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 |  |   Mon Aug 14, 2006
Former British Ambassador to Peru Appointed as Executive Chairman
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| | London: 14 August, 2006 - Monterrico Metals plc ("Monterrico" or "the Company") is pleased to announce the appointment of Mr Richard Ralph, CMG, CVO, as Executive Chairman, with immediate effect. Simultaneously, Mr Chris Eager is stepping down as CEO, but has agreed to remain with the Company as a Non-Executive Director with particular responsibility for recruiting a new Chief Executive Officer. Once a new CEO has been appointed, Mr Ralph will relinquish his executive role and will become Non-Executive Chairman of the Company.
Mr. Ralph was British Ambassador to Peru from 2003 to 2006, before he retired in April. He has had a distinguished career in the Diplomatic Service, which began in 1969. He served in the Foreign & Commonwealth Office in London (1969, 1977-1981 and 1984-89) and in the British Embassies in Laos (1970-73), Portugal (1974-77), Zimbabwe (1981-1984) and Washington (1989-93). He was Ambassador to Latvia (1993-95), Governor of the Falklands (1996-1999) and Ambassador to Romania (2000-2003), before moving to Peru. He has an M.Sc. in Social Science from Edinburgh University and was awarded his CVO in 1992 and CMG in 1997. The brief for his ambassadorial appointments has always included promoting the interests of British industry abroad. In Peru, with its strong mining-based economy, he worked closely with the Government, mining companies, and NGO's to promote responsible mining and resolve issues related to that industry. He was also a member of the Board of the Tintaya Foundation in Peru, which was set up to promote Sustainable Development in the area of influence of the Tintaya copper mine. Mr Ralph became acquainted with and visited the Rio Blanco project, amongst other mines in Peru, during his term as Ambassador.
Dr. Michael Price (Non-Executive Director) is stepping down from the Board to pursue his new business interests.
Mr. Robert Guy, the retiring Non-Executive Chairman, said: "I am delighted to welcome Richard Ralph to the Board of Monterrico. Richard's international experience and knowledge of Peru will be a great asset to the Company as Monterrico advances the Bankable Feasibility Study of the Rio Blanco Project. The Study is on track with the technical elements on schedule for completion in the fourth quarter of this year. Submission of the Study to the Peruvian Government, together with the Environmental and Social Impact Assessment, is expected in the first quarter of 2007 for permitting. I would like to thank Chris Eager for all that he has done in establishing the Rio Blanco Project and am pleased that he has agreed to stay involved with the Company. I would also like to thank Michael Price for his valuable contribution to the Board and to wish him well for the future."
Mr. Chris Eager said, "Although I am stepping down as CEO, I remain very committed to Monterrico. Rio Blanco is an exceptional project and I am pleased that, with our strengthened management team in Peru, it is now set for the next phase of development."
Mr. Richard Ralph said, "I followed the progress of Monterrico throughout my tenure in Peru and I am delighted to be joining Monterrico at this exciting time. I would like to take this opportunity to thank Robert Guy for his extremely constructive contribution to Monterrico during his Chairmanship."
The Board granted an option over 100,000 ordinary 10p shares to Mr Ralph on his appointment as Executive Chairman exercisable after 1 year with the exercise price being the closing share price on Monday 14th August, 2006. Mr. Ralph does not hold any common shares of the Company. There are no further disclosures pursuant to Schedule 2 (g) of the AIM Rules in relation to Richard Ralph's appointment.
End
For further information please contact:
Richard Ralph (Executive Chairman) +44 (0)20 7776 2900
Susan Connolly (Investor Relations Manager) +44 (0)20 7776 2900
Chris Howard (Collins Stewart) + 44 (0) 20 7523 8314
Cathy Malins (Parkgreen Communications) +44 (0)20 7493 3713
Notes to Editors
Monterrico Metals plc is a London based resource development group which operates exclusively in Peru. The Company's shares are quoted on AIM, part of the London Stock Exchange (ticker - MNA.L). Monterrico is undertaking a Bankable Feasibility Study of its wholly owned Rio Blanco copper molybdenum deposit in northern Peru.
As result of these Board changes, the new Board of Monterrico will consist of: Richard Ralph (Executive Chairman), Raymond Angus (Chief Operating Officer and Executive Director); Eileen Carr (Chief Financial Officer and Executive Director); Dr Jeffrey O'Leary (Executive Director); Chris Eager (Non-Executive Director) and Frederic Haller (Non-Executive Director). |
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