Black Mountain Resources announced that it has entered into a Binding Heads of Agreement with African Phosphate Pty Limited (African Phosphate) to acquire
Namakera Mining Company Limited which operates a high quality producing vermiculite mine and a high grade phosphate project with historical production located in Uganda. Black Mountain Resources Ltd. announced that Mr. Julian Ford is to be appointed as a Non-Executive Director of the company and Mr. Steve Brockhurst to be appointed as Company Secretary. Mr. Peter Landau, an Executive Director of the company and Ms. Jane Flegg, Company Secretary have both announced that they will resign from their positions with the company as part of the transaction. Mr. Jason Brewer, an existing Non-Executive Director of the company, will assume the role of Executive Director and Mr. John Ryan will continue in the role of managing the company's US Silver Projects. In addition at completion of the acquisition, it is proposed that Mr. Simon Grant-Rennick will be appointed as an Independent Non-Executive Chairman of the company and Mr. Luca Bechis will be appointed as a Non-Executive Director of the company and as a representative of the existing Namakera shareholders. Mr. Ford has over twenty -five years' experience in the mining sector spanning precious metals, base metals, and bulk commodities in Australia, Africa, South America, Europe and South East Asia. Mr. Grant-Rennick is a mining engineer with over thirty-eight years experience in exploration, mining and mining geology specialising in industrial minerals. Mr. Bechis has extensive experience in international finance and international capital markets with twenty-five years' experience. Mr. Bechis was a Partner at Egerton Capital Limited from 1997 to 2004 and prior to that was European Equity Analyst at Cazenove Group Limited and Head of Italian and 1997 to 2004 and prior to that was European Equity Analyst at Cazenove Group Limited and Head of Italian and French markets at Cazenove & Co in London from 1991 to 1997. Mr. Brockhurst has fourteen years' experience in the finance and corporate advisory industry and has been responsible for the preparation of the Due Diligence process and Prospectuses on a number of initial public offers.