Blackstone Minerals planned gold spin-off Codrus appoints MD

Blackstone Minerals Ltd (ASX:BSX) (OTCMKTS:BLSTF) (FRA:B9S) has appointed Shannan Bamforth as managing director of Codrus Minerals Ltd, the proposed spin-out of its non-core gold assets.

Bamforth, a geologist, brings to Codrus more than 20 years of experience in the resources industry with a focus on base metals and gold.

He has worked in exploration, operations and corporate roles in Australia, Africa, China and Indonesia.

“Right blend of experience”

Blackstone minerals’ managing director Scott Williamson said: “We are delighted to announce the appointment of Shannan, following the completion of a comprehensive and highly competitive executive search.

“Shannan has the right blend of technical and corporate experience to spearhead a dedicated management team that will build on what is an exciting portfolio of gold assets.”

Codrus Minerals will house a highly prospective portfolio of gold assets including the Bull Run Project, Silver Swan South Project, Red Gate Project and Middle Creek Project.

Bamforth’s experience

Bamforth comes to Codrus from Sandfire Resources Ltd (ASX:SFR) where he has been working as general manager of geology since 2010.

Before this role, he held various senior positions with a variety of companies including Regent Pacific Group, St Barbara Mines, AngloGold Ashanti and Acacia Resources.

 He is also a member of The Australian Institute of Mining and Metallurgy.

“Look forward to building team”

Bamforth said: “It is with great excitement and aspiration that I will assume the role as managing director of Codrus.

“I look forward to building a team that can showcase the potential of Codrus’ assets.

“In the background, Blackstone has progressed several walk-up drill-ready targets across Tier 1 jurisdictions.

“We look forward to accelerating these opportunities having a strong balance sheet following the proposed Codrus IPO and having the backing of a major supportive shareholder in Blackstone.”

Proposed Codrus IPO

Codrus intends to undertake an IPO of its securities in the current quarter to facilitate admission to the Official List of the ASX.

It is currently anticipated that the Codrus Prospectus will be lodged with ASIC this week concerning the IPO and will seek to raise a minimum of $5 million.

Existing Blackstone shareholders will be offered a priority allocation in the Codrus IPO pursuant with the record date to be a day after lodgement of the prospectus.

The terms of the priority offer will be set out in further detail in the prospectus and Blackstone plans to retain around 50% of the equity in Codrus upon successful completion of the IPO.

Story by ProactiveInvestors