Mustang Resources (ASX:MUS) has welcomed highly experienced resource industry executive Peter Spiers as a non-executive director to its board.
Spiers has more than 30 years of international experience in the resources industry spanning exploration, mine development, operations and commercial roles.
He spent 15 years with Western Mining Corporation prior to it being acquired by BHP Billiton for A$9.2 billion.
Subsequent to this he was managing director of Orbis Gold, an ASX-listed West African gold company which was acquired for A$170 million in 2015 at a 98% bid premium.
Ian Daymond, chairman, commented: “Peter’s experience in a wide range of technical and commercial roles within the resources industry means he is perfectly placed to assist Mustang as we ramp up ruby production ahead of our first auction in October.”
“Peter will be able to provide valuable advice, ranging from exploration and project development through to marketing and commercial issues as we continue work to unlock the value of our outstanding assets.”
Spiers’ skillset will be valuable to Mustang as it develops its Montepuez Project in Mozambique into a world-class ruby producing asset.
Montepuez consists of four licences covering 19,500 hectares directly adjacent to the world’s largest ruby deposit discovered by Gemfields PLC (LON:GEM) in 2012.
Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
Mustang is currently fast-tracking its work program at Montepuez with high priority targets being identified and low-cost bulk sampling having commenced.