Westhaven Gold announces leadership change
Westhaven Gold Inc. [WHN-TSXV] has appointed Ken Armstrong as President and CEO, effective May 1, 2025. He will replace Gareth Thomas who has served in an executive capacity with Westhaven since 2010 and CEO since 2018. Thomas will remain a director and an advisor to the board.
Armstrong is a seasoned exploration and mining professional with over 30 years of experience, including 20 years at a corporate executive for publicly listed exploration and mining companies covering a range of commodities, including diamonds, gold, nickel, and tin. He recently served as CEO and director of North Arrow Minerals Inc. [NAR-TSXV]. He was also Executive Director of the Northwest Territories and Nunavut Chamber of Mines.
Westhaven shares advanced on the news, rising 3.6% or $0.005 to 14.5 cents. The shares trade in a 52-week range of 27 cents and $0.085.
“Gareth led Westhaven from an early-stage, grass roots gold exploration concept, through multiple high grade gold drilling discoveries and most recently, the completion of a Preliminary Economic Assessment (PEA), outlining a robust development opportunity at Shovelnose, the company’s flagship project in southern B.C.,’’ said Westhaven Chairperson Eira Thomas. “This planned transition represents a strategic renewal of leadership as we work to rapidly advance the Shovelnose project through feasibility in parallel with ongoing gold exploration efforts across our highly prospective Spence Bridge portfolio of properties.’’
In a press release on March 3, 2025, Westhaven reported the completion of an updated PEA at its 100%-owned 41,634-hectare Shovelnose property, which is located within the prospective Spences Bridge Gold Belt, which borders which borders the Coquihalla Hwy., 30 kilometres south of Merritt, B.C. The company said the PEA outlines a robust, low-cost, rapid pay-back, high-margin, 11.1-year underground gold mining opportunity and is based on updated mineral resources that include contributions from the South, Franz and FMN zones.
According to the PEA, the proposed mine will operate over an initial 11.1-year mine-life with average annual life-of mine gold production of 56,000 ounces. Initial capital expenditures to fund construction and commissioning is estimated at $184 million, with a life-of-mine capital cost of $379 million and a payback period of 2.1 years. The all-in-sustaining costs (as defined by World Gold Council guidelines, less corporate G&A) are estimated at US$836 per ounce of gold produced.
Westhaven announced an indicated Shovelnose resource estimate of 718,600 gold equivalent ounces (AuEq). On top of that is an inferred resource of 292,000 AuEq ounces. The estimate is based on 355 surface drill holes, totalling 121,971 metres.