Peel Mining Ltd (ASX:PEX) has appointed the experienced Ian Bamborough as managing director of its 100% owned subsidiary Saturn Metals Limited.
The recently established Saturn Metals is being prepared for listing on the Australian Securities Exchange (ASX).
The group’s seeking to raise up to $7,000,000 through the issue of up to 35 million shares at an issue price of $0.20
Bamborough’s gold sector experience particularly valuable
Bamborough has more than 20 years’ leadership experience in the mining industry, having held senior positions within the geology department of gold major Newmont Mining Corp (NYSE:NEM).
The Peel Board considers Mr Bamborough to possess the necessary technical expertise and leadership qualities to drive exploration on Saturn’s main asset, the Apollo Hill Gold Project.
The project is located 60 kilometres from Leonora in the Western Australian goldfields, and it has a resource of 17.2 million tonnes at 0.9 g/t gold for 505,000 ounces of gold.
Bamborough’s experience with major gold group Newmont Mining is of particular significance in terms of developing the Apollo Hill gold project.
Peel’s attention turns to Mallee Bull copper deposit
Peel’s current managing director, Rob Tyson, will initially serve as executive chairman of Saturn.
Apollo Hill was Peel’s flagship asset before the discovery of the Mallee Bull copper deposit and subsequent exploration success in NSW’s Cobar Basin saw a shift in the company’s focus.