Lassonde told Kitco News on the sidelines of the Denver Gold Forum. Lassonde added that applying the annual average growth rate from 1970, the long-term projection would be $25,000.
Why gold could reach highs of $25,000 - Pierre Lassonde Sep 18, 2019
Major Chinese Mining Company on C$100 Million Investment in Core Gold;
It was back in May 2019 and with current much higher $GOLD price - >$200.-/oz higher than in May :-)) Zhaojin should bid a double or much 10s of million higher price for Core Gold, for the stock price and demand of Gold production companies have since double Up of many, imo!
Ex. GOLD Spot One Year -
Keith PIggott Names Zhaojin Mining Industry & Advisory Board
Concerned Shareholder Keith Piggott Announces Renewed Interest by Major Chinese Mining Company on C$100 Million Investment in Core Gold;
Welcomes Tookie Angus to Accomplished and Experienced Advisory Board China-based company that previously offered value-maximizing deal that combined equity with an earn-in proposal confirms renewed interest in Core Gold and its Dynasty Goldfield project Tookie Angus adds bench strength to Mr. Piggott’s experienced and accomplished Advisory Board, joining David Rae, Catharine Farrow and John Gravelle Shareholders encouraged to vote AGAINST the Proposed Arrangement well in advance of the voting deadline of 5:00 p.m. (Vancouver time) on June 7, 2019
Questions? Need Help Voting? Visit CoreTruth.ca or contact Kingsdale Advisors at 1-866-851-4179 or contactus@kingsdaleadvisors.com May 28, 2019 04:58 PM Eastern Daylight Time QUITO, Ecuador--(BUSINESS WIRE)--
Keith Piggott, owning approximately 7% of the issued and outstanding shares of Core Gold Inc. ("Core Gold" or the "Company") (TSXV: CGLD, OTCQX: CGLDF) has received communication from Zhaojin Mining Industry Co. Ltd, (“Zhaojin”), China’s fourth largest gold mining company, indicating that it is prepared to re-enter expedited negotiations on similar terms regarding Zhaojin’s previously proposed C$100 million investment in Core Gold.
“After spending the past weeks unearthing the truth about Titan’s abysmal environmental track record in Per, I am pleased to be able to update Core Gold’s shareholders on the progress I have been making on what should be the Company’s main focus,” said Mr. Piggott.
“That focus is on advancing Core Gold’s exceptional assets in Ecuador with experienced parties devoted to mining well done in order to create long-lasting value in a socially and environmentally sustainable manner for the benefit of all stakeholders including the people and government of Ecuador, local communities, Core’s loyal shareholders, and all of our partners. Together we will achieve much and today’s two significant announcements provide an indication of the possibilities that lie ahead.”
HISTORY OF THE ZHAOJIN OFFER
Earlier this year, Mr. Piggott brought to the Core Gold board of directors (the “Board”), a combined equity and earn-in offer from, as Mr. Piggott described in his April 1, 2019 news release, “a mining company listed on a major international stock exchange with a market capitalization above US $3 billion.” The offer had a value of approximately C$100 million, which was, and is, far better than the Titan Minerals Limited (ASX: TTM) (“Titan”) offer.
Importantly and in contrast to Titan, this mining company, that can now be identified as Zhaojin, has an exceptional track record for social and environmental responsibility, technical excellence, a strong balance sheet, a presence in Ecuador, and many operating gold mines.
The timeline of the Zhaojin offer is described in detail below:
On February 24, 2019 Titan and Core Gold announced that they had entered into a binding Arrangement Agreement pursuant to which Titan—a junior mining company with an anemic balance sheet, ugly environmental record in Per and no operating mines—would acquire all of the issued and outstanding Core Gold common shares by way of a share exchange. Under the terms of the agreement: Titan would raise for itself a minimum of AS$20 million by closing; Titan would provide a binding term sheet, at closing, for US$10 million in additional financing; No equity investment by Titan into Core was included; Core Gold was permitted a 60 day “go shop” period to solicit superior proposals; and Core Gold agreed to a deal break fee of C$500,000. Days after the February 24, 2019 announcement, Mr. Piggott brought to the Core Gold Board an offer from Zhaojin whichcontemplated the following: A C$4 million immediate equity placement at C$0.45 per share to close March 15, 2019, for a 5% interest in Core; The right to invest a further C$12 million at C$0.45 per share to attain 19.9% of the total issued shares of Core Gold, subject to due diligence on the Dynasty Goldfield project, with that investment to take place within 45 days; and A commitment to invest directly in the Dynasty Goldfield for an upfront payment of US$20 million (payable with an initial payment of US$10 million and two further US$5 million tranches in 90 and 180 days respectively) to earn a 20% interest in Dynasty; The right to earn up to 60% interest in Dynasty through the expenditure of US $62 million over a period of 3 years to construct an underground mine and processing plant. It was expected the mine and processing plant would process 2,000 tons per day with Core Gold would retaining 40% following the declaration of commercial production. After the presentation of the Zhaojin offer to the Board by Mr. Piggott in late February, Titan amended its offer. As reported ex post facto by Core Gold in its March 11, 2019 news release, Titan’s amended offer now curiously included a US$3 million equity investment by Titan at C$0.44 per share, with the go-shop period being immediately terminated and the break fee increased from C$500,000 to C$3,000,000. Core Gold made no reference whatsoever to the Zhaojin offer in that news release. As announced by Titan on 25 March 2019, it had to borrow the US$ 3 million it needed (“a secured debt facility with a group of sophisticated and professional investors”), at 15% interest, for the promised equity investment in Core Gold.
On March 9, 2019 the Core Gold Board, ignoring the Zhaojin offer, approved the amended Titan offer and fired Mr. Piggott for not supporting the Titan offer. Following Mr. Piggott’s firing, the Core Board publicly and repeatedly disparaged Mr. Piggott and sought to muzzle him and suppress news about the existence of the Zhaojin offer.
Furthermore, the misleading disclosure at page 36 of Core Gold’s Management Information Circular, where only Zhaojin’s C$4 million initial investment figure is mentioned together with a vague reference to a “joint venture with a China-based mining company” effectively misrepresents the true scope of Zhaojin’s C$100 million offer, is a reminder as to why Board changes are so necessary.
Fortunately, Mr. Piggott took, and takes, his fiduciary obligations seriously. Putting himself at personal risk of vengeful acts by the Core Gold Board, Mr. Piggott fought back, investing his own money in the process, bringing us to the present situation, where the Titan-ic deal, having been exposed in its full hollow ugliness, has been fatally struck and where, thanks to the hard work and goodwill of many collaborators, the cavalry is about arrive to rescue Core Gold and its assets from the calamity the Board had embarked upon for reasons best known to them and for which they will need to answer.
In the last few days, a Zhaojin representative has informed Mr. Piggott in his capacity as a shareholder that, should he be successful in having the Titan transaction defeated, it is prepared to re-enter expedited negotiations with him on similar terms as before.
To be clear, the Zhaojin proposal is not a Pending Core Acquisition Proposal under the Arrangement Agreement and will not trigger the inflated C$3 million break-fee agreed to by the Core directors. It is just a better, less dilutive offer for Core Gold shareholders.
STUART (TOOKIE) ANGUS TO JOIN MR. PIGGOTT’S ADVISORY BOARD
Mr. Piggott is pleased to announce that Tookie Angus has volunteered to join the Advisory Board that will be assisting him with the implementation of the value-creating vision that Core Gold’ loyal and patient shareholders seek.
Mr. Angus’ biography is included below, followed by the biographies of the other distinguished members of the Advisory Board:
Stuart (Tookie) Angus, LLB
Mr. Angus is an independent business advisor to the mining industry and is presently Chair of San Marco Resources Inc., K92 Mining Inc., and Kenadyr Mining (Holdings) Corp. He was formerly Head of the Global Mining Group for Fasken Martineau. For the past 40 years, Mr. Angus has focused on structuring and financing significant international exploration, development and mining ventures. More recently, he was managing Director of Mergers & Acquisitions for Endeavour Financial and was responsible for merger and acquisition mandates. Mr. Angus is the former Chairman of the Board of BC Sugar Refinery Limited, he was a Director of First Quantum Minerals until June 2005, a Director of Canico Resources Corporation until its takeover by Brazil’s CVRD in 2005, a Director of Bema Gold Corp. until its takeover by Kinross Gold Corporation in 2007, a Director of Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and a Director of Plutonic Power Corporation until its merger with Magma Energy Corp. in 2011. He resigned June 30, 2017 as Chair of Nevsun Resources Ltd following its acquisition of Reservoir Minerals.
David Rae, Executive Vice President and Chief Operating Officer, Dundee Precious Metals Inc.
David Rae holds a Bachelor of Science in Physical Metallurgy from Leeds University in Yorkshire, England. Mr. Rae is a seasoned international mining and smelting executive with extensive experience in Africa, Europe, and Canada and has held increasingly senior operating and executive roles with international mining companies including Falconbridge and Xstrata. He joined the company as Senior Vice President, Operations in November 2012 and was appointed Executive Vice President and Chief Operating Officer in May 2014.
Catharine Farrow, Director of Franco-Nevada and President of FarExGeoMine Ltd.
Dr. Catharine Farrow, Director of Franco-Nevada and President of FarExGeoMine Ltd. (a private consultancy). Dr. Farrow previously served as founding Chief Executive Officer and a Director of TMAC Resources Inc. and Chief Operating Officer of KGHM International Ltd. (formerly FNX Mining Company Inc.). Dr. Farrow is also a member of the Advisory Committee of the Goodman School of Mines and is an Adjunct Professor at Laurentian University, and also has been a member of several non-profit boards and
steering committees. Dr. Farrow is a member of the Association of Professional Geoscientists of Ontario, the Canadian Institute of Mining, Metallurgy & Petroleum, and a Fellow of the Society of Economic Geologists. She holds a Doctorate in Earth Sciences from Carleton University, a Master’s degree in Geology from Acadia University, and a Bachelor of Science degree in Geology from Mount Allison University.
John Gravelle, former Global Mining Industry Leader at PWC and Director at Century Metals Inc.
Mr. Gravelle has over 30 years of experience in accounting, tax, finance and various risk and controls areas and their specific applications to the mining industry. Mr. Gravelle is a Director at Century Metals Inc. and is currently the interim President and Chief Executive Officer of Colt Resources Inc., a role he was asked to take to lead Colt through a restructuring required due to financial difficulty. Mr. Gravelle is a retired Partner of PwC LLP, where he was a partner from 1996 to 2015. Mr. Gravelle has held leadership positions with PwC LLP, including serving as the firm's Global Mining Leader from 2013 to 2015, and
as Canadian Mining Leader and Americas Mining Leader from 2010 to 2015. Mr. Gravelle was on the board of TSX listed Brio Gold from the time of its spin off from Yamana until it was acquired in May, 2018. He served as Audit Committee chair as well as a member of the compensation committee and special committee formed to evaluate M&A transactions that ultimately resulted in a friendly takeover by Leagold at a 51% premium. Mr. Gravelle has a Bachelor of Commerce degree from Laurentian University and has a CA, CPA designation.
Mr. Piggott commented: “We are rockin’, literally and figuratively. The exceptional and accomplished individuals who have volunteered to join our Advisory Board are very much “all about the rocks” as contrasted with those who are into “smoke and mirrors”. The Advisory Board’s participation attests to the faith they have in the quality of our assets in Ecuador and the confidence they feel that we will be able to successfully advance them after the tail end of the Titan-ic episode sinks beneath the surface.”
ONLY YOUR VOTE CAN SAVE YOUR INVESTMENT
Shareholders will be receiving proxies in the mail shortly and are encouraged to vote AGAINST the Proposed Arrangement with Titan.
The Proposed Arrangement is not in the best interest of Core Gold shareholders. Titan is a company with illiquid shares, questionable governance, and a track record of destroying shareholder value.
Core Gold shareholders need to understand that this deal threatens to destroy their investment.
Vote AGAINST the Proposed Arrangement today.
The deadline to vote is Friday, June 7, 2019 at 5:00 pm (Vancouver time).
If you have any questions, or need help voting, contact Kingsdale Advisors at 1-866-851-4179 or contactus@kingsdaleadvisors.com. There is a team standing by to assist you.
ADVISORS
Mr. Piggott has retained Koffman Kalef LLP and Farris, Vaughan, Wills & Murphy LLP as his legal advisors and Kingsdale Advisors as his strategic shareholder, communications and proxy advisor.
ABOUT KEITH PIGGOTT
Keith Piggott is a seasoned mining developer and operator with over 50 years of experience in Africa, Australia, Mexico and South America. Mr. Piggott as CEO, and as an investor, rescued Dynasty Metals and Mining from certain bankruptcy and the loss of all its assets in 2016. He has worked diligently for over two years to take the company, as Core Gold Inc., from a $5 million market capitalization to over $40 million market capitalization before the Titan proposal. He can be contacted at kpiggott100@gmail.com, by phone at 520-247-5753.
Does anyone here believe that Zhaojin will not make another attempt to get a deal done with Core Gold Inc ? Gold is now $225 per ounce higher in price, so any potemntial offer make refelct the higher gold price.
Zhaojin had spent a good deal of time and money preparing to do confirmation drilling on the Dynasty Goldfields Project prior to investing approximately US$100 million in an offer of partneship.
Eveyone here remembers who denied Zhaojin MIning the opportunity to continue their due dilingece with some confirmation drilling on Dynasty Goldfields .... that was Mark Bailey and Gregg Sedun, bmost likely because they were worknng with their "buddy" Paul Matysek in securing Core Golld for Titan MInerals, as Paul Matysek was a recent investor in Titan (23,800,000 shares) just prior to "offical" talks began. UNlike the spurious undocumented allegations being speweed on the forum at present, all of my statements are verifiable in public references and in BC Supreme Court affidavits.
Throughout all the trials and tribulations of Core Gold , formerly known as Dynasty Metals and Mining, from the highs of +$11.00 back in 2007 to the lows of $0.11 in April of 2016, this has generally been a civil forum.
Let's try to keep it that way by simply not engaging the few ne'er-do-wells who have recently infested this forum.
For all new readers of this forum, please consider the following and decide for yourselves who was looking out for the best interests of Core Gold and its long term shareholders :
Former President and CEO Keith Piggott negotiated a deal with Zhaojin Mining Industry that was for a 20% equity stake at $0.45 per share, and a 60% share of the Dynasty Goldfields for a total investment in our company of approximately US$100 million by Zhaojin MIning Industry.
The outstanding shares would have been about 200 million and Core Gold shareholders would have had a 40% share in all the upside potential of Dynasty Goldfields exploration and the same share of all revenue generated from the brand new state of the art 2000 tpd mill that Zhaojin Mining would have built on Dynasty Goldfields. Core Gold would have maintained 100% control of the Zaruma Project, the Copper Duke Project and the Linderos Project, plus the assets of Jerusalem Project if the company is successful in regaining control of Jerusalem in the future. Core Gold shares would have continued to trade on the TSXV.
Keith Piggott was terminated as CEO and President for his attempt to bring this far superior offer to the board, and for refusing to agree to the amendments of the original Titan / Core plan of arrangement that terminated the 60 day go shop period and increased the break fee to $3 million. The B.C.Supreme Court ruled to that effect.
Core Gold shares would currently be trading well in excess of $0.45 with a major investor involved with our company.
-----------------------------
The following “Titan deal” was being promoted by Lead Director Gregg Sedun, and directors Mark Bailey, Leonard Clough and Javier Reyes, as well as CFO Sam Wong :
An all paper offer of approximately AUS$72 million in perceived value of the highly manipulated share price of Titan Minerals, a company who’s tangible assets were/are worth no more than approximately A$10 million and it was later discovered that Titan Minerals and/or some of the principals of Titan are potentially on the hook for up to $45 million in environmental liabilities for the illegal disposal of cyanide laced tailings and could also face criminal charges in Peru .
The outstanding shares of the newly merged company would have been about 7.5 billion shares and after a 10:1 rollback would have been approximately 750 million shares. Titan made subsequent announcements that an additional 10% dilution would be made and also requested through regulatory filings that they would also seek an additional 15% further dilution within the upcoming year. The newly merged company would have had in excess of 900 million shares trading only on the Australian Stock Exchange and Core Gold shareholders would have been diluted down to about a 30% stake in this newly merged company.
It is no wonder that the British Columbia Supreme Court ruled that this Titan Core plan of Arrangement was not fair and reasonable.
All that Titan MInerals did, (and may attempt to again), was to offer worthless confetti paper to Core Gold shareholders. The market is well aware of this fact and the reason that Core Gold shares are not running up to the $0.425 that Titan may offer in the next couple of weeks.
As far as I am concerned, the only reason Titan is making any noise now is in an attempt to push up the CGLD shareprice in order to see a better premium price that would come from one of any number of potential suitors currently in discussions with Core Gold. When Zhaojin Mining Industry made their offer of partnership, gold was trading around $1300. With the $200 increase in gold 's price that has occurred since the original offer from Zhaojin was presented, one would think that an even better deal will come forward in the next few weeks.
Would Zhaojin MIning consider coming back to the table, after being disgracefully insulted by the BOD4 and CFO Sam Wong in March ?
Are other suitors considering why Zhaojin made the offer they did ? Do they see the potential of Core Gold that Zhaojin saw?
Will there be a better offer made by anoither suitor than Zhaojin's original offer of partneship ?
Titan Minerals is nothing more than a pretender, all they really have as a tangible asset is the 9,151,363 shares of Core Gold that they obtained in March 2019 and even had to borrow the US$3 million to pay for the shares, and had to put the CGLD shares up as collateral for the loan .....Seriously .... And this was agreed to by our glorious BOD4 and CFO Sam Wong. Now Titan has announced that the original 6 month term of the loan has been extended for another three months to the end of December, probably because Titan does not have the money to pay the loan
The TSXV is now investigating the events surrounding the restructuring of the Vertex Promissory Notes which Titan has apparently obtained sometime in August.
Shenanigans ..... deception .... deceipt .... Ignore the misleading rantings and false accusations now being posted.
Less than a month to find out what other suitors will be offering.
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