Former Goldcorp exec named CEO at GT Gold

Drilling the Tatogga property in B.C.'s Golden Triangle. Source: GT Gold Corp.

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GT Gold Corp. [GTT-TSXV; GTGDF-OTC] said Monday August 8 that it has named former Goldcorp Inc. executive Paul Harbidge as the junior’s new President, CEO and director. The appointment takes effect on September 3, 2019.

Harbidge, who served as senior vice-president of exploration at Goldcorp from 2016 until its acquisition by Newmont Mining Corp. in April, 2019, succeeds Steve Burleton, who will continue in the role of consultant to the company as it advances its Tatogga Project in British Columbia.

GT Gold shares advanced on the news, rising 5.7% or $0.07 to $1.30 on volume of 419,800.  The shares are trading in a 52-week range of 41 cents and $2.15.

GT Gold is focused on northwest B.C.’s Golden Triangle area. Its flagship asset is the Tatogga property, which contains a high-grade gold discovery known as the Saddle prospect. The Saddle discovery consists of two parts: a high-grade, near surface epithermal gold-silver vein system at Saddle South and, close by at Saddle North, a largely covered, porphyry copper-gold-silver mineralized system.

Back in May, 2019, GT Gold announced a $17.6 million financing and strategic investment by Newmont Goldcorp Corp. [NGT-TSX, NEM-NYSE] that it said would accelerate exploration and development activities at the wholly-owned Tatogga property.

The financing consisted of a $17.6 million private placement of 11.5 million flow-through common shares priced at $1.53 per share. Under the financing, Newmont Goldcorp agreed to acquire 11.5 million common shares as a back-end purchaser, leaving Newmont Goldcorp with 9.9% of GT Gold’s outstanding shares.

The agreement gave Newmont Goldcorp the right to maintain its pro-rate ownership in the company and under certain circumstances, increase its ownership up to 14.9%. The gold mining giant also has the right of first offer on the Tatogga property in the event that GT Gold seeks to divest all or part of its interest in the property.

“I am pleased that we have accomplished a great deal over the last year,” Burleton said in a press release, Monday. “The discovery of Saddle North, with the recent investment by Newmont Goldcorp means we are well funded to further advance our exciting exploration program,” he said.

Burleton went on to say that the next steps for GT Gold will be to continue delivering strong exploration results under the technical guidance of Harbidge to further define and maximize the value of the Tatogga project for all stakeholders.

Harbidge is a geologist with over 20 years of experience in mining exploration and development He holds a first-class honours degree in geology from Kingston University in London, England, and an MSc in mineral exploration and mining geology from Leicester University (also in the U.K.).

He has completed two PhD theses as a supervisor, supporting two further PhD theses and two MSc projects.

Prior to his spell at Goldcorp, he successfully led the exploration team at Randgold Resources, resulting in the discoveries of the Yalea Deeps Project, the Gara Deeps Project, Loulo 3 and more recently the +5 million-ounce Gounkoto deposit in the Loulo area of Mali and the +4 million-ounce Massawa deposit in Senegal.

In September, 2018, Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] agreed to merge with Randgold in a US$5.4 billion deal.

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