Vancouver, B.C., March 23, 2020 – Core Gold Inc. ("Core Gold" or the "Company") (TSX-V: CGLD, OTCQX: CGLDF), is announced that the Company is temporarily suspending operations at its Dynasty Goldfield project in Ecuador amid growing concerns regarding the spread of the coronavirus (COVID-19) in the country.
Central, Provincial and local Municipality government decrees regarding gatherings, travel and transport within Ecuador will impact the Company’s ability to efficiently operate and therefore the Company has elected to suspend operations during this difficult time.
Core Gold will maintain a workforce at Dynasty Goldfield to conduct care and maintenance activities and special projects in order to minimize the impacts of this temporary shutdown. In the upcoming weeks, the Core Gold will conduct a workforce and working capital review, along with the Company’s parent company, Titan Minerals Ltd.
As the situation is constantly changing and relies heavily on both the municipal, provincial and federal governments, the Company cannot currently indicate the duration of the temporary suspension on the Company's operations nor its full operational and financial impact.
"The situation in Ecuador has changed drastically and has been challenging last week," said Mark Bailey, CEO of Core Gold. "We continue to emphasize the importance of health and safety of our employees and the local communities in which we operate. In consultation with both local government officials and the Government of Ecuador, we have made the decision to temporarily suspend operations in order to minimize the risk to our employees and to local communities."
About Core Gold Inc.
The Company is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The Company is currently focused on gold production at its wholly-owned Dynasty Goldfield Project. Mineral is treated at the Company’s wholly-owned Portovelo treatment plant. The Company also owns other significant gold exploration projects including the Linderos and Copper Duke area in southern Ecuador all of which are on the main Peruvian Andean gold-copper belt extending into Ecuador.
For further information please contact:
Mr. Mark Bailey, CEO, Director
Suite 1201 – 1166 Alberni Street
Vancouver, B.C. V6E 3Z3
Phone: +1 (604) 345-4822
This news release contains statements which are, or may be deemed to be, “forward-looking information” which are prospective in nature. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause Core Gold’s actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Important risks that could cause Core Gold’s actual results, revenues, performance or achievements to differ materially from Core Gold’s expectations include, among other things, risks relating to the actual results of additional exploration activities; fluctuating prices in metals and other commodities; possibility of accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in operations; exploration cost overruns; the geology, grade and continuity of mineral deposits; currency fluctuations; availability of capital and financing to maintain the Company's operations and plans; general economic, market or business conditions; regulatory changes; timeliness of government or regulatory approvals; and other risks detailed herein and as disclosed in the Company’s filings as available on SEDAR at www.sedar.com. Other than in accordance with regulatory obligations, Core Gold is not under any obligation and Core Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.