Pure Gold management departs as it seeks to appoint chief administrative officer
Embattled miner Pure Gold has announced departures from within its management in consultation with its senior lender and the court-appointed monitor in its ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings.
The resignations include president and CEO Mark O’Dea, VP exploration and services Phil Smerchanski, chief geoscientist Chris Lee and marketing director Adrian O’Brien, with immediate effect.
VP business development and CFO Chris Haubrich and VP finance and corporate Ashley Kates will leave the company at the end of the month.
The departures are being made in connection with an application scheduled to be heard on March 30, in the ongoing CCAA proceedings in which Pure Gold will be seeking to appoint a chief administrative officer (CAO).
The members of the board have each indicated an intention to resign after the court appointment of the CAO.
The PureGold mine, near Red Lake, Ontario remains in a state of care and maintenance and is expected to remain in such state for the foreseeable future as part of the ongoing CCAA proceedings.
On March 7, the CCAA stay of proceedings was extended to May 12, and an additional $5-million in authorised borrowings was approved.
The mine remains staffed with a full-time workforce of 40 employees who are focused on care-and-maintenance activities and preserving the value of the asset.
PureGold continues to engage in discussions with lender Sprott and interested third parties concerning a possible transaction.
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