Asante Gold Corporation (CVE:ASE) said Friday it has appointed Alex Heath as a director of the company, replacing Mark Holcombe, who resigned for personal reasons.
Heath, who spent eight years with Salman Partners in the investment banking department as an analyst, associate and VP, will serve as an independent director. He will also serve as a member of both the audit committee and the special committee, the latter of which is continuing to monitor the company's deal to acquire half of the 2% NSR royalty Goknet Mining holds on PMI Gold's Obotan gold project.
PMI Gold was acquired by Asanko Gold (TSE:AKG) earlier this year, with the Obotan deposit in Ghana now a part of the new Asanko Gold Mine, which includes Asanko's Esaase deposit.
The royalty acquisition on Obotan was initially announced in November 2012, with completion of the purchase still subject to certain closing conditions. In March 2013, Asante said that Goknet, the royalty holder, had not yet received the necessary consent for the deal, and that it had referred the matter to binding arbitration.
A decision on the arbitration proceedings to affirm Goknet's royalty interests in the Obotan project in Ghana was originally expected in December, but was delayed to September this year pending the re-appointment of an arbitrator by PMI, Asante said in January.
“On behalf of the Board of Directors and all our shareholders, we heartily welcome Mr. Heath to our team," said president of Asante, Douglas MacQuarrie.
"His Investment Banking experience and dual degree in Finance and Marketing will be put to work as we source capital and evaluate potential acquisitions in the currently subdued, but improving, precious metals commodity and royalty sectors.
"These efforts will proceed in parallel with the intended closing of the Goknet royalty acquisition whose arbitration hearing is now scheduled for mid-September 2014."
