Denis Waddell. Picture: Danella Bevis/The Countryman.
Denis Waddell. Picture: Danella Bevis/The Countryman.

UPDATE 1.20pm: Shares in Tanami Gold surged after founder and executive deputy chairman Denis Waddell resigned suddenly with non-executive director Alan Senior following him out the door.

Tanami gave no reason for the sudden departure of the pair but thanked Mr Waddell for his 18-year contribution and Mr Senior for his five-and-a-half years on the board.

"The board will commence a search for suitably qualified independent non-executive directors immediately," Tanami said in a statement.

The company said it would also begin looking for a new managing director/chief executive after having been without anyone in the position since last year.

It said Andrew Czerw would continue as general manager in the interim.

Tanami also announced today that it would extend its loan facility with AP Finance by $10 million to continue exploration at its Coyote gold project and at its Central Tanami project.

The company said a definitive feasibility study for Central Tanami was scheduled for completion in April next year.

Tanami shares closed up 8.5 cents, or 15.74 per cent, at 62.5 cents.

The West Australian

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