HomeGoldNew True Gold CEO refocuses suspended Burkina Faso operations

New True Gold CEO refocuses suspended Burkina Faso operations

True Gold MiningTSX-listed True Gold Mining has appointed Mark O’Dea to assume the role of president and chief executive officer on an interim basis while its previously suspended operations in Burkina Faso are refocused.

In a statement, True Gold announced that O’Dea, the company’s current executive chairman, will replace Dwayne Melrose as CEO while the search for a permanent CEO continues. However, the company is not yet able to provide a definitive update on any potential impact recent events could have on the project timeline.

Refocusing Burkina Faso operations

True Gold previously suspended operations at its Karma project due to a local demonstration, prompting the company to liaise with government and representatives of the local community to gain additional clarity on the local concerns as well as the instability affecting the country’s mining industry and economy.

“We have been closely monitoring the changing landscape in Burkina Faso and near our project area over the past six weeks and have developed a much clearer understanding of certain of the communities’ perceptions and concerns related to the Karma project,” said Dr. O’Dea.

“We are now taking steps to re-focus our efforts in Burkina Faso, re-engage with the local community, address these concerns, and put Karma in a position to move forward. We’re making progress, but the state of affairs in Burkina Faso remains fluid as we reconcile a number of competing interests within some of the nearby villages.”

Karma Operational Update

All True Gold employees are safe, and the sites and property are secure, True Gold said. “As always, the safety of its employees is the company’s first priority. True Gold is also working closely with all levels of government, including the central government in Burkina Faso, local authorities and representatives from local communities to ensure continued safety and security.”

True Gold is in the process of assessing the extent of damage to its equipment and property, the estimated costs of which is in the range of US$4 million to US$8 million. Certain equipment, supplies, and one office building suffered varying degrees of damage, of which True Gold is working with consultants and suppliers to ascertain the value.

Furthermore, True Gold emphasised that it is actively working with its operations team and SENET on a go forward plan to mitigate any project delays.

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