Stephen Clayson has resigned as chief executive officer of ECR Minerals PLC (LON:ECR).
The news came just a day after it was announced he had voluntarily taken a cut in salary to £50,000 a year. The company owes Clayson £100,000 as a result of salary deferrals over the past two years.
Clayson’s departure, due to take effect at the end of the month, will leave three directors on the board - Richard Watts, Craig Brown and William Howell – all of whom have many years of public company and mining industry experience.
ECR currently is working on a conceptual economic study for gold production from alluvial waste dumps at the Avoca project in Australia.
Outstanding items are the receipt of metallurgical test work results and a compilation of resource estimates for multiple dumps, which is ongoing. The board said it expects to provide operational updates regarding the company’s activities in Australia later this month.
On Tuesday, the company announced it had dropped plans to repay its convertible loan facility after being surprised at the market’s negative reaction at its plans to do so.
Shares in ECR rose 2.9% on news of Clayson’s resignation.