Archipelago Resources PLC Result of AGM, Result of GM and Directorate Change (9016F)

TIDMAR.

RNS Number : 9016F

Archipelago Resources PLC

30 May 2013

30 May 2013

AIM: AR.

Archipelago Resources plc

("Archipelago" or "the Company")

Result of AGM, Result of General Meeting and Directorate Change

Archipelago announces that at the Annual General Meeting ("AGM"), which was held earlier today, all resolutions were duly approved by shareholders.

Accordingly, as outlined in the announcement of the Company's Annual Results on 11 March 2013, the proposed reduction in the Company's share premium account should take effect if confirmed by the High Court and upon the order of the High Court being lodged with, and registered by, the Registrar of Companies. This is expected to take place on 19 or 20 June 2013, following which the Company will be in a position to inform shareholders of the precise record date and payment date of the proposed dividend payment.

Archipelago also announces that at the General Meeting ("GM") of shareholders, which was held following the conclusion of today's AGM, the resolutions to appoint Mr Colin Sutherland and Mr Darjoto Setyawan as directors of the Company were duly passed. The Board of Directors of Archipelago is therefore pleased to announce the appointment of Mr Colin Sutherland as Chief Executive Officer and Managing Director and Mr Darjoto Setyawan as Non-Executive Director with immediate effect.

Mr Colin Paul Sutherland (aged 42) has extensive experience across all aspects of financial management. Prior to joining Archipelago, Mr Sutherland was Chief Financial Officer for Timmins Gold Corporation. Previously, he acted as Chief Financial Officer for Aurico Gold, Inc. and Mexgold Resources, Inc. In addition to financial management roles, Mr Sutherland acted as President and CEO for Nayarit Gold, Inc. and then Capital Gold Corporation between 2007 and 2011. He has also held senior roles with Royal Bank of Canada, Pricewaterhouse Coopers and Deloitte & Touche. He is a Chartered Accountant and holds a Bachelor of Business Administration.

Mr Sutherland currently holds, and has held (including all appointments during the five years preceding the date of this announcement), the following directorships and partnerships, other than of the Company:

 
Current Directorships / Partnerships  Past Directorships / Partnerships 
                                       (in the last 5 years) 
------------------------------------  --------------------------------- 
Telegraph Gold Corp                   Capital Gold Corp 
                                      Nayarit Gold Inc 
------------------------------------  --------------------------------- 
 

Archipelago confirms that there are no other matters requiring disclosure in relation to Rule 17 and Schedule 2(g) of the AIM Rules.

Mr Darjoto Setyawan (aged 55) has more than 17 years of experience in the mining industry. He has been employed with the Rajawali Group since 1996 and has held the role of Managing Director - Mining and Resources since 2005. He was the President Director of the Bentoel Group, a subsidiary of Rajawali, from 1996 to 2006 and continued from 2006 to 2009 as the President Commissioner of the Bentoel Group. Mr Setyawan is also responsible for Rajawali's external relations including those related to Government officials and agencies. He has also served as a member of the board on a number of companies where the Rajawali Group has an interest, including PT. Nusantara Infrastructure and the Semen Gresik Group.

Mr Setyawan has a Bachelor of Science degree in Mathematics and Natural Science from the Bandung Institute of Technology and Mater of Management from Prasetiya Mulya Institute of Management.

Mr Setyawan currently holds, and has held (including all appointments during the five years preceding the date of this announcement), the following directorships and partnerships, other than of the Company:

 
Current Directorships / Partnerships  Past Directorships / Partnerships 
                                       (in the last 5 years) 
------------------------------------  --------------------------------- 
PT Rajwali Corporation 
Indomines Ltd 
------------------------------------  --------------------------------- 
 

Archipelago confirms that there are no other matters requiring disclosure in relation to Rule 17 and Schedule 2(g) of the AIM Rules.

Stephen Sulistyo, Chairman of Archipelago, said:

"I take this opportunity to welcome Colin and Darjoto to the Board of Archipelago. I am sure the will make a valuable contribution to our growth strategy".

FURTHER INFORMATION

 
 
   Archipelago Resources 
   plc 
   President - Corporate 
   Strategy                                                             [phone] 
   Matthew Salthouse            [phone]                            8000 
---------------------------  ----------------  ----------------------  ------------ 
                                                Canaccord Genuity 
                                                 Limited 
                                                 Joint Broker 
                                                 Andrew Chubb 
                                                 Christopher Fincken 
---------------------------  ----------------  ----------------------  ------------ 
 Grant Thornton Corporate 
  Finance 
  NOMAD 
  Gerry Beaney 
  Philip Secrett              [phone] 
  David Hignell                5100 
---------------------------  ----------------  ----------------------  ------------ 
                                                Liberum Capital 
   Buchanan                                      Limited 
   Corporate Communication                       Joint Broker 
   Bobby Morse                  [phone]      Michael Rawlinson      [phone] 
   Gordon Poole                 5000             Christopher Kololian    2000 
---------------------------  ----------------  ----------------------  ------------ 
 

ABOUT ARCHIPELAGO

Archipelago is a producing mining company listed on the AIM market of the London Stock Exchange. Archipelago's vision is to grow into a respected and regionally dominant mid-cap gold producer, managing a portfolio of gold mines and delivering significant value and returns for our shareholders. Archipelago's principal activities are gold mining and exploration in Indonesia (as the 95% owner of the producing Toka Tindung Gold Mine in North Sulawesi, Indonesia). In 2013, Archipelago expects to produce between 140,000 and 155,000 Au Eq oz at a cash cost of between US$620 and US$680 per ounce (net of silver credits).

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCAMMBTMBMJBJJ