viewVatukoula Gold Mines

Vatukoula Gold Mines non-exec director David Lenigas resigns to pursue other interests


Vatukoula Gold Mines (LON:VGM) said non-executive director David Lenigas has resigned from the board effective immediately to pursue other opportunities.

Chairman Colin Orr-Ewing said: "David has been with the company since 2004 and was heavily involved in the acquisition of the Vatukoula gold mine (on Fiji). Subsequent to this his experience and knowledge has been invaluable in planning the development of the Vatukoula gold mine."

Originally a mining engineer, Lenigas is a serial entrepreneur and director of a number of AIM-listed companies, among them Lonrho (LON:LONR); LonZim (LON:LZM), Leni Gas and Oil (LON:LGO), Solo Oil (LON:SOLO) and Rare Earth Minerals (LON:REM). And if that wasn’t enough he also sits on the board of ASX-listed Lonrho Mining (ASX:LOM) and Toronto listed Reef Resources (CVE:REE).

In mid-December, Vatukoula reported results for the financial first quarter, revealing a significant quarter-on-quarter rise in profit from £0.2 million to £1.7 million - a result of a major jump in production after mined gold grades improved.

At 15,684 ounces, quarterly gold production was up 47 percent. Sales also improved with 14,588 ounces being sold at an average price of US$1,684 an ounce.

Underground mining is central to the firm’s long term future and these practices are becoming more effective at the Vatukoula site, chief executive David Paxton told Proactive last month.

“This is the first quarter that we are starting to see production building up from underground sources,” Paxton said.
Paxton reckons the current level of production can be maintained in the short term and a bit further down the line it will step-up again to the target of 25,000 ounces per quarter by the second half of 2012.

Quick facts: Vatukoula Gold Mines

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