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Frank Callaghan resigns from Barkerville, company extends credit facility

by Greg Klein | July 29, 2014

Considered a flamboyant Howe Street character who helped revive an historic British Columbia gold mining region, Frank Callaghan resigned from Barkerville Gold Mines TSXV:BGM on July 29. Chairperson Norman Anderson replaces him on an interim basis. Callaghan remains a director.

Callaghan resigns from Barkerville, company extends credit facility

Callaghan presides at Barkerville’s first gold pour for 2014.

In a statement accompanying the announcement, Callaghan said the company “has entered a new phase as a producer and with what I believe are world class assets to be developed at Cow, Island and Barkerville mountains, I feel now is the appropriate time to bring in an executive management team that can lead the company through what could be a much larger development.”

Barkerville lauded him for “many notable achievements” which included assembling a “world-class land tenure” in the Cariboo Gold Rush region, developing the Cow Mountain open pit, moving the historic Gold Quartz mine resource into 43-101 compliance, acquiring and operating the QR mine and mill, and leading the Bonanza Ledge project from discovery to production. Callaghan also “led the company through a 14-month securities commission review surrounding a June 2012 Cow Mountain resource estimate announcement.”

Considered extravagant by the BCSC, the resource provoked a cease trade order that lasted from August 2012 to October 2013.

Barkerville began exploration drilling on Cow Mountain’s Gold Quartz mine in 1995. Since then the company has compiled 1,164 square kilometres of property near Billy Barker’s 1862 discovery. In 2011, while anticipating the opening of the Bonanza Ledge mine, Callaghan told the Vancouver Sun, “And 150 years later, we are mining on Barkerville Mountain probably a kilometre upstream from where they initially struck gold. It’s pretty comical when you think about it.”

His interim replacement has been a Barkerville director since June 2012. An engineer, Anderson spent 35 years with Cominco, holding the positions of president/COO and chairperson/CEO. He’s also held senior roles with International Corona, Hudbay Minerals TSX:HBM, Compania de Minas Buenaventura NYE:BVN and Anatolia Minerals Development.

“Contemporaneously with the said management changes,” Barkerville also announced a one-month loan extension to August 30. “During that time period the parties will be reviewing potential loan amendments that might better fit with the company’s business operations going forward.” The amount of the loan wasn’t divulged.

Read more about Barkerville Gold Mines.

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