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  • Indochine Mining Appoints Hugh Thomas As New Chairman 0 comments
    Apr 10, 2014 11:53 PM

    Indochine Mining (ASX: IDC, POMSoX: IDC) has appointed Hugh Thomas as its new chairman following an extensive search over the past several months.

    He will replace Ian Ross who is retiring from the company's board with effect from 17 April 2014.

    Thomas has extensive experience in the mining industry, including that of a senior financial executive and investment banker in the Asia Pacific region.

    He was most recently the managing director of Hong Kong's Asia Pacific Natural Resources for JP Morgan and then Morgan Stanley before returning to Australia in 2011.

    Thomas has developed extensive contacts in the mining and investment community globally and more specifically in the Asia Pacific region while his track record in emerging markets has provided him with a deep understanding of the complexities of developing mines in geopolitically and culturally challenging environments.

    "Hugh has the skills and contacts in financial and investment community in particular, that is so important to drive Indochine forward at such an exciting stage of development" Ross said.

    Indochine has recently completed a $3.4 million equity raising that keeps the door open for it to take in a cornerstone investor for the Mt Kare Gold-Silver project in Papua New Guinea.

    The company is advancing the Development Drive at Mt Kare to access +10g/t gold high grade zones for a bulk sampling program heading toward Feasibility Studies and a mining lease application.

    Mt Kare currently has a resource of 2.5 million ounces of gold equivalent.

    The next key milestone will be a decision to mine in mid 2014, by completing the underground adit to directly access the high grade zones, completing the feasibility study and applying for a mining lease.

    Then the company can complete discussions with debt and equity providers for a $100M financing of the construction of the mine aiming for production in mid-late 2015.

    This will also open the company up to investors and debt providers as the company finalises the finance package for the construction of the mine through to production.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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