VANCOUVER (miningweekly.com) – Canadian junior explorer Orca Gold has reunited the senior management of erstwhile Red Back Mining in an executive shakeup announced Monday, which the company believes will set it on a path to regional dominance in North and West Africa.
The Orca board has appointed chairperson Richard Clark its new CEO to spearhead overall corporate strategy and coordinate management's initiatives towards the development of the company's Block 14 project, in Sudan. He replaces Hugh Stuart, who has resigned as CEO to focus on his duties as the president of Orca, the company advised.
Clark is best known for his tenure as president and CEO of Red Back, where he led the company through all facets of growth, including discovery, feasibility, financing and production, which resulted in successful corporate acquisitions, culminating in the blockbuster $9.2-billion acquisition of Red Back by Kinross Gold in late 2010.
The board also appointed Kevin Ross as the company’s new COO, responsible for overseeing the advancement of Orca's recently announced prefeasibility study on the Block 14 project, which will define maiden mineral reserves and identify opportunities to enhance project value. Ross was the Red Back COO until its acquisition by Kinross.
Meanwhile, Simon Jackson will assume the role of chairperson, succeeding Clark. Jackson brings extensive general corporate and gold industry experience to this role, including being an integral part of the senior management team that saw Red Back evolve from a small junior gold exploration company into a TSX-listed intermediate gold producer.
Jackson is currently the CEO and MD of Beadell Resources, an emerging gold producer with operations in Brazil. Jackson has served as a member of Orca's board since April 2013.
Stuart, as exploration manager at Geita Gold Mines and VP of exploration at Red Back, has an extensive and successful track record in gold discovery and project growth in Africa and, to date, is responsible for the identification of more than 30-million ounces.
With about $15-million cash in the bank, Orca stated that it has planned to move aggressively towards project development and exploration growth in North and West Africa.
Orca's TSX-V-listed stock jumped 18.75% on the news Monday, to C$0.37 apiece.