Mandalay Resources Corp. (TSX:MND, OTCQB:MNDJF) said it has appointed industry veteran Frazer Bourchier to its board of directors to lead the company as its new president and CEO effective April 3, 2023.
In the interim, the company said current CEO Dominic Duffy will work closely with Bourchier to support a smooth transition. Duffy will remain on the company’s board as a non-executive director, it added.
Mandalay noted that Bourchier has over 32 years of industry experience with a proven track record of operational success and executing growth strategies across multiple mining jurisdictions. He previously served as CEO of Harte Gold Corp, chief operating officer for Detour Gold Corporation and Nevsun Resources Ltd and vice president of business development & technical services at Silver Wheaton (Wheaton Precious Metals).
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Additionally, the company said Bourchier has held numerous executive leadership roles and was instrumental in creating meaningful growth in numerous gold and polymetallic operations in North America and internationally.
“With his extensive industry knowledge, operational track record and deep understanding of capital markets, Frazer is well suited to lead Mandalay in executing our long-term objectives and maximizing shareholder value,” Mandalay executive chair Bradford Mills said in a statement.
“I would also like to thank Dominic for his strong leadership over the last five years that has seen the company's reserves grow significantly and our balance sheet improve to the point where we are able to start returning capital to our shareholders again," he added. “Frazer inherits this strong foundation and the board believes that this positions the company for further success in the years ahead.”
Bourchier, commented: "I am thrilled and energized to be joining Mandalay and believe there is tremendous opportunity ahead to continue to transform and grow the company.
“I am excited to get started and work towards these goals while unlocking further long-term value for all stakeholders with the support of an excellent team,” he continued. “Mandalay is uniquely positioned with its diversified asset base and healthy balance sheet and I look toward leveraging our competitive advantages and momentum to further develop our operations, grow the company and deliver world-class results.”
Mandalay also announced that Terry Ackerman has advised the board that he will not be standing for re-election at the next annual general meeting of shareholders. The company thanked Ackerman for his contribution to the board during his years of service.
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine), with projects in Chile and Canada under closure or development status.
Contact the author at stephen.gunnion@proactiveinvestors.com