California Gold Provides Corporate Update and Announces Leadership Changes
September 30 2020 - 6:40PM
California Gold Mining Inc. (CSE:CGM) (OTCQX:CFGMF)
(“
California Gold” or the
“
Company”) is today announcing certain changes to
its board of directors (the “
Board”) and members
of executive management.
Earlier today, the Board appointed Mr. Scott
Rasenberg as Chair of the Board in replacement of Mr. Pat
Cronin.
The Company also announces that the Board has
terminated the employment of the Company’s President & CEO, Mr.
Vishal Gupta, and has removed him as President & CEO effective
immediately. Mr. Larry Phillips, a current Director of the Company,
has agreed to act, and has been appointed by the Board, as Interim
President & CEO. Mr. Gupta and Mr. Cronin remain Directors of
the Company.
Mr. Phillips was a co-founder, executive
vice-president of corporate affairs and general counsel of Iamgold
Corp., a leading mid-tier gold-producing company. For over 20 years
until his retirement in 2011, Mr. Phillips was responsible for
directing and managing all international investments, joint
ventures and government relationships, helping build Iamgold into
one of the largest gold mining companies in the world. While at
Iamgold, Mr. Phillips served as a director of the World Gold
Council from 2006 to 2011. Prior to joining IMG, Mr. Phillips was
the managing partner of a Toronto-based law firm specializing in
corporate commercial law. Most recently, Mr. Phillips served as the
chairman of the board of Klondex Mines Ltd. in 2013. At present,
Mr. Phillips is also the President and CEO of Compass Gold
Corporation a public company. Mr. Phillips’ professional
designation is an LLB (from Osgoode Hall) and he is a member of the
Law Society of Upper Canada.
As a priority, the Board will provide an update
in due course regarding the full-time position of a new CEO.
Larry Phillips added that “We acknowledge that,
since the annual meeting of shareholders, this has been a period of
change of leadership for the Company. We assure shareholders that
the focus of the Board and management, as newly constituted, is on
preserving and enhancing shareholder value and addressing certain
operational issues faced by California Gold. We are committed to
ensuring enhanced governance and improved accountability of the
Company’s stewards going forward and firmly believe we will
stabilize and steer the Company in a right direction. We intend to
undertake that strategic review as a matter or priority and put
that vision to our shareholders at the next shareholders meeting
which we expect will take place in early 2021.”
About California Gold Mining
Inc.
California Gold Mining Inc. is focused on
continued development of a high-quality gold resource on its 100%
owned Fremont property in Mariposa County, California. The Fremont
property consists of an entirely private and patented land package
totaling 3,351 acres of historically producing gold mines, with a
state highway, PG&E electric substation and abundant water
present on the property itself. The Fremont property lies within
California’s prolific Mother Lode Gold Belt that has produced over
50 million ounces of gold. The Company purchased the Fremont
property in March 2013.
The Company also has an outdoor, high-CBD
industrial hemp biomass cultivation operation.
The Company’s technical report in respect of the
Fremont Property prepared pursuant to National Instrument 43-101 is
available on SEDAR at www.sedar.com and on the Company’s website at
www.caligold.ca.
CAUTION REGARDING FORWARD-LOOKING
INFORMATION
This news release of California Gold contains
statements that constitute “forward-looking statements”. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause California Gold's
actual results, performance or achievements, or developments in the
industry to differ materially from the anticipated results,
performance or achievements expressed or implied by such
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and
similar expressions, or that events or conditions “will”, “would”,
“may”, “could” or “should” occur. Readers are cautioned not to
place undue reliance on forward looking statements in this press
release. California Gold does not undertake any obligation to
update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change, unless otherwise required by law.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information contact:
Mr. Larry Phillips, Interim President & CEO
Tel.: 647.977.9267 | Website: www.caligold.ca