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Arc Exploration replaces board, management

Arc Exploration Ltd. has overhauled its board and management to re-establish the company as a regional explorer after raising A$570,000 from a placement.

Simon O'Loughlin, Simon Taylor and Andrew Cooke joined the company as nonexecutive directors, according to an Oct. 11 statement.

Nonexecutive Chairman Bruce Watson, Managing Director Jeff Malaihollo, nonexecutive directors John Carlile and Max Ramajaya, and CFO Cahyono Halim stepped down.

Robert Willcocks, who has been a company director since 2008, remains on the board.

The group said in September that these board changes are made with the full support of the incoming shareholders and the Arc board. This strategy remains the development of the Trenggalek gold project in East Java, Indonesia.