One of those stories that caught our attention was the sudden and immediate departure of Arizona Mining Inc / Wildcat Silver (TSX:AZ) President and CEO Christopher M Jones, announced in a Arizona Mining Inc / Wildcat Silver press release dated May 7, 2012. Board members Richard Warke will assume CEO duties and Donald Taylor, will become President and Chief Operating Officer as well as continuing in their current duties.
You might remember Warke from other news. He is also on the Board of Directors for Augusta Resource (TSX/NYSE:AZC), the company that owns Rosemont Copper. He’s one of 2 men that Save the Scenic Santa Ritas called for investigations by U.S. and Canadian securities regulators, the Arizona Corporation Commission, and the Arizona Attorney General for failure to disclose past bankruptcy.
By the way, Augusta and Arizona Mining Inc / Wildcat Silver are closely related. In addition to Warke, they share 4 other Board members. They also list the same corporate office address, #400 – 837 Hastings St. Vancouver, BC.
It seems extremely odd that if all is going well, why the sudden departure of Chris Jones, President and CEO of Arizona Mining Inc / Wildcat Silver without a new replacement. Another interesting coincidence is that Augusta/Rosemont Copper also had a change at the top just two days later. Augusta announced the retirement of Raghunath Reddy as CFO in a press release dated May 9, 2012.
Two top level executives leaving the Augusta/Wildcat family within two days of each other seems peculiar to us. What about to you? We suppose that the reaction of the investors to this news will tell us more.
