Heritage Gold's Lash resigns after one year as CEO

Friday 26th September 2008

Heritage Gold NZ Ltd., a gold miner whose stock has dropped 57% this year, said Trent Lash resigned as managing director and his company is terminating its management contract.

Lash wasn't immediately available to comment on his decision after just 12 months running the mining company. He is leaving for personal reasons, shareholders were told at their annual meeting today, a company official said.

Lash will continue as chief executive until March 23, the company said in a statement. Heritage Gold posted a loss of NZ$949,000 in the year ended March 31 and didn't pay a dividend. Revenue rose 9% to NZ$116,000.

The company is exploring for minerals at Waihi in the north Island, has a stake in a cobalt development near Broken Hill in Australia and plans to explore for uranium in the Northern Territory. The cobalt venture, through 33% owned Broken Hill Cobalt, is in abeyance after the collapse of capital markets scuppered its plans for an IPO to fund development.

The shares last traded at 2.6 cents.

By Jonathan Underhill

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