Havilah Announced Board Structuring And Succession Update

Havilah Resources Limited (ASX:HAV) is a mineral exploration company operating in Australia. The Company explores for gold and copper and other minerals through its projects which include the Mattaweara Project, Pematty Project, and Parndana Project.

The company has advised that Mr. Martin Janes has been appointed as an Independent Non-executive Director effective 2 January 2019 to replace Mr. Kenneth Williams who is retiring from the Board on 3 January 2019.

Mr. Janes is an experienced mining executive with over 28 years of experience. Until recently he was Chief Executive Officer of Terramin Australia Limited, a position he commenced in June 2013 has been that company’s Chief Financial Officer for three and a half years. In his time with Terramin, Mr. Janes had oversight of operations in South Australia and overseas. He has got valuable experience in all facets of mining project development. Importantly, he has a good understanding of the regulatory and operating environment in South Australia.

Mr. Janes has a strong finance background covering equity, debt, and related project financing transactions and commodity off-take negotiation, which maintains this area of expertise in the Board of Director's skills matrix. Whilst employed by Newmont Australia (previously Normandy Mining Limited) for over a decade, his major responsibilities included corporate and project finance, treasury management, asset sales, and product offtake management. He is also a director of Twenty-Seven Co. Limited where he is also Chairman of the Audit & Risk Committee.

Mr. Janes has been appointed as the Chairman of Havilah’s Audit & Risk Committee. In this capacity, he will be responsible for the on-going review and continuing enhancement of the Company’s ASX, company secretarial function and financial reporting and compliance framework.

The appointment of Mr. Janes will maintain Havilah’s desired objective of a majority of independent directors. It remains the present intention of the Board to appoint an additional, fourth independent Non-executive director with a well-credentialled background in project delivery and a strong capital markets profile to further strengthen 2the Board’s capabilities.

Mr. Williams has previously indicated his intention to retire from the Board and with the appointment of Mr. Janes and his extensive experience in relation to financial matters, has made the decision to retire from the Board effective today.

Commenting on the Board of Director renewal, Chairman, Mr. Mark Stewart said that Mr. Jane’s appointment is an important step in the on-going renewal and enhancement of the skill set of the Board. Moreover, he said that any further changes to the Board will continue to be made in a considered and orderly manner that is in the best interests of all shareholders.

He mentioned that the board is sincerely thankful to Mr. Williams for his valuable and dedicated service to the company over all the years and wishes him well in his future endeavours.

Meanwhile, the stock price of the company has fallen by 24.22 percent in the past six months as on 3 January 2019. HAV’s shares traded at $0.17 with the market capitalization of circa $37.1 million as on 4 January 2019. (AEST 12:44 PM).

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