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In a recently released ASX update, Australia-based resource explorer Blina Minerals NL (ASX: BDI) notified that the companyâs Board has resolved to appoint former director, Mr Gino DâAnna as the Non-Executive Director to support in turning around its financial and operating position.
The appointment of Mr DâAnna follows the recent appointment of Mr Mark Maine as Non-Executive Chairman and Mr Neville Basset as Non-Executive Director.
Non-Executive Director: Mr Gino DâAnna
Blinaâs Non-Executive Director, Mr DâAnna, holds significant experience in both primary and secondary capital markets. He is an experienced public company officer at both an international and national level and holds broad experience in public company operations, resource exploration, financial management and administration.
He has worked with several exploration companies across various sectors and jurisdictions in South Korea, Australia, Botswana, Canada, South Africa and Namibia. He has been involved in capital raisings exceeding ~ $150 million as a whole over his career. In addition, in the past 12 months, he was a part of a number of secondary market raises, two IPOâs and one backdoor listing exceeding around $22.5 million in aggregate.
He was a founding Executive Director and a founding shareholder of Atrum Coal Ltd (ASX: ATU). Moreover, he was a corporate advisory consultant to Excelsior Gold Limited (former ASX listed entity), which was advancing the development of Zoroastrian and Excelsior operations in Western Australia, north of Kalgoorlie.
At present, Mr DâAnna is a Non-Executive Director and founding shareholder of MetalsTech Limited (ASX: MTC), where he has also served as an Executive Director in the past. He is also a Director of 3G Coal Limited and Metals Australia Limited (ASX: MLS) which is engaged in the development of a high-grade graphite project in Quebec, Canada.
Lens Through Blinaâs Operational and Financial Performance
Blina is positive of Mr DâAnnaâs appointment to assist in its rebuilding efforts. The company has so far made considerable progress on an operational as well as financial front. It is worth noting that the company has prospered substantially in 2019, performing the following activities:
- On 22nd February 2019, the company exercised the option to acquire 100% of the shares of Madacu Resources Pty Ltd. Prior to exercising the option, the company undertook following activities:
- Entered into a Binding Option Agreement in November 2018 with Madacu Resources Pty Ltd.
- Conducted a 2nd Diamond Drilling (DD) campaign of exploration due diligence on the Maintirano Copper Project in the underexplored Madagascar area.
- Completed extensive commercial and technical due diligence at the project.
- On 28th November 2019, the company reported about the finalisation of RC drilling program at the high-grade Barkly Gold Copper Project. The completion was announced subsequent to the following activities:
- Execution of a heads of agreement with the owner of Barkly project, Colour Minerals Pty Ltd.
- Commencement of RC drilling program at the projectâs highest priority target, Bluebird Prospect.
Going forward, the company intends to conduct detailed geophysical and geological surveys at the Maintirano Copper Project. Moreover, it will direct its exploration efforts towards the development of the Barkly Project.
The company has a decent financial position as it recorded a cash balance of $188k at the end of September 2019 quarter. It is likely to spend $65k on exploration and evaluation activities in the current quarter.
Blina seems to be well placed to progress with its exploration initiatives, backed by a strong management team and robust project portfolio.
BDI last traded on 9th December 2019 at $0.001.
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