MayJune 2020 MaiJuin 2020 21 de v elopment s Matthew Carr has joined Cor e Gold s boar d of dir ect or s Carr is curr ently an e x ecutiv e dir ect or of Titan Minerals Cor e Gold s majority shar eholder and t he none x ecutiv e chairman of Andina R esour ces Leonar d Clough r esigned fr om t he compan y s boar d of dir ect or s wher e he had been a dir ect or since 20 1 1 Jacques Perr on has joined Pr etium R esour ces as pr esident and CEO The boar d also int ends t o appoint him as a dir ect or f ollo wing t he compan y s general meeting He succeeds Joseph Ovsenek who has act ed as pr esident and CEO since 20 1 7 Osisk o Mining has appoint ed Andr ee StGermain t o its boar d of dir ect or s S tGermain has e xperience in mining finance banking and financial management and has ser v ed on t h e boar d of Bark e r ville Gold Mines IDM Mining and curr ently sits on t h e boar ds of Ascot R esour ces and AME Andr ew Cormier is joining Orla Mining as its ne w COO Cormier has o v er 2 7 y ear s of e xperience in t h e mining industr y ha ving held positions at Alamos Gold A uRico Gold Barrick Gold and mor e He is succeeding Hans Smit who r e tir ed as COO and will continue t o ser v e t he compan y as a consultant Robbert Borst has r e tir ed as COO of Marat h on Gold Bor st fir s t joined t h e compan y in 20 1 7 and will r emain a consultant f or t he V alentine Gold pr oject The compan y has also appoint ed James Powell as vice pr esident of r egulat or y and go v e rnment af f air s an e xpansion t o his pr e vious r ole as dir ect or of en vir onment and stak eholder engagement T ony Giar dini has joined T r ilogy Metals as its ne w pr esident and CEO Giar dini fir s t joined t he compan y in 20 1 2 as a dir ect or and has e x t ensiv e e x ecutiv e e xperience fr om his pr e vious positions at Iv anhoe Mines and Kinr oss Gold James Gowans will finish his t enur e as int erim pr esident and CEO and will r emain as a compan y dir ect or Endea v our and SEMAF O t o mer g e in U S1 billion deal Endea v our Mining Corpor ation announc ed on Mar 23 that it will pur chase all shar es of Montr eal based SEMAF O cr eating a t o p 15 g old pr oduc er w orldwide in a deal w o rth U S1 billion T he c ombined c ompan y w ould ha v e c ontr ol of f our oper ating mines in the W est Afric an nation of Burkina F aso Boung ou Mana K arma and Hounde as w ell as the Ity and A gbaou mines in Cot e D Iv oir e T o g ether the c ompanies also ha v e se v e r al de v elopment pr oject s in Burkina F aso and the neighbouring c oun try of Mali T his tr ansaction has r e c eiv ed str ong support fr om our k e y shar eholder s who r e c ogniz e it as an e x citing v alue cr eating opportunity t o bring t o g ether t w o c o m panies with c ommon v alues and shar e cultur e built on dec ades of suc c e s s ful W est Afric an e xperienc e SEMAF O pr es ident and CEO Benoit Desormeaux said in the pr es s r elease A c c o r ding t o both c ompanies the c ombined oper ations w ould pr oduc e ov er one million ounc es in 20 20 based on curr ent guidelines with all in sust aining c ost s belo w U S900 per ounc e Also st at ed in the pr es s r elease is the claim that the c ombined c ompan y w ould also ha v e str ong c ash f l o w pr of ile and enhanc es the ability f or the c ompan y t o manag e risks at it s oper ations T his c ombination off er s a r a r e oppor tunity t o bring t o g ether t w o leading W est Afric an mine oper at or s with a shar ed str at egic vision c omplement ary as set s and manag ement t eams with a pr ov en tr ack r e c o r d Endea v our pr esident and CEO Sebastien de Mont es sus said in the pr es s r elease W e belie v e this tr ansac tion r epr esent s a c ompelling v alue equa tion f or both set s of shar eholder s with the pot ential f or a meaningful r e r ating whilst pr oviding incr eased as set div er si f i c a tion and enhancing our ability t o manag e risks within the busines s T his f ocus on risk manag ement is deserv ed Emplo y ees w orking at SEMAF O s Boung ou and Mana mines ha v e been the victims of se v e r al t err orist at t acks during c o n v o y s t o the mines On Aug 11 2018 f i v e g endarmes and one sub c ontr act or emplo y ee w e r e killed in an ambush on the w a y t o Boung ou Six da ys lat e r on Aug 1 7 an emplo y ee bus heading t o Mana w as held up by bandit s wher e one of the c ompan y s national emplo y ees and one sub c ontr act or w e r e killed Most r e c ently on N o v 6 a c o n v o y of f i v e buses w e r e struck by an impr ovised e xplosiv e de vic e while on the w a y t o Boung ou As a r esult 39 people w e r e killed with 60 mor e w ounded and min ing oper ations w e r e suspended A F ebru ary 20 20 updat e put the mine s r est art sometime in the f ourth quart e r while emplo y ees emplo y ed at the mine s pr o c e s sing plant w e r e tr ansport ed by heli c opt er t o the mine sit e t o pr oc es s the r emaining or e st ockpiles until mining c ould r esume A c c o r ding t o the pr es s r elease during the discus sions bet w een the t w o c ompa nies Endea v our s manag ement t eam c omplet ed onsit e due dilig enc e at SEMAF O s oper ations in Burkina F aso during F ebruary 20 20 including a c o m pr ehensiv e as ses sment of security oper ations and e xplor ation F ollo wing a majority appr ov al v o t e Endea v our and SEMAF O shar eholder s will o wn appr o x i mat e ly 7 0 and 30 per c ent of the c ombined busines s r espectiv ely Holding c ompan y L a Mancha which cur r ently o wns 31 per c ent of Endea v our has c o m mit t ed t o in v est U S100 million in the tr ansaction and will c ontr ol 25 per c ent of the c ombined entity Both shar eholder meeting s ar e e xpect ed t o be held in the sec ond quart er of 20 20 Matthew P arizot The combined company will operate four Burkina Faso gold mines such as the Hounde mine Courtesy of Endeavour Mining