Inova Resources Limited
TSX : IVA
ASX : IVA

June 19, 2013 01:29 ET

Inova Resources Limited: Senior Management Changes

MELBOURNE, AUSTRALIA--(Marketwired - June 19, 2013) - Inova Resources Limited (TSX:IVA)(ASX:IVA) today announces changes to the structure of its senior management team. Within the current industry context, the company has been seeking to align its structure with its current activities and strategy moving forward. To date, these changes have included reductions in staff and significant cost reduction. This has included the recently announced reduction of the company's Board from 8 to 6 Directors.

In addition to the board changes, the Chief Financial Officer, Brendan Gill, and the Chief Operating Officer, Mike Spreadborough, have advised of their resignations from the Company.

Brendan Gill has given the company advance notice and will remain as CFO until a replacement is appointed. A search for a replacement CFO is well advanced.

Mike Spreadborough's resignation, however, allows the company to expedite further restructuring and flatten the management structure; as such the COO role will be discontinued, resulting in Inova Resources' operations team reporting directly to the CEO.

Chief Executive, Bob Vassie, said that he wished both executives well in their future endeavours and thanked them for their efforts since joining the Company. "Both Mike and Brendan came on board prior to Inova commencing production and have helped steer the company through the start-up of the copper-gold business," he said.

"Mike's departure allows us to simplify the organisation and to reduce costs," he added. "We expect to make an announcement on a replacement for Brendan's role as CFO in the near future."

(ABN 20 107 689 878)

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