Metals Exploration directors resign

Two non-executive directors of AIM-quoted natural resources group Metals Exploration resigned on Thursday, just weeks after the firm revealed that gold sales had tumbled almost two-thirds in its first trading quarter to 11,338 ounces.

Tim Dean and Julian Wilson both stood down from their posts, effective immediately, with ME stating that it would seek to replace the directors "in due course".

Dean served on the board for over almost a decade, having joined the firm in January 2009 and Wilson had been in the role for just short of five years.

Ian Holzberger, ME's executive chairman, said: "Both Tim and Julian have been valued members of the board for several years and we would like to thank them for their substantial contributions to both the board and our operations in the Philippines, and wished them well for the future".

In regards to its lacklustre first-quarter results, Metals exploration said productivity during the quarter had been impeded with "mechanical breakdowns and further preparatory and safety works to the Tullingan waste dump".

Metals Exploration shares were up 1.85% to 3.31p at 1527 BST.