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HARTE GOLD CORP. announces the following measures have been taken to ensure the safety of all stakeholders and local communities from the threat of novel coronavirus (“COVID-19”).
To preserve the health and safety of its workforce and the surrounding communities, the following actions have been taken with immediate effect:
Sugar Zone Mine Temporary Suspension of Operations
The Company has temporarily suspended operations of the Sugar Zone mine until further notice. All non-essential work has been suspended including exploration activities. The work force at site has been reduced to critical support staff to ensure underground maintenance, mine safety and environmental stewardship.
The Company has formed an Oversight Committee to ensure an orderly demobilization strategy is in place and the safe transportation of its workforce from site. A staff of approximately 16 employees including mine rescue staff will continue to service the mine during this period.
Mandatory Social Distancing and Camp Safety
During this period the camp and kitchen will be temporarily closed and employees at site will be housed in cabins detached from one another.
Administrative staff have been mandated to work from home. Common areas at site will also be closed and appropriate social distancing measures are in place.
Job Security and Business Continuity
The Company has assured its workforce that all jobs will be secured at such time normal operations resume.
The Company will continue to conduct business using technology and hosting of virtual meetings. Employees have been provided work-from-home policies that will be followed for conducting business.
Impact to 2020 Guidance
Production in Q1 2020 is expected to be higher than previous quarters, representing another record quarter of production. The Company is also pleased with continued improvement in key indicators for Q1 like waste development, backfill rates and the ratio of stope to sill production.
However, due to uncertainty around when normal operations will resume, the Company cannot provide assurance guidance targets will be achieved at this time. An update to the market will be provided in mid April and the Company will provide further disclosure on production and guidance at that time.
Cash Preservation
The Company expects it will have sufficient cash resources to withstand a prolonged scenario. The Company is actively managing its liquidity and has entered a cash preservation mode, which includes the deferral of all non-critical expenditures.
The Company has also informed its senior lender, BNP Paribas (“BNPP”), who continues to be supportive and is working with the Company to provide financial flexibility during this period. The Company has also notified royalty holders that payments will be suspended until normal mine operations resume.
About Harte Gold Corp.
Harte Gold holds a 100% interest in the Sugar Zone Mine located in White River, Canada. The Sugar Zone Mine entered commercial production in 2019. The Company previously disclosed its production guidance for 2020 of 42,000 to 48,000 gold ounces (for more information refer to the Company’s News Release dated January 9, 2020). The Company has further potential through exploration at the Sugar Zone Property, which encompasses 79,335 hectares covering a significant greenstone belt. Harte Gold trades on the Toronto Stock Exchange under the symbol “HRT”, on the OTC under the symbol “HRTFF” and on the Frankfurt Exchange under the symbol “H4O”.
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