Chairman Wayne Malouf and non-executive directors Tristan Davenport and Rick Valenta have resigned while Nicholas Limb has been appointed as its new chairman.
The remaining four member board retains the skills and experience that will benefit the company in its next stage of development.
"I would also like to thank the departing directors for their long and determined efforts to progress the company's principal project to the point of development," Limb said.
The Ranobe Mine is projected to produce 407,000 tonnes per annum of ilmenite and 44,000tpa of zircon rich concentrate per annum over an initial 21 year mine life. This first phase of development utilises around 17% of the 959 million tonne of Mineral Resource defined at Ranobe.
The Definitive Engineering Study has confirmed that a low capex, low technical risk and simple mineral sands operation could be built using proven technology.
Pre-development engineering is focussed on finalising the design for the haul road, causeway and jetty. A detailed design for the jetty has been completed.
Work is currently underway to update the DES into a Definitive Feasibility Study to be completed in the second quarter of 2014.
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