An experienced mining industry executive is set to takeover the reins of Forrestania and Fraser Range-focused explorer Classic Minerals, following the exit of founder and long-standing managing director Justin Doutch.
Former Barra Resources and Mount Ridley Mines managing director Dean Goodwin was announced as Classic Minerals’ new chief executive on Friday in the wake of the firm flagging a board shake-up in its September quarterly report.
Mr Doutch, who had held the managing director role for seven years before his resignation, will remain as non-executive director until November 16 to aid Mr Goodwin’s transition.
John Lester, a past chairman at the unlisted developer Yilgarn Infrastructure, was also appointed as non-executive director.
Earlier this month, Classic Minerals declined to comment to the Kalgoorlie Miner about the board’s reshuffle, but in Friday’s statement to the market, Mr Doutch thanked the firm for its support during his tenure.
“I would like to take this time to thank my current and previous board of directors, management, advisers and shareholders for the support over the past seven years,” he said.
“I believe that the company is now set with the current board and new appointments of Dean and John to assist in the ongoing developments to continue to create value for our shareholders and the delivery of our Forrestania Gold Project in the near future.”
Classic Minerals’ September quarterly also revealed the incoming chief executive was “likely” to assume the managing director duties “in due course”.
In a statement, the explorer said Mr Goodwin and Mr Lester’s experience would bolster the company as it focuses on the development of its flagship Forrestania gold project.
“They both have a proven track-record of delivering value to shareholders and publicly-listed companies in the past,” the statement said.
“In addition, and to complement the appointment of the new chief executive and non-executive director, Mr Doutch and the board have implemented a number cost-reduction measures designed to lower its corporate overheads.”
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