Golden Predator Mining Corp.’s officers and most of its board of directors have abruptly resigned, following an announcement by the company’s majority shareholder that it plans to vote in a new slate of directors.
Outgoing board members include two former Yukon premiers, Piers McDonald and Dennis Fentie, as well as Jesse Duke, Greg Hayes, Barry Rayment, and chairman William Sheriff.
Chief executive officer Janet Lee-Sheriff has also resigned. She said she was surprised by majority shareholder Till Capital’s intention to nominate a new board, and doesn’t know why the decision was made.
“I moved to the Yukon in 1988. I lived in the Yukon for 25 years,” she said. “I care deeply for the place and I’ve worked extensively with the Yukon First Nations and support their desire as well as communities’ desire to see local wealth creation from mineral development.”
Till Capital is a Bermuda-domiciled insurance company that holds nearly 59 per cent of Golden Predator’s shares. The board members it plans to nominate for Golden Predator include four Americans and one Swiss resident: Wayne Kauth, Roger Loeb, William Lupien, John Rickard and Joseph Taussig.
Most appear to have investment and consulting experience, but none lists any mining expertise. All five currently sit on Till’s board of directors.
Lee-Sheriff didn’t comment directly on the proposed directors, but said it’s important for a mining company to have a balanced board.
“You need to see mining experience,” she said. “I think having Yukon knowledge and expertise is an important piece for having a strong board.”
Till Capital has itself seen major turnover itself in recent weeks. Four of its six directors have been appointed since June, replacing five directors that have resigned. Three of those new directors are among those who will now nominate themselves to sit on Golden Predator’s board.
However, William Sheriff, who resigned from Golden Predator’s board last week, still holds his position as chairman and CEO of Till Capital.
Shareholders will vote on the board members at Golden Predator’s annual general meeting. That meeting was supposed to be held on Aug. 21, but Till has delayed the meeting until Sept. 4.
Golden Predator owns the Brewery Creek project, a past producing heap leach gold mine located near Dawson City that it plans to reopen. The company is currently working on a proposal for the executive committee of the Yukon Environmental and Socio-economic Assessment Board.
Lee-Sheriff said the company completed a preliminary economic assessment for Brewery Creek last year, and she believes the project is viable.
“The Brewery project is an excellent project,” she said. Golden Predator is currently looking for an operator to partner with at Brewery Creek.
Golden Predator also has other exploration holdings, including the three Aces deposit north of Watson Lake and the Marg deposit east of Keno City.
Contact Maura Forrest at maura.forrest@yukon-news.com