Kalgoorlie - district gold producer Dioro Exploration NL
(ASX:DIO) has appointed three directors from fellow gold miner and suitor Avoca Resources Ltd
(ASX:AVO) as non-executive directors of Dioro.
Robert Reynolds, Rohan Williams and Jan Castro hold the positions of non-executive chairman, managing director and non-executive director of Avoca.
Avoca Resources acquired a 44.85 per cent stake in Dioro at the close of its recent takeover offer for the company and stated in its bidder’s statements and previous announcements that it intended to take an active interest in the development of Dioro and its assets.
This included seeking representation on the Dioro board.
Avoca chairman Robert Reynolds says the company looks forward to building a closer strategic relationship with Dioro to maximise value for shareholders.
Dioro Exploration has posted net losses in the last three years, and Avoca Resources has not posted a net profit in the last five years.
