Mr. James Hesketh reports
VIVA GOLD UPDATES SERVICES AGREEMENT WITH CEO
Viva Gold Corp. has updated its consulting services agreement with James Hesketh, through his consulting company, Kalex LLC, replacing his existing agreement dated April, 2017. Under the agreement, Mr. Hesketh provides the services and performs all required duties as president and chief executive officer to Viva Gold. He develops, recommends to the board of directors and implements general corporate, administrative, technical, engineering and other management systems as is considered necessary or advisable for proper management of the company. Mr. Hesketh is also a director of the company, elected by shareholders. The agreement contains terms and conditions that are typical to other agreements of this type in the junior mining industry. Terms of the agreement were approved by the company's compensation committee made up of independent directors and outlines a yearly compensation of $120,000 (U.S.) which includes a 20-per-cent reduction in monthly payments in relation to the prior 2017 agreement. Mr. Hesketh is entitled to equity-based compensation subject to the terms of the company's stock option plan and TSX Venture Exchange policies and an annual bonus not exceeding $120,000 (U.S.).
The agreement may be cancelled at any time on 30 days of notice with a severance payment, and it incorporates, in certain circumstances, up to 24 months of severance pay on change of control of the company.
About Viva Gold Corp.
Viva Gold is a gold exploration and project development company with a focus on Nevada. Viva holds 100 per cent of the advanced Tonopah gold project, a large land position of approximately 10,500 acres with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane gold trend in Nevada, about a 30-minute drive southeast of the Round Mountain mine of Kinross Gold and a 20-minute drive from the town of Tonopah. Viva's management team has extensive experience in mineral exploration, mine development and production, and is supported by a board of directors and advisers who are proven mine finders, deal makers and financiers. Viva trades on the TSX-V as VAU, on the OTCQB in the United States as VAUCF and on the Frankfurt exchange under 7PB.
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