THEREEDTEAM
Chris Reed
Managing Director
Reed Resources Ltd
refocused and rebuilding value
Reed Resources has renewed its focus on developing its
advanced minerals assets at Mt Marion and Barrambie, after
placing the subsidiary holding of its flagship gold operations at
Meekatharra in the hands of an administrator.
On 16 August 2013 the company announced that its wholly
owned subsidiary, GMK Exploration Pty Ltd, which owns and
operates the Meekatharra gold project, had been placed into
voluntary administration. The Board and management share
in the disappointment of the outcome for the Meekatharra gold
project, and are working with the administrators to optimise the
outcome for all parties concerned.
Operationally, Reed is now focused on disciplined evaluation
and development of its two remaining core assets and will seek
to divest itself of its non-core assets to strengthen its balance
sheet. The company will scale down its organisational and cost
profile – commencing with a material restructure and reduction
to its Board and management teams that will be leaner and fit
for future activities.
Chairman David Reed is personally and financially
committed to restoring and reinvigorating the company through
his commitment to provide a standby facility of up to $3 million
to underwrite the sustainability of Reed’s operations over the
coming 12 months.
One of Reed’s advanced mineral assets is the Mt Marion
lithium project located 40 kilometres from Kalgoorlie, of which