Weda bay appoints interim CEO

Toronto Stock Exchange-listed nickel firm Weda Bay Minerals Inc. announced on Friday appointment of the company's Chairman of the Board Michael Garvey as intermin CEO to replace John Lynch who is leaving to pursue other business in Australia.

The company said it was in an advanced stage of an executive search for the position of definitive President and CEO.

Weda Bay is currently focusing in the development of nickel and cobalt laterite project on the island of Halmahera. The recently announced increased project resources are 155 million tonnes grading 1.45% Ni and 0.09% Co of measured and indicated resources plus 123 million tonnes grading 1.53% Ni and 0.08% Co of inferred resource. Resource estimates are at a cutoff grade of 1.0% Ni.

The company has completed an independent Pre Feasibility Study, which concludes that the Halmahera project is highly viable. The company is now working towards the commencement of a Bankable Feasibility Study.(alex)