Butcher was recently appointed successor to Robert Clarke who was asked by the DRX board to step down from his position as president, chief executive officer and chairman.
While DRX already has interests in a number of Australian and North American gold projects, none are generating cash flow for the company. For example, DRX has a 7% stake in McFinley Red Lake Mines (TSE) of Toronto which has been prevented from developing its Red Lake, Ont., gold project by a lawsuit and lack of financing.
As a result, DRX shares were trading at a 52-week low of only 6 cents after peaking this year at $1.50.
According to Butcher, DRX management will try to build the company into a much larger mining concern by developing exploration properties and bringing in joint venture partners to exploit their potential.
Westland Minerals, a unit of DRX, holds 35,000 acres of gold claims in the Randsburg mining district in California. They include a number of leases held under a joint venture agreement involving DRX and the exploration subsidiary of Echo Bay Mines (TSE).
Butcher is a vice-president of Butcher & Co., which owns Butcher and Singer, a regional investment banking brokerage firm based in Philadelphia. Former Westland Minerals president Warren Hinks has been appointed president of DRX.
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