Alset Energy Corp. said Oct. 3 that Timothy Oliver stepped down as its president and CEO and as a director, as a result of certain property maintenance issues.
According to the company's legal advisers in Mexico, two concessions it holds under an option agreement may require significant annual work expenditures to be maintained in good standing. Initial estimates put the required annual expenses at about C$1.8 million, which Alset considers excessive.
Alset noted that it is not uncommon for significant exploration costs to be required to maintain large mineral holdings in good standing with mining authorities, but it remains confident that the costs can be lowered to more manageable amounts.
Stephen Stares, the company's previous president and CEO, will assume all of Oliver's duties following his resignation.
Stares said Alset still believes the Mexican assets have considerable merit and that the company will continue to work on resolving the assessment constraints.