[miningmx.com] — ROCKWELL Diamonds CEO John Bristow has resigned – apparently with immediate effect – according to an announcement released by the company on the Stock Exchange News Service (Sens).
No reason is given for Bristow’s resignation and no date for his departure. Bristow could not be immediately reached for comment.
According to the statement Rockwell’s chief operating officer and chief financial officer will report directly to a board committee while Rockwell looks “to complete the engagement of an experienced senior executive as president and CEO who has equal financial and operating background.’
Bristow holds a Phd in geology and is vastly experienced in diamond exploration in southern Africa.
The Sens statement added, “the Board is also in discussion with Dr Bristow, who remains a director, to provide consulting services to the company to maintain continuity during the transition period.
“The Board wishes to extend its thanks to Dr Bristow for a sustained effort and unflinching commitment to Rockwell Diamonds’ success and wish him well in his next endeavours.’
Rockwell operates the Holpan, Klipdam and Saxendrift alluvial diamond mines located along the middle Orange River in the Northern Cape.
It also owns the mothballed Wouterspan mine in the same region and is in the process of acquiring the Tirisano project in the Ventersdorp area from Etruscan Diamonds.
The last 12 months have been a period of calm at Rockwell after the prior volatile two year period during which the company fought off a hostile takeover bid and also dealt with an internal shareholder/management dispute.
The main market for the shares is on the Toronto Stock Exchange (TSX) where the share has traded for the past year in a narrow range between 5.0 and 8.5 Canadian cents. The all-time high for the stock was 80 Canadian cents hit in mid-2007.
This year’s flat trading range has been despite optimism amongst some senior Rockwell executives that the share would start to perform following the refinancing in February/March which raised some C$17m.
That rights issue and placement also brought two new substantial shareholders into the company in the form of Daboll Consultants – who are associated with the Steinmetz group – and Chinese private equity firm Godia Capital Partners.
