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Gold junior adds another ex-Barrick alumnus

New Nevada-focused junior Element79 Gold is set to benefit from the experience of another ex-Barrick Gold employee.
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Andy Cole will bring his experience, including as GM of the Goldstrike mine in Nevada, to Element79 Resources

Staff reporter

The company has appointed Andy Cole - previously with Barrick including as general manager of the Goldstrike mine in Nevada, then general manager of Donlin Gold - as an advisor to the board.

It had last month named Antonios Maragakis, who held leadership roles at companies including Barrick, Freeport-McMoRan and Eldorado Gold, as COO.

"Yet another show of support by yet another mining veteran further confirms that we are on the right path with Element79 Gold," president and CEO James Tworek said.

"We are confident in the value that Mr Cole's wealth of experience can add to the company; in particular, his decades of experience at every level of the very same distinguished mining territories that will be key to Element79 Gold's growing portfolio."

The company had listed on the Canadian Securities Exchange in August, after filing a non-offering prospectus and signing a definitive agreement with Crescita Capital for a three-year, $5 million equity capital facility.

It said it was "closing on its acquisition" of the flagship Maverick Springs project and Battle Mountain Portfolio in Nevada, announced last month.

"With my experience in Nevada at nearly every operational level of Barrick Gold, particularly at their flagship asset, the Goldstrike complex, I believe my contributions will have a meaningful impact for Element79 Gold and its shareholders," Cole said.

In Canada, Element79 has an option on the Dale gold project in Ontario and a letter of intent to acquire a company with an option on the Snowbird gold project in British Columbia.

It had working capital of C$428,215 at May 31.

Its shares debuted at 75c and reached $1.65 last month.

They closed at $1.36 yesterday to capitalise it at $59 million (US$47 million).