Intrepid Mines and Blackthorn Resources, two Australian based exploration and development companies have announced a merger and board restructuring. The new company will be called Intrepid Mines.
The merger creates a well-funded copper company in a strong position to realise the potential of the Kitumba copper project and add value to the broader Mumbwa project licence areas in Zambia.
Intrepid Chairman Ian McMaster said:
“After an eventful year, the company is now well placed, with substantial cash reserves and appropriate management expertise, to focus on increasing shareholder value through the development of the Kitumba Project in Zambia, along with an active exploration program. The company will also consider accretive business development opportunities.”
With effect from December 11 2014, Blackthorn became a wholly owned subsidiary of Intrepid mines. Under the scheme Blackthorn’s CEO Mark Mitchell has become the new company’s CEO while its other key directors have become Non-Executive Directors in the new concern.
Intrepid Chairman Ian McMaster will be Chairman of the merged company. Intrepid CEO Scott Lowe has been appointed an Executive Director of the merged company.