Stephen G. Roman, who steered the development of the first gold mine in the Hemlo camp in three decades, has suddenly resigned as president-CEO of Harte Gold.
The Toronto-headquartered gold miner announced Aug. 28 that Roman has stepped down but will remain in an interim capacity until a successor is named.
A search is also on for a new chief financial officer and chief operating officer, while an overhaul takes place on the board of directors and the nominating, compensation and governance committee.
A news release from Harte Gold described the turnover in senior management as the company "accelerating its plan to bolster the management and board of directors to oversee a continued ramp up of the Sugar Zone Mine."
Appian Natural Resources Fund will make recommendations on selecting new management and candidates for the board.
Appian is a 19.45 per cent owner of Harte and has been bankrolling the company's efforts in northwestern Ontario since December 2016.
Michael W. Scherb, an Appian appointee to the board, will head up the governance committee.
“It has been an exciting 10 years developing Harte Gold into the next Canadian gold producer," said Roman in a statement. He was selected as PDAC's Prospector of the Year in 2016.
"From a raw prospect we have transitioned from an exploration company and must now move ahead with an operating team to continue our growth. I am excited to engage the new operating team to optimize operations and maximize value to all our loyal shareholders.”
Under a new agreement with Appian, the "board renewal process" will include Roman, Richard H. Sutcliffe, Michael Scherb and Geoffrey Cohen continuing to serve on the board with two new directors being appointed to replace Fergus Kerr and Richard Faucher who agreed to resign.
“The company would like to thank Messrs. Kerr and Faucher for their unwavering commitment to the company, their tireless efforts in maximizing shareholder value and their willingness to step aside to assist with the company’s renewal process," said Roman.
"The company is very grateful for their time and effort and knows that they will continue to serve the company well during their remaining time on the board.”
Harte Gold's main asset is the Sugar Zone Mine, north of White River, which covers almost 80,000 hectares. It opened for commercial production in the fall of 2018.
Earlier this month, the second quarter results showed gold production was up 42 per cent to more than 7,700 ounces and net revenues for the quarter topped $11.8 million, a 50 per cent increase.