Lemur Resources (ASX: LMR) managing director Blair Sergeant has stepped down with immediate effect though he will continue to be available to the company in a consulting capacity for the next three months.
This will ensure the smooth transition in management of Lemur.
Non-executive director Marcello Cardaci will now act as the company’s interim non-executive chairman while fellow directors Ryan Rockwood and Anthony Viljoen will serve as part-time, interim executive directors to drive the Board’s strategy forward.
Lemur remains committed to progressing the Imaloto coal project in Madagascar through completing the project scoping studies and the signing of a Heads of Agreement with Jirama, the Madagascan power utility.
The company will also pursue its strategy of diversifying its asset portfolio through the identification and acquisition of a second asset for development.
Imaloto has a Resource of 135.7 million gross tonnes in situ, of which 68% is Measured and 91% is Measured and Indicated.
Coal contained in the Main Seam, which now totals 63.4 million gross tonnes in situ, is expected to generate a primary product when washed, yielding about 67% export grade thermal coal.
The Main Seam secondary product will be suitable as feedstock for a domestic coal fired power station.
This means, assuming a single stage processing, the overall theoretical yield is 100% for the entire Main Seam.
The Main Seam’s Resource accounts for 47% of the total Imaloto Resource and now comprises 80% in the Measured category and 93% in the Measured and Indicated categories.
The Upper and Top Seams contain 72.3 million gross tonnes in situ which represents 53% of the Imaloto Coal Resource, with 56% now in the Measured category and 88% in the Measured and Indicated categories.
Lemur is trading well under cash backing with around A$18.1 million in cash at the end of December 2012, or about $0.13 per share, compared to its current market cap. of $7.4 million and share price of $0.053.
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