Rex Minerals announced today its founder Steve Olsen has resigned from the company's board.
Rex, which owns the Hillside copper-gold mine near Ardrossan said in a statement the board had resolved to dissolve the Advisory Board with the completion of its core objectives and the associated results from the Extended Feasibility Study.
"As a result the Advisory Board chairman Steve Olsen has resigned from his position as the chair of the Advisory Board," it stated.
"In addition, Mr Olsen has resigned from the Rex Board."
The statement said the Advisory Board was established in August to engage a range of external industry experts and review all possible alternatives associated with the Hillside feasibility study in the wake of a dramatic drop in the commodity prices, with an emphasis on reducing capital, improving copper head grades and reviewing alternative design options.
"With the recent completion of the EFS the objectives of the Advisory Board have now been met and therefore its function is no longer required under its established charter," the company statement said.
"The Rex Board has also accepted the resignation of Mr Olsen as a director of Rex Minerals.
"Mr Olsen was the founding managing director for Rex, which first joined the official list of the ASX in late 2007. He was the managing director for the company for a period of five years, which took the company through the discovery of the Hillside Project and the definition of one of Australia's largest new copper mineral resources at Hillside.
"Mr Olsen remained as a director and subsequently became more heavily involved with the Hillside Project with his appointment as chair of the Advisory Board.
"Mr Olsen has committed to remain as a consultant to Rex Minerals to assist the company with its financial options and for operational continuity."
Chairman David Carland said the board was very grateful for the contribution that Mr Olsen has made both as a director and manager at Rex.
"Both the discovery of the Hillside deposit and the results from the EFS were completed under Mr Olsen's leadership with assistance of the strong technical team at Rex," he said.
"The outcomes from this work have given the company a valuable asset from which the company can now grow into its next phase as a mining company."
