Toronto, Ontario--(Newsfile Corp. - April 29, 2014) - Trident Gold Corp. (TSXV: TTG) ("Trident") is pleased to provide a corporate update on the company.
The Board of Directors continues to take the view that market conditions are such that any financing would be highly dilutive and therefore undesirable and also strongly believes that the current share price does not adequately reflect the value of the Trident portfolio of properties.
As communicated in the September quarterly Management Discussion & Analysis report, the company has taken the necessary steps to reduce its cash burn. As a result, the company's core cash burn is in the order of $350k per annum and the board is confident that the cash burn can be held at this level until such time that the gold exploration markets return.
As part of the cost cutting measures, the board elected to terminate the employment of Mr Timothy Russell, CEO, and Mr Andrew Smith, CFO. Mr Russell continues to fulfill the role of CEO on an interim basis, and remains a Director of the company. As the terms of his new employment preclude him from continuing in his role as interim CFO, Mr Smith has resigned from the board of directors. We would like to thank Mr Smith for his time and service to the company and wish him well in his future endeavors. Mr Manfred Kruger, Chairman, will fulfill the role of CFO on an interim basis.
About Trident
Trident's principal asset is the Marquesa Gold Property Portfolio located within the highly prospective Antioquia Batholith in Antioquia, Colombia. The project is comprised of approximately 115,000ha contiguous land package located approximately 25km north of AngloGold Ashanti/B2Gold's Gramalote Gold Project. Multiple drill targets and prospects have been identified on the property, whilst the current focus is the Quebraditas Target.
The Quebraditas Target area measures 3km x 1km and is open in all directions. Exploration to date at Quebraditas has focused on the mapping and sampling of over 3,000m of artisanal mine tunnels and the recently completed 1,525m initial drill program. More than 55 mineralized structures have been identified, in an area bounded by two district scale lineaments.
For further information please contact:
Timothy Russell
President & CEO
Email: tim.russell@tridentgoldcorp.com
See our website for further information
www.tridentgoldcorp.com
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