Kore Mining Cuts Management To Reduce Costs, Focus Funds On Drilling
At least one junior mining firm is restructuring its management team in light of the ongoing weakness in capital markets. Kore Mining (TSXV: KORE) on Friday indicated it is looking to conserve capital by reducing its management team.
The company will see the firms CEO, Scott Trebilcock, step down from his management role with the company while remaining as a director. The firms current executive chairman, James Hynes, meanwhile will take on the role of president and CEO of the company as a result.
While salary information for management is not available yet for 2021, in 2020 Trebilcock earned a base salary of $200,000, along with a bonus of $125,000. The compensation is identical to that of Hynes’ for the period. For the three month period ended March 31, management fees and wages were the largest expense at $357,031 versus exploration and evaluation expenses of $232,955.
As part of its conservation plan, the company intends to focus its efforts – and presumably funds – instead on the “high impact drilling activities.” Drilling is slated to occur at both the Long Valley gold project as well as the Imperial gold project.
“With the reductions, KORE preserves optionality to pursue our permitted drill program at Long Valley while continuing to fund key permitting activities at Imperial,” said Chairman James Hynes.
A drill permit has reportedly been submitted for a second round of drilling at Imperial, where it is expected the company will be subjected to a mineral validity examination by the Bureau of Land Management. Permits are also being obtained for regional exploration at the property.
Kore Mining last traded at $0.195 on the TSX Venture.
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