MELBOURNE, AUSTRALIA--(Marketwire - June 7, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
The Board of Ivanhoe Australia Limited (TSX:IVA)(ASX:IVA) has announced that Chief Executive Officer, Peter Reeve, has resigned from the position of CEO.
Inés Scotland, currently a non-executive Director of the company, will assume the role of Managing Director and Chief Executive Officer, pending the appointment of a permanent successor.
Chairman, Peter McMahon, said, "Peter played an important role in Ivanhoe Australia's transition to a public company and has overseen significant enhancement in the value of the company's key projects. We thank Peter for his contribution and wish him well in his future endeavours.
"The Board is pleased that Inés has agreed to step into the role of Managing Director. She will oversee the completion of the strategic and business review announced earlier this month to clarify the company's direction and establish a framework for the effective and timely delivery of value from our portfolio of opportunities."
Inés Scotland has been a Director of Ivanhoe Australia since June 2011 and is the former founder and Managing Director of Citadel Resources. She has extensive Australian and international experience across the mining value chain, including exploration, feasibility studies, project financing, construction and operations.
Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) is Ivanhoe Australia's largest shareholder and currently owns, directly and indirectly, approximately 59% of Ivanhoe Australia's issued and outstanding shares.
This information is available on our website: www.ivanhoeaustralia.com.
Certain statements made herein, including statements relating to matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information and statements are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" "potential", "likely" and similar expressions suggesting future outcomes or statements regarding an outlook.
All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Australia's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. The reader is cautioned not to place undue reliance on forward-looking information or statements.