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Former Core Gold CEO says Zhaojin Mining interested in investing C$100M


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Former Core Gold CEO says Zhaojin Mining interested in investing C$100M

Former Core Gold Inc. CEO and now activist shareholder Keith Piggott said Zhaojin Mining Industry Co. Ltd. is keen to reenter negotiations over its previously proposed C$100 million investment in Core Gold.

Piggott said the offer, originally announced in early April, is "far better" than the proposed merger deal with Titan Minerals Ltd.

The former CEO, who claimed the board removed him in retaliation for his opposition to the proposed merger, noted that Core Gold approved Titan's offer while ignoring the offer from Zhaojin.

Piggott reiterated his suggestion, asking shareholders to vote against the proposed merger with Titan.

Earlier in May, Piggott accused Titan of trying to conceal environmental damage at its Tulin gold processing plant in Peru by secretly burying cyanide tailings outside the plant area during the night.

Core Gold said Piggott was terminated after being put on notice in late 2018 for incurring debt and breaching contracts in Ecuador without notifying the board. The company alleged that Piggott had misappropriated C$50,000 and leaked confidential information related to the Titan deal.