Mr Jim Stanley has resigned as chairman of the exploration company, Ovoca Resources, just three months after stepping down from Bula Resources. A statement issued by the company yesterday said Mr Stanley had resigned from the board for health reasons and would be replaced by Dublin solicitor, Mr Paul Smithwick.
Mr Smithwick joins the board of Ovoca along with four other new directors who have been appointed to oversee an extensive restructuring of the company.
Ovoca's chief executive, Mr Frank Buckley, will remain in his current role.
One of the new directors is Mr Harry Dobson, chairman of the Canadian mining group, Lytton Minerals, which has had exploration interests in Ireland for many years.
His colleague at Lytton Minerals, Mr Desmond Alexander, is also joining the board and will assume responsibility for Ovoca's future mining operations.
Other new directors include, Mr Andrew McMeekan, who is managing director of a London-based marketing company and Dublin accountant, Mr John O'Connor. Mr Buckley said the restructuring would allow the company to develop its mineral exploration interests in Ireland.
He said Ovoca expected the company would begin drill testing of a number of potential exploration targets shortly and would be considering its funding requirements.
The new board would immediately meet to discuss these developments, he said, estimating that its planned drilling operations would cost around £1 million.
Mr Buckley stressed that the company would not have a problem finding that amount of money and was unlikely to enter into a joint venture.
"We have been considering a restructuring of the company for some time now. It has been evident that we needed a stronger board, and have been anxious to bring broader experience to the company, which is particularly needed as we move into a drilling operation," Mr Buckley said.
Ovoca has established 4.97 million tons of lead-zinc ore at Keel, Co Longford, with grades of 6.85 per cent zinc and 1.04 per cent lead. Mr Buckley, said the company would be working to broaden this area and intended to carry out further exploration on a number of peripheral sites in the short-term.
