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Core Gold Announces Indefinite Suspension of Production and Commercial Activities in Ecuador Due to Force Majeure

Written by Customer Service on . Posted in Public Companies.

VANCOUVER, British Columbia, April 15, 2020 (GLOBE NEWSWIRE) — Core Gold Inc. (“Core Gold” or the “Company“) (TSX-V: CGLD, OTCQX: CGLDF), after careful consideration, regrettably announces the indefinite suspension of all its production operations and commercial activities in Ecuador due to force majeure resulting from the COVID-19 virus pandemic. Unfortunately, and effective immediately, all labour and contract relationships are terminated.
The decision was taken as a direct consequence of the extended health emergency throughout the country resulting from the COVID-19 virus pandemic, and the restrictions and measures taken to control and limit movement of people and transportation of materials at the local, interprovincial and international level. These events are completely beyond the Company’s control.“Ecuador continues to suffer the health and economic impacts of the COVID-19 pandemic. The Government of Ecuador and the companies operating in the country have been obliged to take difficult decisions that impact everyone,” said Mark Bailey, CEO of Core Gold. “The forced suspension of production operations plus the uncertainty as to when the government-mandated transportation and supply restrictions will end, have resulted in a situation that impedes restarting operations for an indefinite period.”“The Company’s management team and Board of Directors sincerely thank all employees, consultants and contractors for their hard work and their valuable contributions. We very much appreciate all of their continued dedication, patience and support during these extraordinary times. We understand the impact that the suspension of our production operations will have on our employees and their families. This was a very difficult decision, the result of a deep and careful analysis of the current situation, various scenarios, and future prospects, but unfortunately there was no alternative action possible for the Company.”About Core Gold Inc.

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