LONDON (ShareCast) - Former Investors Chronicle journalist Alastair Ford has been appointed to the Hameldon Resources board.

AIM-quoted Hameldon was formerly known as Upstream Marketing and Communications Inc but it sold its Asia Pacific PR business to Next Fifteen Communications and became a shell. Tom Winnifrith of t1ps Investment Management (IoM) Limited was appointed chief investment officer of Hameldon at the end of October. His strategy is to invest in gold and precious metals companies quoted in the UK, Canada and Australia. A management fee of 25% of the increase in net asset value of the company each quarter will be paid to t1ps Investment Management (IoM).

Ford is editor of Minesite.com, which is owned by Plus-quoted Rivington Street Holdings, which also owns of t1ps Investment Management (IoM). Another subsidiary, Rivington Street Corporate Finance, is Hameldon’s broker.

Hameldon has raised £670,000 at 0.6p a share and invested £430,000 in 10% convertible loan notes in Ascot Mining, which is planning to move from Plus-quoted to AIM early next year. The conversion price is 20p a share and the loan notes are redeemable in 2015. Hameldon has also been granted 3.01m warrants to subscribe for shares at 20p each and they last for five years. Shares in Ascot are currently trading at 44p each – bid/offer spread of 42p/46p.

Ascot’s main asset is the Chassoul gold mine in Costa Rica, which is expected to produce 1,200 ounces of gold per month in the first quarter of 2011.

Ascot is already a Winnifrith favourite with SF t1ps Gold Fund and Plus-quoted Worship Street Investment already large investors in the miner.

Hameldon had previously raised £500,000 from t1ps Investment Management (IoM) through a placing at 0.25p a share and a convertible loan note issue. This cash was invested in a portfolio of ten gold and precious mining companies.

Hameldon’s name is being changed to Athol Au at an EGM called for 25 November.

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