CAN Central A.G.

RNS Number:3440F
Central African Gold PLC
29 June 2006

     Central African Gold Plc / Ticker: CAN / Index: AIM / Sector: Mining &
                                  Exploration



29 June 2006

               Central African Gold Plc ("CAG" or "the Company")

                                Corporate Update



Central African Gold Plc, the AIM listed gold mining and exploration company, is
pleased to announce the following corporate update.



Appointment of Nominated Adviser



The Company is pleased to announce that it has appointed Strand Partners Limited
as its Nominated Adviser with immediate effect.



Greg Hunter, Chief Executive Officer of CAG, commented: "We are aggressively
pursuing a new path for CAG as part of our quest to become a significant gold
mining and exploration company. As we plan to fast track the acquisition of new
projects in Africa, it is important that we develop a sound partnership with our
newly appointed Nominated Adviser and I look forward to working closely with
Strand Partners Limited going forward in pursuit of our strategy."



Discussions Regarding a Potential Reverse Ended and Restoration of Trading on
AIM



On 25 April 2006, the Company announced that it was in discussions that may lead
to CAG entering into a reverse take-over under the AIM Rules.  As a result,
trading in the ordinary shares of 0.1p each in the Company ("Ordinary Shares")
was suspended on 25 April 2006. Following lengthy discussions with the third
party concerned, these talks have now been terminated.  Accordingly, further to
the appointment of Strand Partners Limited as the Company's Nominated Adviser,
AIM has confirmed that the Company's suspension will be lifted with effect from
7.00 a.m. today.



Board Changes



As part of the continuing development of the Company, Mr Greg Hunter and Mr Mark
Rosslee were appointed to the CAG board ("the Board"), as Chief Executive
Officer and Finance Director respectively, on 8 March 2006.



As previously announced, Greg Hunter has worked extensively in the natural
resources sector in both financial and technical capacities. He was formerly CEO
of the Southern African based resource company Metallon Gold Limited and a
director of Ridge Mining plc.  Prior to this, he was Head of Mining Research at
Deutsche Securities focused primarily on gold and platinum and also spent two
years at UAL Merchant Bank as resource equity analyst. He also spent a number of
years with Anglogold Limited as a mining engineer.



Mark Rosslee is a Chartered Accountant with a graduate diploma in Mining
Engineering.  Mark was formerly Finance Director of Metallon Gold Limited,
having previously been the Chief Financial Officer at both Southern Era Diamonds
Limited and Southern Platinum Limited. He gained extensive experience within the
mining industry with the De Beers Group at both a corporate and operational
level over a period of 12 years.



Following a period of reorganisation and the implementation of an independent
sustainable growth plan for the new team, Phil Edmonds, Andrew Groves and Brian
Moritz have now decided to step down from the Board and leave the running of the
business to Mr Hunter and Mr Rosslee. Messrs Edmonds, Groves and Moritz have
therefore all resigned as Directors of CAG with effect from 30 June 2006.



The Company is in consultation with its advisers with a view to appointing
further non-executive directors in due course to strengthen the Board as
appropriate.



Phil Edmonds current Non Executive Chairman said: "We have every faith that CAG
will fulfil its growth potential under the leadership of Greg and his team. We
believe that the Company is now in a strong position, being well financed and
run by an experienced team of gold professionals. We will remain very supportive
of Greg Hunter and his colleagues, who are making great strides in identifying
key prospects to develop the Company further."



CAG's preliminary results for its year ended 31 December 2005 will be announced
by the end of June 2006 and the Report and Accounts will be posted to
shareholders at that time.

                                  * * ENDS * *



Greg Hunter         Central African Gold                Tel: +27 82 882 4222

Hugo de Salis       St Brides Media & Finance Ltd       Tel: +44 (0)20 7242 4477

Simon Raggett       Strand Partners Limited             Tel: +44 (0)20 7409 3494






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCBIGDLSUDGGLI

Central African Gold (LSE:CAN)
Historical Stock Chart
From Jun 2024 to Jul 2024

Central African Gold (LSE:CAN)
Historical Stock Chart
From Jul 2023 to Jul 2024