Dr Cruise assumes the role from Dr Rui Feng, who will stay on as a director and continue to be involved in the direction, strategy and governance, according to the company.
In a statement, Feng said it was “time for a transition” after spearheading the Vancouver-based company’s discovery of the Silver Sand deposit in Bolivia.
New Pacific acquired Silver Sand in July 2017 and has drilled over 90,000 metres on the property. The firm recently put out a resource estimate outlining 35.4 million tons grading at 137 grams per ton silver for 155.9 million ounces in the measured and indicated category, with 9.8 million tons at 112 grams per ton for 35.6 million ounces in the inferred category.
Dr Cruise joined the company six months ago as part of the firm’s succession plan, according to Feng.
“Under his leadership, I am confident that the company will make more discoveries and be successful in advancing the Silver Sand project from current state to development and in enhancing shareholder value as the company quickly evolves into its next level of growth,” Feng said in a statement.
“I am honoured to assume the role of CEO and the opportunity to lead New Pacific as we cement our position as the next major silver developer,” Dr Cruise told shareholders.
“The company’s priority is to advance and de-risk our flagship Silver Sand deposit to production in addition to building upon and leveraging our exploration expertise to continue to unlock value for our stakeholders in this emerging silver district and throughout the region.”
Silver Sand is a “new globally significant silver deposit,” according to New Pacific’s chairman Jack Austin, who hailed Feng’s “immense contribution” to the company over his tenure.
“The board is fortunate to have Rui remain as a Director, and looks forward to Mark steering the company along the path of success that Rui has set,” Austin said. “Mark’s track record of leadership and successfully developing discoveries into mines in Latin America will serve the company well as he takes the reins.”
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