Business
Maple Gold Outlines Covid-19 Response and Provides Corporate Updates
Montreal, Quebec--(Newsfile Corp. - March 24, 2020) - Maple Gold Mines Ltd. ( TSXV: MGM) (...
About this update from Maple Gold Mines Ltd
[{"type":"text","content":"Maple Gold Outlines Covid-19 Response and Provides Corporate UpdatesMontreal, Quebec--(Newsfile Corp. - March 24, 2020) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (\"Maple Gold\" or the \"Company\") is taking a number of risk-mitigating measures in response to Covid-19, Provincial legislation and the current market conditions. Maple Gold's President and CEO, Matthew Hornor, stated: \"The potential duration of turbulence in the capital markets as a result of the coronavirus pandemic remains unclear. We believe a number of macroeconomic factors point towards a very strong gold environment in the near to mid-term, but in the immediate term defensive action is required. The adjustments we are making will allow us to ensure the health and safety of our employees and contractors, and to preserve further financial flexibility, while continuing to make progress at the project-level.\"Maple Gold Executives to Reduce Pay by 50% Maple Gold is fortunate to have committed executive and exploration teams that are willing to work for reduced pay during this period of uncertainty. Protecting the cash in the treasury without limiting the Company's ability to make key advancements at the Project helps position Maple Gold for success once market conditions stabilize. The Company's senior management team has agreed to work for 50% pay during Q2 2020. The Company has also consolidated certain roles and is making arrangements to reduce its camp size and related costs at site in the coming weeks to save additional costs, while still being able to accommodate up to 40 people at any given time in the future. Covid-19 Response & Drilling UpdateMaple Gold is responding to COVID-19 within the framework of Company protocols and local government and national health authorities' guidelines and recommendations. The health and safety of the Company's employees and contractors is paramount. The Company has suspended all non-essential business travel and is implementing new measures at site, and will monitor the situation closely to ensure the risk of COVID-19 exposure is reduced significantly. Maple Gold did not mobilize additional drill rigs in recent weeks given the evolving Covid-19 pandemic. This measure was undertaken in order to conserve capital and also limit the number of people at site at any given time. The Company has completed ...