PMI Gold‘s chairperson and non-executive director Peter Buck has resigned with immediate effect, and will be succeeded by the company’s current non-executive director Ross Ashton on an interim basis.

PMI‘s statement noted that Buck decided to resign after the termination of the planned merger with Keegan Resources which was announced last week, following a determination by both parties that it was unlikely that PMI‘s shareholders would approve the merger.

Ashton, who has been a non-executive director of the company since its ASX listing in December 2010, was previously MD and chairperson of gold producer Red Back Mining Ltd.

Commenting on Buck‘s resignation, he said; “On behalf of the board of directors and management of PMI, I would like to express our gratitude to Peter for his significant contribution to PMI, commencing with its ASX listing in December 2010, and for the many hours of tireless and valuable service he has given to the company during his time as chairperson.”

“My focus will be on the recruitment of a non-executive independent chairperson and advancing Obotan to an investment decision,” Ashton added.

The Obotan gold project is situated in Ghana on the Asankrangwa goldbelt, with the prefeasibility study revealing 14 Mt of proven reserves and production targeted for the second half of 2014.

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