Peel Mining (ASX: PEX) has gained in Monday trade on news it has hired highly experienced ex-Aurelia Metals boss Jim Simpson, reflecting the significant exploration success Peel has had in the Cobar Basin in New South Wales.
During his time at Aurelia Metals, where he was CEO and Managing Director, the company’s market cap soared from sub-$20 million to over $800 million at its peak while more than $125 million in debt was repaid.
He was also instrumental in the acquisition in November 2017 of Peak Mines which held 1,385 square kilometers of exploration acreage in the Cobar region of NSW, two wholly-owned operating mines and processing facilities within 90km by road and two advanced development projects, being Nymagee and Great Cobar.
Since the acquisition, under Jim’s management, Aurelia delivered a significant increase in the production profile of these assets.
Previous roles also include Chief Operating Officer & Executive Vice President for Peak Gold Ltd; General Manager & Director at Goldcorp Asia Pacific, Peak Gold Mines; and General Manager Mining Lead Zinc at MIM Holdings, Mt Isa.
“I am delighted that someone of Jim’s calibre has chosen to join the Board of Peel,” Peel Mining Managing Director Rob Tyson said.
“Jim has more than 30 years’ mining industry experience, specialising in underground metalliferous mining and he has an intimate understanding of the Cobar region. I look forward to working with Jim as we progress our high-grade deposits towards development.”
Mr Simpson said it is an exciting time to be joining the Peel team as they progress from advanced exploration towards mine development.
“I have a long and close association with the prolific Cobar region and am looking forward to helping the Company unlock the clear value they have defined in their high-grade discoveries,” he said.
Earlier this month, Peel raised $7 million to fund mining scoping studies at the Wagga Tank-Southern Nights deposit and to continue pre-development activities at the Mallee Bull deposit.
Funds will also go towards exploring for new mineralisation at Wagga Tank-Southern Nights where the deposit remains open down dip/plunge and along strike.
A maiden mineral resource estimate at Wagga Tank-Southern Nights is on track for delivery later this month.
Shares in Peel Mining were trading 3% higher at 34.5c in Monday trading.