Exco Resources (ASX: EXS) has announced that Michael Anderson has resigned as managing director of the company effective 5 August 2011.
Anderson has held the position since 2006 and led Exco through the recent sale of the Cloncurry Copper Project to Xstrata (LON: XTA) and the development of the White Dam gold project in South Australia.
Geoffrey Laing will now be acting CEO, taking over all responsibilities of the managing director until a final appointment is made. He is currently general manager of corporate and business development.
Exco is focussed on advancing and expanding existing resources and exploration assets around Cloncurry and at Hazel Creek. Exploration activity is underway on a number of priority targets and is scheduled to continue with two drill rigs in action in Queensland.
The White Dam gold mine continues to provide good cashflows and mining is underway at Great Australia where Exco holds royalty interests, with payments expected to gross around $30 million based on a copper price of US$4.20 a pound.The company is bullish that it can replicate previous drilling success and expects a steady flow of good news in the coming months.
The company's enviable cash position of over $230 million enables it to return $135 million to shareholders in October.