Moly Mines Limited

Moly Mines Limited

October 31, 2013 06:00 ET

Moly Mines Appoints Acting CEO and Acting CFO

TORONTO, ONTARIO--(Marketwired - Oct. 31, 2013) - Moly Mines Limited (TSX:MOL)(ASX:MOL) reports the appointments of Mr David Pass and Mr Alan Howells to Acting Chief Executive Officer "CEO" and Acting Chief Financial Officer "CFO", respectively.

David Pass, previously General Manager Operations, holds a Bachelor of Science Honours Degree with a double major in Extractive Metallurgy and Chemistry. Mr Pass brings more than 20 years of mining industry experience in mineral processing plants, most recently as Processing Manager at Barrick's Granny Smith mine in Western Australia. He has also held senior operations roles with PlacerDome, Plutonic Mines and North Broken Hill-Peko.

Alan Howells, previously Financial Controller, has more than 25 years of finance experience and previously held senior roles including Chief Financial Officer and Company Secretary with more than 20 years in mining, and the balance within surgical laser manufacturing, property and forestry financing. His mining experience has been both within Australia and overseas in iron ore, gold and base metal mines. Initially employed by Australian Consolidated Minerals and then Normandy Posiedon, he then held roles within smaller exploration and mining companies prior to Moly Mines.

"We are pleased to have David as Acting CEO. David has been with the Company since 2007 and was an integral part of the project assessment team at Moly Mines" said Bruno Camarri AM, Chairman "Alan Howells has been Financial Controller since 2006 and is a natural fit for the Company at this stage as Acting CFO."

In accordance with ASX Listing Rule 3.16.4 the terms of remuneration and employment agreed with Acting CEO David Pass include:

  • Base Salary of $435,000 pa (plus Superannuation Guarantee at 10%)
  • Retention Bonus of 20% of Base Salary payable upon completion of 12 months of continuous service, and
  • Notice Period Acting CEO Position of 5 weeks.

ABN 32 103 295 521

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