Vancouver, B.C., March 11th, 2019 – Core Gold Inc. ("Core Gold" or the "Company") (TSXV: CGLD, OTCQX: CGLDF) announces that its Board of Directors has terminated for cause, the consulting agreement of the Company’s President & CEO, Mr. Keith Piggott, and has removed him as President & CEO effective immediately. Mr. Piggott had been previously put on notice by the Board of Directors.
Mr. Mark Bailey, a current Director of Core Gold, has agreed to act, and has been appointed by the Board of Directors, as Interim CEO. Mr. Piggott remains a Director of the Company.
The Board will provide an update in due course regarding the full-time position of a new CEO. As previously announced on February 24, 2019, the Company is merging with Titan Minerals Ltd. (“Titan”) and it is expected that upon closing of the transaction that Mr. Laurie Marsland will become the new Managing Director, CEO and Director of the combined entity.
Mr. Mark Bailey has been a director of the Company since September 2003. Mr. Bailey is a mining executive and registered Professional Geologist with more than 40 years of industry experience. Between 1995 and 2012, he was a Director and the President and Chief Executive Officer of TSX-listed Minefinders Corporation Ltd. (“Minefinders”), a precious metals mining company that operated the multi-million ounce Dolores gold and silver mine in Mexico before being acquired by Pan American Silver Corp. for approximately $1.5 billion. Before joining Minefinders, Mr. Bailey held senior positions with Equinox Resources Inc. and Exxon Minerals. Since 1984, Mr. Bailey has worked as a consulting geologist with Mark H. Bailey & Associates LLC. Mr. Bailey is currently a Director and Non-Executive Chair of Fiore Gold Ltd. and a Director and Non-Executive Chair of Entree Resources and was a director of TSX-listed Mason Resources Corp. until its recent acquisition by Hudbay Minerals Inc. Mr. Bailey holds a Bachelor of Science degree in geology from the University of Washington and a Master of Science degree in geology from Oregon State University.
About Core Gold Inc.
The Company is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The Company is currently focused on gold production at its wholly-owned Dynasty Goldfield project. Mineral is treated at the Company’s wholly-owned Portovelo treatment plant. The Company also owns other significant gold exploration projects including the Linderos and Copper Duke area in southern Ecuador all of which are on the main Peruvian Andean gold-copper belt extending into Ecuador.
For further information please contact:
Mark Bailey, CEO
Suite 1201 – 1166 Alberni Street
Vancouver, B.C. V6E 3Z3
Phone: +1 (604) 345-4822
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