Mr. Graeme Currie reports
PUREGOLD ANNOUNCES MANAGEMENT DEPARTURES
Mark O'Dea, president and chief executive officer; Phil Smerchanski, vice-president, exploration and technical services; Chris Lee, chief geoscientist; and Adrian O'Brien, director, marketing and communications, have departed the company, effective immediately. Chris Haubrich, vice-president, business development, and chief financial officer, and Ashley Kates, vice-president, finance, and corporate secretary, have also departed, effective March 31, 2023.
The above-noted departures are taking place in consultation with the company's senior lender, a fund managed by Sprott Resource Lending Corp. and the court-appointed monitor in the continuing Companies' Creditors Arrangement Act (CCAA) proceedings, KSV Restructuring Inc. The departures are being made in connection with an application scheduled to be heard on March 30, 2023, in the continuing CCAA proceedings, in which the company will be seeking to appoint a chief administrative officer (CAO). Mr. Haubrich, Ms. Kates and Mr. Smerchanski have agreed to continue to provide support beyond their termination dates to the company in a consulting capacity, as needed. The members of the board of directors have each indicated an intention to resign after the court appointment of the CAO.
The company's PureGold mine near Red Lake, Ont., remains in a state of care and maintenance, and is expected to remain in such state for the foreseeable future as part of the continuing CCAA proceedings. On March 7, 2023, the CCAA stay of proceedings was extended to May 12, 2023, and an additional $5-million (U.S.) in authorized borrowings was approved. The mine remains staffed with a full-time work force of approximately 40 employees, who are focused on care and maintenance activities and preserving the value of the asset. Pure Gold continues to engage in discussions with Sprott and interested third parties concerning a possible transaction.
The company would like to thank Mr. O'Dea, Mr. Smerchanski, Mr. Lee, Mr. O'Brien, Mr. Haubrich and Ms. Kates for their leadership, dedication and commitment, and wishes them all the very best in their future endeavours.
About Pure Gold Mining Inc.
The company is a Canadian gold mining company, located in Red Lake, Ont., Canada. The company owns the PureGold mine, which began gold production in 2021 after the successful construction of an 800-tonne-per-day underground mine and processing facility. The company's mine is centred on a 47-square-kilometre property with significant discovery potential.
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