West Perth-based junior Cosmo Metals has promoted director Ian Prentice to managing director, efficient instantly.
The appointment follows information final week that Peter Hen-chaired Cosmo, which has a market cap of $3.5 million, had entered right into a binding heads of settlement to accumulate full possession of the Bingara and Nundle gold-antimony and copper tasks in northern New South Wales.
Cosmo informed the market it could be aiming to lift round $1.6 million later this month, with preliminary work on the tasks together with geological mapping and a geophysical-based survey, in an effort to lock in excellent drill targets.
Mr Prentice, who has greater than three a long time of expertise within the sources sector, most lately frolicked as MD of Subiaco-based Expertise Metals Australia – the place he oversaw the corporate by way of a wide range of totally different phases of operation, together with its eventual merger with Australian Vanadium Restricted in February final yr.
“I’m extremely excited to be stepping as much as the managing director position at Cosmo as we progress the proposed acquisition of Bingara and Nundle – two extremely potential underexplored massive scale tasks in one of many hottest exploration addresses in Australia – and may’t wait to begin unlocking the worth of those tasks whereas persevering with the work to understand the worth of our present property in WA, supported by a top quality board and administration crew,” Mr Prentice mentioned.
The junior has begun a 60-day unique choice interval in relation to buying the NSW-based tasks, the place it’ll full a variety of due diligence-based actions.
Cosmo may also maintain a basic assembly, the place it’ll search shareholder approval to proceed with the acquisition.
As of 12.03pm AWST, Cosmo shares had been up 4 per cent to 2.5 cents.
