Appointment of Executive Director
Apollo Minerals Limited (“Apollo Minerals” or “Company”) is pleased to announce that Mr Hugo
Schumann has been appointed as an Executive Director of the Company effective 2 May 2018.
Mr Schumann is an experienced mining executive and worked with Apollo Minerals on its
acquisition of the remaining 20% of the Couflens Project, the now-completed acquisition of
the Aurenere Project in Spain and the recent successful A$6.0 million equity financing for the
Company which delivered leading European Institutional Investors onto the register including
one of the world’s largest mining funds.
Mr Schumann was previously Chief Commercial Officer at Berkeley Energia Limited where he
led the US$120 million financing of the Salamanca uranium mine with the sovereign wealth
fund of Oman at the bottom of the uranium price cycle and managed the company’s off-take
He commenced his career as a management consultant before moving into the natural
resources sector and for the past decade has worked in corporate development functions in
London for a number of listed mining companies, predominantly focused on projects located
He has played a leading role in numerous financing transactions, stock exchange listings,
commercial offtake deals, infrastructure deals, investor relations programs and project
development programs across a range of commodities.
Mr Schumann holds an MBA from INSEAD in France, is a CFA Charterholder and holds a
Bachelor of Business Science (Finance CA) from the University of Cape Town
Mr Schumann commented: “I am pleased to be joining the Apollo Minerals Board and look
forward to playing a leadership role in the development of the Couflens Project in France. The
Project includes the historical Salau tungsten mine, one of the world’s highest grade tungsten
mines with potential gold upside. The recently announced acquisitions have transformed the
business in the past few months. We are now well funded to explore numerous high priority
tungsten and gold exploration targets across a very large area extending from France into
Spain where gold grades of up to 33.9 grams per tonne and tungsten grades up to 8.25%
WO3 have been recorded.”
For further information contact:
Hugo Schumann Robert Behets
Tel: +44 207 478 3900 Tel: +61 8 9322 6322
Mr Schumann is be paid an annual fee of £24,000 per annum inclusive of any required
superannuation/pension for his role as a Director of the Company.
Mr Schumann is also engaged under a Consultancy Agreement with Nat Res Consulting Ltd (“NRCL”)
on a rolling 12 month term and either party may terminate with three months written notice. NRCL will
receive an annual consultancy fee of £156,000 per annum and may receive a discretionary cash
incentive payment of up to £75,000 per annum based on achieving project milestones to be agreed with
the Company. A fee of up to £150,000 will be paid to NRCL in the event of a change of control occurring
with the Company. NRCL shall also be entitled to participate in a performance rights plan.
About Apollo Minerals
Apollo Minerals Limited is developing the Couflens Project and the Aurenere Project which, when
combined, cover a 97km2 area in a highly prospective region of the Pyrenees.
The Couflens Project in located in the Pyrenees region of southern France and comprises a 42km2
license area, within which lies the high grade historical Salau tungsten mine.
The mine was one of the world’s highest grade tungsten mines, producing approximately 930,000
tonnes at 1.5% WO3 for around 11,500 tonnes of WO3 in concentrate over a 15 year period ending in
1986. The deposit remains open at depth, with potential gold upside.
Apollo Minerals is focussed on two parallel work programs at the Couflens Project:
(1) Brownfields activities within, and immediately adjacent to, the historical Salau tungsten mine.
The deposit remains open at depth with previous drilling below the base of the existing
underground development confirming continuation of the mineralised system. Both the
underground development and infrastructure will be examined to determine the most efficient
method to progress mine exploration, development activities and potential mine reactivation;
(2) Continuation of an aggressive regional exploration program, focused initially on gold. Recent
field campaigns have returned grades of up to 24.5 g/t gold from rock chip samples. Exploration
will be focused on the multiple fault structures recognised within the major granodiorite intrusion
at Salau and the discovery of shear hosted gold mineralisation associated with large fault
structures extending along a 5km corridor to the west of the Salau mine area.
Progress made with both work programs has enhanced the Company’s understanding of the geology
and regional scale exploration potential of the area.
As a result, the Company signed an agreement to acquire the remaining 20% of the Couflens Project,
which will increase its ownership to 100%, and completed the acquisition of a 75% interest in the
Aurenere tungsten-gold project in the Lleida province in northern Spain.
The Aurenere Project comprises an Investigation Permit under application which covers an area of
55km2, along strike from and adjacent to, the Company’s Couflens Project. The Aurenere Project hosts
an extension of the highly prospective corridor for tungsten and gold which strikes east-west through
the Couflens Project and into the Aurenere Project area. High grade gold (up to 33.90 g/t) and tungsten
(up to 5.49% WO3) results were returned from an initial reconnaissance field campaign at the Aurenere
Apollo Minerals is developing its Projects in accordance with the highest standards of environmental,
social, health and safety, and economic management.
All work programs are carried out with a strong commitment to both sustainable development and
proactive stakeholder engagement as the Company seeks to develop and maintain positive
relationships with its host communities and stakeholders.
Competent Persons Statement
The information in this report that relates to Exploration Results from the Couflens Project in France and
Aurenere Project in Spain is extracted from announcements on 29 November 2017, 5 February 2018
and 27 March 2018. These announcements are available to view on www.apollominerals.com.au. The
information in the original announcement that related to Exploration Results were based on, and fairly
represents, information compiled by Mr Robert Behets, a Competent Person who is a Fellow of The
Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.
Mr Behets is a holder of shares and options in, and is a director of, Apollo Minerals Limited. Mr Behets
has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially
affects the information included in the original market announcement. The Company confirms that the
form and context in which the Competent Person’s findings are presented have not been materially
modified from the original market announcement