Hellewell and Langworthy were key players on a board keen to accept a proposed cash offer from Regis Resources a couple of months back that was priced at a 93% premium to Capricorn's then share price of 5.9c.
However, Regis pulled the pin on formally making the bid when it became apparent Capricorn's major shareholder, Hawke's Point Holdings, would not support the takeover.
Capricorn's shares have subsequently sat at levels around 6-7c.
The exiting pair is being partly-replaced by lawyer Geoff Rogers and geologist Peter Benjamin, while the hunt for a "new managing director or CEO" is said to be "well advanced".
Rogers is said to have "considerable experience" in the sector (including M&A), while Benjamin's more than 40 years in mining and explorati...