Barkerville Gold Mines {TSX.V: BGM}
Former CEO Frank Callaghan has engaged lawyers to appeal to the TSX Exchange to allow him to become an officer and director of a listed company once again.
This follows his ban as a director, following the announcement of the figure of “65 – 90 million ounces of potential gold resource at Cow Mountain” put out by Barkerville Gold during his tenure as CEO.
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Lawyers for Frank Callaghan, the former chief executive officer of Barkerville Gold Mines Ltd., appeared before the B.C. Securities Commission on Monday to protest the TSX Venture Exchange’s refusal to approve Mr. Callaghan as an officer or director.
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They contested that the exchange has treated Mr. Callaghan unfairly by withholding its approval. They described Mr. Callaghan as the “kind of person who should be active in the mining industry,” being one of the few CEO’s to have actually taken a junior mining company through development to the production stage.
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Mr. Callaghan has been mostly sidelined since 2015, when he landed in regulatory trouble for an overly optimistic resource estimate. At that time he was the CEO of Barkerville, developing the Cow Mountain project.
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The company reported that it had a 10.6-million-ounce indicated resource of gold on the property, plus as much as 65 million to 90 million ounces “potential” in the same trend. To arrive at this figure the geologist had used ‘smearing’ in his calculations.
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This was presented to our group here in London just before Barkerville was suspended from trading on the TSX Venture , in a presentation that really should not have happened as it was delayed because Frank Callaghan was on the phone to the exchange who were querying the potential resource figure put out by the GEO.
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In reality the TSX Venture Exchange did not come out of this very well, in my honest opinion, as they allowed the potential resource figure to be released in a news release, before retracting it some time later, during which time investors made investment decisions based on the fact the exchanged had approved the news release.
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