California Gold Provides Corporate Update and Announces Leadership Changes

TORONTO, Sept. 30, 2020 (GLOBE NEWSWIRE) -- California Gold Mining Inc. (CSE:CGM) (OTCQX:CFGMF) (“California Gold” or the “Company”) is today announcing certain changes to its board of directors (the “Board”) and members of executive management.

Earlier today, the Board appointed Mr. Scott Rasenberg as Chair of the Board in replacement of Mr. Pat Cronin.

The Company also announces that the Board has terminated the employment of the Company’s President & CEO, Mr. Vishal Gupta, and has removed him as President & CEO effective immediately. Mr. Larry Phillips, a current Director of the Company, has agreed to act, and has been appointed by the Board, as Interim President & CEO. Mr. Gupta and Mr. Cronin remain Directors of the Company.

Mr. Phillips was a co-founder, executive vice-president of corporate affairs and general counsel of Iamgold Corp., a leading mid-tier gold-producing company. For over 20 years until his retirement in 2011, Mr. Phillips was responsible for directing and managing all international investments, joint ventures and government relationships, helping build Iamgold into one of the largest gold mining companies in the world. While at Iamgold, Mr. Phillips served as a director of the World Gold Council from 2006 to 2011. Prior to joining IMG, Mr. Phillips was the managing partner of a Toronto-based law firm specializing in corporate commercial law. Most recently, Mr. Phillips served as the chairman of the board of Klondex Mines Ltd. in 2013. At present, Mr. Phillips is also the President and CEO of Compass Gold Corporation a public company. Mr. Phillips’ professional designation is an LLB (from Osgoode Hall) and he is a member of the Law Society of Upper Canada.

As a priority, the Board will provide an update in due course regarding the full-time position of a new CEO.

Larry Phillips added that “We acknowledge that, since the annual meeting of shareholders, this has been a period of change of leadership for the Company. We assure shareholders that the focus of the Board and management, as newly constituted, is on preserving and enhancing shareholder value and addressing certain operational issues faced by California Gold. We are committed to ensuring enhanced governance and improved accountability of the Company’s stewards going forward and firmly believe we will stabilize and steer the Company in a right direction. We intend to undertake that strategic review as a matter or priority and put that vision to our shareholders at the next shareholders meeting which we expect will take place in early 2021.”