PAIV:Copper Development Corporation beefs up board
Copper Development Corporation (LON:CDC), the Phillipines-focused miner, has announced the appointment of Clyde Heintzelman to its board as non-executive director with immediate effect.
As an independent non-executive director Heintzelman represents one the company's substantial shareholders.
Heintzelman, aged 72, is currently a non-executive director of Savvis Inc., a NASDAQ listed company, on which he chairs the audit committee. Savvis provides data hosting and network services to international clients.
He is also on the board of advisors for Spring Capital Partners L.P., a provider of mezzanine financing to small and emerging business firms operating largely in the eastern United States and for Liquid Capital Group, an early stage investment firm.
Previous postings includes the boards of TeleCommunication Systems, Inc. and ITC DeltaCom, Inc.
Heintzelman brings with him considerable experience in senior management roles and board membership of listed firms in the United States and United Kingdom, with a concentration in the high tech and telecommunications market arena.
Copper Development Corporation holds interests in two porphyry copper projects located on the island of Negros in the Philippines.
The Sipalay-Hinoba-an Copper Project hosts two known deposits, the Don Jose deposit and the A1 deposit, with an estimated Mineral Resource of 173 million tonnes grading 0.42% Cu containing over 1.6 billion pounds of copper metal.
A significant amount of exploration and metallurgical testwork has already been conducted on the project including the completion of a scoping study in July 2010.
Copper Development reckons there is potential to double its copper resources with its recent acquisition of a 70% interest in the neighbouring Basay Project and the confirmation, in due course, of the historic Basay resource estimate of 230 million tonnes grading 0.44% Cu with gold, molybdenum, rhenium and silver credits.
The Basay Project operated from 1979 to 1983 producing some 45,500 tonnes of copper metal in concentrate from open pit and underground operations.
Copper Development shares opened this morning on 29p.