Retirement of Managing Director (6208L)

TIDMAR.

RNS Number : 6208L

Archipelago Resources PLC

03 August 2011

 
 3(rd) August 2011   AIM: AR. 
 

Archipelago Resources Plc

("Archipelago" or "the Company")

Retirement of Managing Director

Archipelago announces the retirement of Colin Loosemore, the Company's founding and long serving Chief Executive Officer and Managing Director, effective at the close of the Annual General Meeting on 3(rd) August 2011.

Mr Loosemore acquired the Toka Tindung Gold Project in North Sulawesi, Indonesia ("Toka Tindung" or "the Project") in 2002 and floated Archipelago on the AIM market in 2003. Mr Loosemore's persistence in leading a team during the last decade resulted in the construction of a processing plant at Toka Tindung in 2010 followed by commissioning and first production of gold in April 2011.

Mr. Loosemore will assume an executive role with Archipelago Metals Ltd, a currently unlisted Australian company spun out of Archipelago in early 2008 and of which Mr. Loosemore has been a director since inception. The two companies will continue a working relationship, with the Company focused on gold and Archipelago Metals focused on non gold projects, in particular an advanced feasibility stage chromite project in Vietnam.

Mr. Loosemore's replacement will be announced at Archipelago's Annual General Meeting on 3(rd) August and a statement will follow shortly afterwards.

Stephen Sulistyo, Chairman of Archipelago, commented:

"I would like to extend my sincere thanks to Colin. He has served as Managing Director of Archipelago for 10 years and in that time has lead the Company in its transformation from a junior explorer to a significant gold producer. When Toka Tindung reaches full production in a few months time it will be testament to the hard work of Colin and his team. We wish him similar success in his new role with Archipelago Metals."

Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc.

Tel: [phone]

Shaun Whyte, Ambrian Partners Ltd.

Tel: [phone]

Bobby Morse / Katharine Sutton, Buchanan.

Tel: [phone]

Gerry Beaney / David Hignell, Grant Thornton Corporate Finance.

Tel: [phone]

www.archipelagoresources.co.uk

Archipelago is a mining company listed on the AIM market of the London Stock Exchange. The Company's principal activities are gold mining and exploration in Indonesia (as 95% owner of the producing Toka Tindung Gold Project in North Sulawesi, Indonesia), Vietnam (as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with VINACOMIN a Vietnamese Government mining company) and the Philippines (via entitlement to not less than an 80% interest in exploration company Corplex).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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