Troy Resources NL

Troy Resources NL

September 12, 2007 12:19 ET

Troy Resources Appoints Paul Benson as Chief Executive Officer

WEST PERTH, WESTERN AUSTRALIA--(Marketwire - Sept. 11, 2007) - Troy Resources NL ("Troy") (ASX:TRY)(FRANKFURT:TRW) is pleased to announce the appointment of Paul Benson as Chief Executive Officer ("CEO"), effective 3 October 2007. The Company also advises, effective 3 October 2007, that Chairman John Jones will move to Non-Executive Chairman and that Tommy McKeith, the outgoing CEO, will remain on the board as Non-Executive Director.

Paul Benson has spent the last seven years with BHP Billiton where most recently he was Chief Development Officer for BHP Billiton Base Metals and a member of the BHP Billiton Base Metals Executive Committee. In this role, Paul was involved in various business development initiatives, including running the due-diligence of Olympic Dam, as part of the successful takeover of WMC. He has been based in Santiago, Chile, since 2004.

In his 20 year career in the mining industry, Paul has worked for RGC Ltd at Renison Tin and Mt Lyell Copper in Tasmania and at its mineral sands operation in WA; for BP Coal in NSW; for Rio Tinto at Neves Corvo in Portugal and Hamersley Iron; and for BHP Billiton in its base metals and uranium divisions both in Australia and overseas.

Paul has a Bachelor of Science in Geology and Exploration Geophysics and a Bachelor of Engineering in Mining, both from the University of Sydney, and a Sloan Masters of Science in Management from the London Business School.

Chairman John Jones said, "I am delighted that Troy has been able to attract a person of Paul Benson's calibre and high-level international experience to run Troy."

Troy is also pleased to advise that its current CEO, Tommy McKeith, whose resignation is effective 30 September 2007, has agreed to stay on the Troy Board as a Non-Executive Director for twelve months.

"In his time with Troy, Tommy has set a strategy to transform the Company from a junior producer to a mid-tier producer. Having Tommy stay on as a Non-Executive Director will facilitate the transition of this strategy to the new CEO as well as strengthen the Board," said John Jones.

Troy also advises that current Chairman, John Jones, will become Non-Executive Chairman effective 3 October 2007.

John has been associated with Troy as a major shareholder and Director since 1989 and, as Executive Chairman since 1999; he was instrumental in growing the Company from a small explorer to a well-capitalised and very profitable international gold miner.

The Board of Troy expresses its gratitude to John for his tremendous contribution to the successful development of Troy, both as an executive and supportive shareholder. The Board is delighted that John remains with Troy as Non-Executive Chairman where he will continue to support the Company and its strategy.

John Jones noted that the management and board changes strengthen Troy's pursuit of an aggressive, international growth strategy. He thanked shareholders and Troy staff for their support of him, personally, and of Troy over many years as the Company has grown to its present strong position. He assured Troy shareholders of his continued support and commitment, both as a major shareholder and as the Non-Executive Chairman.

Troy is well positioned for growth with a strong board, excellent management team and a robust balance sheet ($98.6 million in cash and liquid investments). It is developing its sixth gold mine, Andorinhas in Brazil, which is expected to be in production in January 2008 producing about 55,000oz per annum. Troy is committed to exploration with over $6 million expended annually on exploration.

Contact Information

  • Troy Resources NL
    J L C Jones
    (61 8) 9481 1277
    Troy Resources NL
    TD McKeith
    Chief Executive Officer
    (61 8) 9481 1277
    (61 8) 9321 8237 (FAX)