholders.”
Apart from his directorship of the Company, Mr. Lungan is a director of Central Gold Mines Pty Ltd., JKO Mining Pty. Ltd., BCM Holdings Ltd., Kimberley Assets Ltd., Bracken Resources Pty Ltd., and Hillgrove Mines Pty Ltd. He was a director of HCDI Holdings Ltd., Keen Pacific Ltd., Ivy Resources Pty Ltd. And Hellyer Gold Mines Pty. Ltd. within the five years prior to his appointment.
Save as disclosed above, no additional information relating to Mr. Lungan falls to be disclosed pursuant to paragraph 21 of Appendix 1 of the NEX Growth Market – Rules for Issuers.
About NQ Minerals
NQ Minerals is an Australia-based exploration and mining company, focusing on projects where past exploration work has established the presence of mineral occurrences. The Company’s management team has decades of experience in the exploration and production of gold, silver and a variety of base metals.
Please visit our website at www.nqminerals.com.
For further information, please contact:
NQ Minerals Plc
Brian Stockbridge, Non – Executive Chairman
+ 44 (0) 7876 888011
Kris Kottmeier, VP Corporate Development
+ 44 (0) 20 3637 6522 (UK)
+ 1 (604) 506 6502 (North America)
Daniel Stewart & Company Plc
+ 44 (0) 20 7776 6596
Yellow Jersey PR
+ 44 (0) 776 932 5254
+44 (0) 7544 275 882