Minerals explorer Crest Minerals has lost its chief executive as it cuts costs across the business.

The Adelaide-based company debuted on the stock exchange 16 months ago with a business plan that aimed to fund exploration of four “high-priority” areas in Western Australia’s Eastern Goldfields.

Its share price briefly touched 16 cents last year before heading down to where it sits today at 3 cents.

Crest Chairman Jonathon Trewartha said today the company had embarked on a program aimed at cutting costs by at least 40 per cent.

“Our costs are currently out of kilter with what we can realistically budget for longer term mineral exploration and we need to cut back our expenses while we re-prioritise the multiple exploration targets so they are in line with our strategic plan,” Trewartha said in a statement.

“We certainly don’t want to dampen the company’s enthusiasm for the road ahead, but tough cost reduction measures are necessary to conserve cash for our longer term aspirations.

“This period of consolidation is difficult after the company’s dynamic start to public life since the successful Crest IPO and listing on the Australian Securities Exchange just 16 months ago.”

The cost-cutting program includes Stephen Jones stepping down as Chief Executive Officer from 16 December 2013.

Trewartha said Jones’ remaining months with Crest would assist the Board with its management of ongoing programs and decision-making in re-prioritising of the company’s multiple exploration targets.

He said Crest remained enthusiastic about proving up a mineable gold resource at Majestic North. The Company has recently applied for an additional tenement of some 103 square kilometres adjoining the Majestic North discovery area.