StockMarketWire.com - KEFI Minerals' board is being restructured as from August as part of the company's transition towards gold production.

It is intended that Mark Wellesley-Wood, experienced African mining operator, will join the board as non-executive director. He will also serve as chairman of the newly-created technical review committee and Professor Ian Plimer will serve as chairman of the newly-created exploration review committee.

The existing roles of deputy chairman and senior independent director will pass from Professor Plimer to Wellesley-Wood as from January 2017.

The board will establish its two new committees to independently review technical and exploration matters during the company's planned rapid expansion.

This will allow Jeff Rayner to step down from the board and to focus on a more free-ranging role to identify value adding opportunities for KEFI's next stage of development.

Rayner will also continue to advise and mentor the exploration team, which remains under group exploration manager, Dr Fabio Granitzio.

John Leach has agreed to join the senior executive team as finance director as this function expands in scale and responsibility.

KEFI says these changes to the structure of the board serve a number of important purposes as the company begins its transition towards production.

The board will comprise two executive directors (executive chairman Harry Anagnostaras-Adams and Finance Director John Leach) and three non-executive directors (His Excellency Norman Ling, Professor Ian Plimer and Mark Wellesley-Wood).

Executive management will continue to report to the executive chairman, notably the chief operating officer and managing director of KEFI Minerals Ethiopia, Wayne Nicoletto, the finance director John Leach and group exploration manager Dr Fabio Granitzio.

KEFI has already installed strong development, community, finance and exploration teams under these executives and will next assemble the production operations team. The principal project contractors are market leaders Ausdrill/African Mining Services and Lycopodium.

Anagnostaras-Adams said: "The planned changes to the Board of Directors announced today reflect our transition from exploration-only to emerging production as well as exploration. KEFI is fortunate to have such a depth of expertise from individuals adjusting their roles to suit the changing needs of the Company. We look forward to welcoming to the Board Mr Mark Wellesley-Wood, who has deep experience in African mining operations as well as mining finance in the City."

At 8:57am: [LON:KEFI] KEFI Minerals PLC share price was +0.04p at 0.61p



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