(MENAFN- ProactiveInvestors - Australia) Aphrodite Gold (ASX: AQQ) has appointed director, and the company's largest individual shareholder, Peter Buttigieg to the position of non-executive chairman.
Buttigieg was appointed to the Aphrodite Gold board in May 2012 to represent the company in Melbourne where a large number of its shareholders are based.
He is head of the RMS information technology group, a company operating worldwide in property management and reservations management systems for the hospitality industry.
In addition to his business acumen, Buttigieg has been involved with Aphrodite and the Aphrodite Gold Project from the early days as an investor.
Aphrodite has also appointed Melbourne-based Paul Weston as marketing director to increase market and investor awareness of Aphrodite and the Aphrodite Gold Project.
Weston has acted as a director of and consultant to a number of ASX-listed mining companies, and has assisted in obtaining ASX, FTSE or NASDAQ listing for them as well as domestic and international interest and support.
His market successes include developing British Telecom's Australian subsidiary (BT Australia) from start up to 15,000 business customers and $140 million per annum in sales in less than two years.
Aphrodite recently increased the portion of potentially open pit minable resources in the Indicated category at the Aphrodite Gold Project.
The overall gold content of the deposit has increased slightly to 1.04 million ounces of gold; however the biggest improvement is in the classification of the resources.
JORC Indicated Resources at Aphrodite Gold now stand at 5.8 million tonnes at 1.84 grams per tonne (g/t) gold for 342,000 ounces of gold.
In addition, the project hosts an Inferred Resource of 1.4 million tonnes at 1.49g/t gold for 67,000 ounces of gold.
Recently, Tetra Tech and METS recommended that the project should move to Pre-Feasibility Study (PFS) given the headline numbers from a Scoping Study, including an initial net present value of around $130 million from an open cut and underground mining operation.
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