23 December 2021
VANCOUVER, BC / ACCESSWIRE / December 23, 2021 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") today announces a corporate restructuring of senior management as the Company focuses its exploration efforts on the recently announced option to purchase the Con Mine (November 22, 2021 News Release).
Mr. David Suda, currently President and CEO, and a director of the Company has notified the Company his intention to step down from his positions, effective December 31, 2021, to pursue other opportunities. The Company has entered into a one year consulting agreement with Mr. Suda for advisory services on a part time basis.
Mr. Gerald Panneton, currently Executive Chairman, will assume the role of Chairman and Chief Executive Officer ("CEO"), effective January 1, 2022.
Mr. Joe Campbell, founder of the Company, remains the Chief Operating Officer, and Mr. Mark Brown remains the Chief Financial Officer of the Company.
Gerald Panneton, Executive Chairman of Gold Terra stated, "I sincerely thank Mr. Suda for his significant contributions to the Company and I look forward to be working with him in his new role. The Gold Terra team remains intact and very committed to increasing value for our shareholders by accelerating our exploration strategy with the aim of delineating additional high-grade ounces along the Campbell Shear extension south of the Con Mine, and adding to our current inferred mineral resource estimate, which stands at 1.21 M oz (March 16, 2021 News Release)."
Mr. Panneton who joined the Company in October 2019, brings extensive mine building experience to the Company. Mr. Panneton is a geologist with over 35 years of experience and has played a key role in the discovery and advancement of several gold deposits worldwide. Mr. Panneton was the founder, President and CEO of Detour Gold Corporation (2006-13), where under his leadership, the Detour Lake project grew over tenfold from 1.5 million ounces in mineral resources to over 16 million ounces in mineral reserves and brought into production in just over six years. Mr. Panneton raised approximately $2.6 billion in capital while at Detour Gold. Mr. Panneton and his team were the recipients of the PDAC 2011 Bill Dennis Award for Canadian mineral discoveries and prospecting success of the year. Earlier in his career, Mr. Panneton spent 12 years at Barrick Gold Corporation (1994-2006), where he was instrumental in advancing the Tulawaka and Buzwagi gold projects in Tanzania towards production. Prior to Barrick Gold, he worked for Lac Minerals Ltd., Placer Dome Inc. and Vior-Mazarin Group. Mr. Panneton received his Bachelor of Science in Geology from the University of Montreal and his Master of Science in Geology from McGill University.
The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell shear, where 14 Moz of gold has been produced, and most recently on the Newmont exploration claims immediately south of the past producing Con Mine (1938-2003).
The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.