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BUZZ-Amara Mining falls on CEO resigning; stoppage of Burkina Faso project

Reuters - UK Focus

** Amara Mining (Other OTC: CLUGF - news) 's shares fall as much as 17 percent after the gold miner says its CEO has stepped down and that it has stopped mining at the Kalsaka/Sega mine in Burkina Faso and has decided to put the project into liquidation

** The gold miner says it was due to begin the closure of its two subsidiaries in Burkina Faso in the fourth quarter, ahead of the planned stoppage of production in the first quarter next year

** The company, which also has exploration prospects in Liberia, says Chief Executive Peter Spivey has resigned due to the company's transition from producer to developer status

** Amara says Chairman John McGloin has been appointed CEO

** The miner's stock was trading at 16.25 pence at 0740 GMT and was among the top percentage losers on the London Stock Exchange