AEK 0.00% 6.0¢ anatolia energy limited

News: Anatolia Energy appoints Paul Cronin as managing director

  1. Anatolia Energy (ASX:AEK) has appointed Paul Cronin as its managing director and chief executive officer with immediate effect following a review of possible candidates.

    He has been serving in both roles in an acting capacity since the resignation of Jim Graham in November 2014.

    Cronin will guide the company through its next key milestones, including the imminent delivery of the Pre-Feasibility Study for its Temrezli ISR Uranium Project in Turkey, project finance and the commencement of development in 2015.

    He has worked in an executive capacity with Anatolia since early 2013, and joined the Board in February 2014.

    Cronin has developed a strong technical knowledge of both the Temrezli and Sefaatli uranium projects due to his working closely alongside Graham during 2013 and 2014.

    He has considerable experience in the uranium industry having formerly been director of Nuclear Origination with Constellation Energy, leading the acquisition of uranium trader Nufcor International in 2008.

    Cronin was also advisor to the London-listed Nufcor Uranium Limited; the closed end uranium fund prior to its merger with Toronto Stock Exchange-listed Uranium Participation Corporation (TSE:U).

    Prior to joining Anatolia, he was an investment banker in London, specialising in equity and debt financings in the uranium sector.

    “The appointment of Paul, coupled with the recent appointment of Tom Young as chief operating officer, ensures Anatolia has a strong leadership team, that collectively has extensive experience in the discovery, development, financing and permitting of ISR mines across Turkey, the USA, and Kazakhstan,” chairman Hikmet Akin said.

    “I am pleased Paul has accepted the role, and believe that under his executive leadership, Anatolia Energy has a bright future.”

    Anatolia expects to in March start Phase 2 drilling at the Setaatli Project to test its promising potential as a satellite operation to its Temrezli ISR Uranium Project in Turkey.

    Drilling at Setaatli in 2014 returned some good intersections including 2.5 metres at 2,150ppm eU3O8 and 6.2 metres at 810ppm eU3O8 and is located 40 kilometres southwest of Temrezli.

    Its flagship Temrezli Uranium Project has a current resource of 13.3 million pounds U3O8 with potential for near-term production.

    The PFS is due for completion in early CY2015 and is unlikely to require a bankable feasibility study given similar ISR projects in overseas markets.

    Construction could begin this year with first production as early as mid-to late 2016.

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