Pangolin Diamonds Corp. (CVE:PAN) has named Rick G. Bonner, a professional geologist, as its new president and chief executive officer after Willem Smuts, who had served in this role since the company was first formed, resigned.
Shares rose 8.7% on the news Monday, to 25 Canadian cents on the TSX Venture Exchange.
Bonner has more than 30 years of mineral exploration experience on four different continents, exploring for gold, uranium, copper and diamonds. Specifically, with regards to diamond exploration experience and background working in Africa, where Pangolin's assets are located, he has worked for Kennecott Canada and Diavik Diamond Mines, both part of the Rio Tinto (NYSE:RIO) group.
At Diavik, Bonner added kimberlite resources as well as operated bulk sampling drilling programs in northern Canada, which recovered significant carat weights with the aim of adding to the Diavik mining reserves, Pangolin said.
Previously, he was BHP Minerals' senior project geologist for Botswana and Namibia in Africa, and went on to co-found Westport Resources Namibia, which development into an exploration company owned by TSX-listed Forsys Metals. At Westport, he advanced the Valencia uranium deposit, delivering an overall resource increase of about 550%.
"We are delighted to have Rick Bonner join our senior management team. His past experience working in Africa and with diamonds will be of great assistance," said Pangolin chairman Dr. Leon Daniels, in a release Monday.
Pangolin gave no details on Smuts' resignation, only to say that he left to pursue other interests.
Bonner is also currently a director of Augustine Ventures (CNSX:WAW) and has served on the boards of several other private and public junior miners.
Pangolin, which has four exploration properties in the world’s leading country for diamond production by value, is focused on Tsabong North, which is about 100 km north of the town of Tsabong in southwestern Botswana. The diamond explorer has found more than 50 drill-ready targets in the area, several of which have surface areas greater than 20 hectares.
The Magi discovery at Tsabong North late last year was welcomed with open arms by shareholders, who pushed up the stock some 64% in mid-October after the company announced that it modeled Magi at 270 hectares, making it one of the largest kimberlites in the world.
In December, shares of Pangolin spiked even further after it said it drilled a new hole at its Magi discovery that intersected kimberlite from 35 metres depth to 94 metres.