Sydney--Mustang Resources Executive Director Christiaan Jordaan resigned from his position Monday, effective immediately.

The company said in a press release that it was Jordaan’s decision to step down and that the board of directors “reluctantly accepted his resignation.”

He will stay on the board as a non-executive director.

Mustang Chairman Ian Daymond will become interim executive chairman until a new managing director is appointed. The company said the search has commenced.

Director Cobus van Wyk remains in charge of the operations in Mozambique and non-executive director Peter Spiers assists on technical matters related to the Montepuez Ruby Project and the Caula Graphite Project.

Daymond thanked Jordaan for the role he played in Mustang’s growth and development since his appointment in February 2016.

“Mustang has been transformed under Christiaan’s leadership,” he said. “He has worked successfully and incredibly hard on advancing the company’s mineral projects.”

The news of Jordaan’s resignation comes just weeks after Mustang released the results of its first ruby tender, which he called “disappointing.”

The company said at the time, and has reiterated since, that it would use the market feedback from that sale, especially in regards to which categories were most in demand and for which they need to increase quantities, before its next tender slated for mid-2018.

Mustang expects to update the market soon in this regard.

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