News: Orinoco Gold strengthens board and management ahead of gold production

Orinoco Gold (ASX:OGX) has strengthened its board and management as it progresses towards first production at its high-grade Cascavel Gold Project in central Brazil later this year.

The company appointed experienced mining executive Jonathan Challis as a non-executive director and former Kingsrose Mining (ASX:KRM) senior executive Tim Spencer as its chief financial officer.

Challis has over 30 years’ experience in the operation, management, financing and analysis of mining projects around the world.

His appointment further strengthens the board in the key areas of technical, operational and mining expertise, with his experience expected to be invaluable as Orinoco makes the transition to gold producer.

He has been involved in several Canadian resources companies in the roles of chief executive officer, president and director.

Challis is currently a director and chairman of Rye Patch Gold Corp, as well as a director of WAI Capital Investments Corp, Quartet Mining Ltd, Goldfield Empires Ltd, Explor Resources Inc. and Pasinex Resources Ltd.

Spencer has over 20 years’ experience in precious metals markets, working in various accounting, treasury and finance roles including with three gold mining companies and a large gold refining and trading enterprise.

He was previously an executive director and chief financial officer of specialist narrow vein, high grade underground miner Kingsrose Mining.

Spencer brings strong capital markets experience, as well as treasury, accounting and commercial negotiation skills to Orinoco, which will complement the strong management team already established under the leadership of managing director Mark Papendieck.

“We are absolutely delighted to have secured two highly-credentialed mining executives to join the company at this pivotal period in our development,” Papendieck said.

“Jonathon will bring a wealth of experience at the highest levels of the mining industry to the company at board level, and his specific operational and mining expertise will be invaluable to the company as we commence production in Brazil.

“We are also delighted to have secured the services of Tim Spencer as Chief Financial Officer to manage and oversee the increasingly complex financial and accounting systems required as we close in on first production in Brazil.

“With Tim’s appointment alongside Andrew Tunks as General Manager - Operations and our other recent senior mining and processing appointments, we now have a fully-fledged senior management team in place ready to take Orinoco forward to production.”

Orinoco Gold has begun building its first gold mine at Cascavel, having successfully completed a US$8 million finance facility, which underpins its development.

Latest bulk sampling at the underground project had returned up to 15 metres at 88 grams per tonne gold.

In addition, metallurgical testing has indicated that mineralisation at Cascavel is mostly ‘free gold’, which should result in excellent gravity recoveries that will lead to a lower operating cost.

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