VANCOUVER, Jan. 3, 2017 /PRNewswire/ - Nevsun Resources Ltd.
(TSX: NSU / NYSE MKT: NSU) (the "Company") is pleased to announce
the appointment of Ian W. Pearce and
David S. Smith as independent
directors. These appointments mark the first step in a planned
Board renewal process designed to reflect Nevsun's growth and
strategic transformation following last year's acquisition of the
world class copper-gold Timok project in Serbia. Further evolution
of the Board is expected to continue during 2017 and before the
next annual general meeting. The Company also announced plans to
launch an international CEO search in 2017 in anticipation of
Cliff Davis' planned retirement.
New Director Appointments
"Ian and David bring a wealth of knowledge and experience from
their respective previous senior management and independent
director roles. We are very pleased to welcome Ian and David
to Nevsun, and believe that they will add considerable value,
strength and fresh insight to our board," commented Tookie Angus, Chairman.
Ian Pearce has over 30 years of
experience in the mining industry. From 1993 to 2003, Mr. Pearce
held progressively more senior engineering and project management
roles with Fluor Inc., including managing numerous significant
development projects in the extractive sector. From 2003 to 2006,
Mr. Pearce held executive roles at Falconbridge Limited, including
Chief Operating Officer, and he subsequently served as Chief
Executive Officer of Xstrata Nickel, a subsidiary of Xstrata plc,
from 2006 to 2013. Since 2013, Mr. Pearce has been a partner of X2
Resources, a private partnership focused on building a mid-tier
diversified mining and metals group. Mr. Pearce currently serves on
the board of directors of New Gold Inc. and Outotec Oyj, and is the
Chair of Mine Sense Technologies Ltd., a technology company seeking
to improve the ore extraction and recovery process. He holds a
Higher National Diploma in Engineering (Mineral Processing) and a
Bachelor of Science degree from the University of the Witwatersrand
in South Africa.
David Smith has had a career on
the finance side of business within the mining sector as well as
within the supply side to the sector, with deep international
exposure. He brings more than 30 years of financial and executive
leadership experience to the Board. Mr. Smith served as the Chief
Financial Officer and Executive Vice President of Finning
International Inc. from 2009 to 2014. Prior to joining Finning, Mr.
Smith served as Chief Financial Officer and a Vice President of
Ballard Power Systems, Inc. from 2002 to 2009. Previously, he spent
16 years with Placer Dome Inc. in various senior positions and four
years with PriceWaterhouseCoopers. Mr. Smith currently is a
director of Dominion Diamond Corporation and non-executive Chairman
of Paramount Gold Nevada Corporation and is on the Board of
Governors of Collingwood School. Mr.
Smith is a Certified Public Accountant, and holds a bachelor's
degree in business administration from California State University, Sacramento. He has
also completed the Institute of Corporate Directors course,
Directors Education Program.
Coincident with the addition of the two new directors,
Gerard Munera and Bob Gayton have voluntarily stepped down as
directors of the Company so as to commence the planned Board
renewal. "On behalf of the board, we wish to thank Gerard and Bob
for their very significant contributions to the Company over the
past many years. Gerard has been a director since 1996 and has
valuably served as Chair of the Human Resources Committee for the
past several years, overseeing director and executive compensation.
Bob has served as Chair of the Audit Committee since joining the
Board in 2003 and has participated on a number of other board
committees."
CEO Succession Plan
President and Chief Executive Officer, Cliff Davis, has advised he will be retiring
during 2017. Accordingly, the Board of Directors has activated its
plans for CEO succession. Mr. Davis, who turns 65 this year, has
been associated with Nevsun for over 22 years, after an 18-year
career with KPMG. He has played an integral role in leading the
Company to where it is today. Having led the Company's successful
transformation this past year into a strong diversified mid-tier
base metals company, Cliff believes this is the right time for him
and the Company to transition to new leadership for the next phase
of Nevsun's continued growth and development. Mr. Davis has agreed
to stay with Nevsun until a suitable replacement has been appointed
and well-established in the CEO role. An international search
process is now under way with the assistance of leading global
executive search firm Korn Ferry.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is the 60% owner of the high grade Bisha
Mine in Eritrea. Nevsun is well positioned to grow
shareholder value through advancing the high-grade copper-gold
Timok Project to production. Nevsun has a strong balance
sheet with no debt and a peer leading quarterly dividend.
NEVSUN RESOURCES LTD.
"Tookie Angus"
R. Stuart Angus
Chairman
SOURCE Nevsun Resources Ltd.