Mineral projects in Australia including the conditional acquisition of the Gilded Rose Gold Mine Project near Cloncurry will become the main focus for Adelaide-based PepinNini Lithium Ltd.
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This new project direction for the Company, together with a proposed Board restructure, are the key outcomes announced from a strategic review on Monday.
Last week PepinNini announced they had bought Gilded Rose from Ausmex Mining in a $4m deal with a view to restarting mining next year.
The new announcement will see the immediate suspension of PepinNini's flagship lithium project in Argentina and the hunt from mid-year for a new Managing Director to take the Gilded Rose Project into production and revenue generating phases.
The Company will now transition to a revamped Board with the skills to evolve from explorer to producer.
Due diligence on the Gilded Rose acquisition is expected to be completed by mid May and last month they appointed non-executive director Andre Wessels, an experienced international industrial engineer with project commercialisation experience.
PepinNini's current Managing Director, Rebecca Holland-Kennedy, will move to Executive Chair from July 1 and after a transition period to the end of 2020, she will assume a non-Executive Chair role.
A new Managing Director will be sought to take the Gilded Rose project into a producing gold mine next year.
The acquisition, 15km east of Cloncurry, includes four gold mining leases, one exploration licence and a dormant gold (Carbon in Pulp) processing plant with a design capacity for the processing of 60,000 tonnes a year.
PepinNini Lithium Ltd will also revert to its former name PepinNini Minerals Ltd.
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