Wood to join Lindian Resources board

Hunnu Coal's Matthew Wood will join the board of Lindian Resources, as part of its move to acquire a portfolio of Philippines gold assets.

Lindian announced today that it had entered into an agreement to acquire all of the assets of Bundok Resources, which owns or holds the rights to seven gold and copper-gold projects in the Philippines.

Under terms of the deal, Lindian will issue 50 million shares and 50 million options to acquire the projects, subject to shareholder approval.

If the deal is accepted by Lindian shareholders, Mr Wood will be appointed as chairman, Steven Leithed will become managing director, and Scott Funston will be appointed executive director.

Once the deal is complete, Lindian said it intends to launch a capital raising to fund advancement of the assets, with drilling programs at the highly prospective Masapelid gold project a development priority.

At close of trade today Lindian shares were unchanged, at 20 cents.