Bellzone Mining PLC Board Change (7640F)

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RNS Number : 7640F

Bellzone Mining PLC

31 October 2018

Bellzone Mining plc

("Bellzone" or "the Company")

Board Change

Bellzone announces that Michael Farrow, Non-Executive Director and former Chairman, has resigned from the Board with immediate effect.

Michael commented "It was my privilege to have chaired the Board of Directors for over 10 years before passing that responsibility to Tony Gardner-Hillman three months ago. I now announce my decision to stand down from the Board.

Bellzone was an early mover in the exploration and development of the huge iron ore deposits in southern Guinea. Having secured a mining convention for a major deposit at Kalia, in the Faranah district, the executives and staff worked very hard to produce a bankable feasibility study and then to seek financing for a globally significant source of high quality ore. Over the ensuing years we were involved in a joint venture which built a port and 76 kilometres of haulage road and successfully shipped iron ore to prove the model and boost investor confidence. This was the first iron ore shipped from Guinea since 1966.

History shows that Bellzone suffered many headwinds, including a fluctuating iron ore price and the Ebola epidemic, followed by a stabilising political situation in that region. I am proud to note that the Company has consistently done its best to make a positive socio-economic impact on the local community and has always considered environmental issues a priority.

I offer the Company, its directors and staff my very best wishes for a successful future and recognise the need for such ventures to succeed for the benefit of both shareholders and the country alike."

Tony Gardner-Hillman, Non-Executive Chairman, commented "On a personal level and from the perspective of Bellzone I am sad to hear Michael's decision. He will be missed. I regard it as a privilege to step into Michael's shoes. I do not underestimate the challenge facing a company which as yet has no secure revenue stream. But there is demonstrable albeit tentative third-party interest in the commercial use of Konta Port, which we aim to put to work to attempt to secure the Company's future. That, we believe, can only help Bellzone's prospects for securing funding for its near-term ferronickel opportunity, and its larger but much longer-term Kalia iron ore opportunity dependent as that is on continuing global economic recovery and growth. I hope that in the fullness of time circumstances will enable my efforts to lead Bellzone to a secure future to prove successful for the benefit of all Bellzone's many stakeholders. I certainly aim to give that objective my best effort and I look forward to the challenge."

The Company intends to appoint a replacement Non-Executive Director in due course.

Enquiries:

 
 Bellzone Mining plc 
 Simon Edwards                       +44 (0) 7767 492 712 
                                      simon.edwards@bellzone.com 
 
 WH Ireland Limited 
 Nominated Advisor & Joint Broker 
 James Joyce / Jessica Cave          +44 (0) 20 7220 1666 
 SVS Securities plc 
 Joint Broker 
  Tom Curran / Ben Tadd / Nick 
  Aitchison                            +44 (0) 20 3700 0100

http://www.bellzone.com/

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END

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