Appoints Canadian Managing Director
Perth, July 31, 2015 AEST (ABN Newswire) - Fertoz Limited (
ASX:FTZ) ("Fertoz" or the "Company") is pleased to announce that Canadian director Stephen Keith will take over as Managing Director effective immediately. Les Szonyi will continue as a director of Fertoz and support Stephen as a technical consultant, reporting to him.
Chairman James Chisholm said "I would like to take this opportunity to thank Les for leading us through the IPO, the exploration of both Wapiti and Fernie, the submission of the small scale mine for Wapiti, the completion of the Wapiti Scoping Study and the bulk samples and trials associated with the two Canadian projects, and finally, the approval of the Dry Ridge exploration permit. With so much work going on in Canada, Les decided it was time to appoint an MD who was in-country, and has stepped down from the role of MD, to focus instead on progressing the Australian FertAg joint venture. He will assist Stephen with the handover of our North American activities and the many phosphate trials and relationships that have been developed over the last two years. Stephen's focus moving forward is commercializing our Wapiti and Fernie projects by securing off-take agreements for the rock phosphate we will produce from those resources and engaging with local contractors and suppliers to establish mining operations.
We plan to keep capital requirements low by running with a contract mining model and start by just producing bulk rock phosphate. Later development will entail bagging operations and blending our rock phosphate with other resources to make additional fertiliser products, and also moving to an owner-operator model; but all of this will occur once we have cash flow from our Canadian operations.
We will also seek a joint venture partner to bring forward exploration of our Dry Ridge project in Idaho."
Stephen Keith was appointed to the Fertoz board in July 2014. He lives in Toronto and is well known to the fertiliser and investment community in Canada, having led TSX listed Rio Verde Minerals Development Corp. to a sale in 2013. Rio Verde was progressing the development of a direct application rock phosphate project in Brazil at the time of the acquisition. Stephen holds a BSC in Applied Science, and an MBA. He is a registered professional engineer (P. Eng) in British Columbia and Ontario and has been involved in numerous feasibility studies and resource project developments in his career over the last twenty years.
About Fertoz Ltd
Fertoz (ASX:FTZ) is an Australian-based phosphate exploration and development company with a range of projects in British Columbia, Canada as well as Queensland and the Northern Territory. The Company is focused on becoming a fertiliser producer as quickly as possible, initially focusing on the Canadian/USA markets.
Fertoz plans to develop its exploration assets in Canada in order to identify any potential Direct Shipping Ore (DSO) projects. It intends to seek joint venture partners to assist in funding the exploration projects in Australia.
Phosphate is a commodity necessary for feeding the world, and Fertoz is ready to capitalise on this growing demand.
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