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Lender to enforce security as Sutter Gold goes bankrupt

Sutter Gold Mining Inc.'s secured lender, RMB Australia Holdings Inc., provided notice of its intention to enforce security with regard to the British Columbia Bankruptcy and Insolvency Act after Sutter was unable to repay outstanding debt in respect of outstanding notes and loans.

The company said May 6 that despite engaging in an extensive process with RMB to market its assets, it was unable to attract a viable sale transaction that could be completed outside of a court process.

Consequently, Sutter expects the appointment of a receiver in the near term.

Moreover, independent directors James Crombie and Allen Winters resigned from the company, effective immediately.