Golden Phoenix Minerals Inc., a mining company headquartered in Sparks, will take a 25 percent stake in a new company to be formed by its former chief executive officer.
Phoenix Development Group LLC will be formed by David Caldwell, the former CEO and chief geoscientist of Golden Phoenix. The new company will study potential mining properties in South America and Central America for presentation to Golden Phoenix.
Thomas Klein succeeded Caldwell as CEO of the publicly held company last week. Klein has been a member of the Golden Phoenix board since 2008.
Robert Martin, president of Golden Phoenix, was named chairman of the company's board, filling a seat vacated by Caldwell. Roland Vetter, an independent director, has been named chief financial officer of the company, and Clyde Harrison, an Independent director, succeeds Vetter as chairman of its audit committee.