A board purge without acrimony is rare, so Bullabulling Gold must be doing something right.
The freshly minted gold explorer has dramatically downsized its six-member board, with three of its four non-executive directors and one of its two executive directors resigning their directorships.
The resignations of Chris Baker, Jeff Malaihollo, John Lawton and David McArthur — he remains chief financial officer — offset by the appointment of Ronnie Beevor, will give Bullabulling Gold a slimmer board more commensurate with its size.
The popular Beevor is well known in Australian mining circles as the former investment banking boss at NM Rothschild & Sons between 1997 and 2002, a role which involved him in numerous funding and corporate deals in the WA gold space.
A one-time director of Oxiana, he already has several other directorships including Bannerman Resources and Ampella Mining, where he shares the boardroom with Bullabulling Gold chairman Peter Mansell.
Mr Mansell says Beevor’s financial experience will hold the company in good stead when the time comes for it to raise funding for its namesake flagship project, near Coolgardie.
The big board was a legacy of Bullabulling Gold’s creation in March via a merger of the project’s partners, GGG Resources and Auzex Resources.
The tie-up was aimed at creating a unified management structure over the project and ensuring a fast-tracked development.
Bullabulling’s inferred and indicated resources stands at a considerable 107.3 million tonnes grading just under one gram a tonne for 3.37 million ounces of contained gold.
Prefeasibility work now underway is exploring the case for a high-tonnage, bulk mining operation turning out 200,000oz a year from 2015.
Drilling which recommenced yesterday over the project, last mined by Resolute Mining in the 1990s, will help finalise open pit designs for the prefeasibility study and likely result in a further small increase to the resource.
At the same time, Bullabulling Gold managing director Brett Lambert and his team face a decision in the next few days on whether to exercise an option to buy the undeveloped Geko project, 17km to the north, for $3 million. The option expires on Friday.
The prefeasibility study is due near the end of the year but updated information about forecast development and operating costs are expected in September.