Core Gold Corrects Self-Serving, False, Misleading, Defamatory and Inaccurate Disclosures Made by its Former CEO

7.   Mr. Piggott’s Termination for Cause was Unrelated to the Chinese Mining Company’s Purported Non-Binding, Highly Conditional Letters of Intent

Core Gold’s news release of March 19, 2019 clarified the circumstances of Mr. Piggott’s termination for cause. Mr. Piggott’s press release of April 1, 2019 continues to establish that Core Gold was justified in its action and provides further ample evidence that Mr. Piggott breached his fiduciary duties, acted outside of his legal authority, exposed Core Gold to contractual breaches, misled third parties, took no legal or financial advice, breached securities laws, and acted in a manner contrary to Core Gold’s contractual arrangements. 

8.   Mr. Piggott was not Threatened in any Manner by Core Gold, its Directors, its Management or its Advisors

Mr. Piggott’s press release states: “At the board meeting held March 9, 2019 directors and advisors of Core Gold explicitly threatened to terminate me for cause unless I voted for the Titan amended proposal and agreed to vote all my shares in favour of the Titan merger. I refused,” said Mr. Piggott.

This statement is false, defamatory and fanciful to a degree that it hardly merits a response, but it does.

At the Board meeting on March 9, 2019, Mr. Piggott was notified that he was being terminated for cause and that the Core Gold Board was prepared to deliver that notice immediately. Mr. Piggott was advised by Core Gold’s remaining directors and legal counsel that the Board had already made this decision and that he was now merely being notified of that unilateral determination taken by the other Core Gold directors following his being put on notice in November, 2018.

However, given the lengthy relationship between Mr. Piggott and Core Gold and his prior approval of the Titan transaction, Mr. Piggott was also presented with a mutual termination process whereby he would step down as CEO and a director, and not be terminated for cause, and as a condition, he would also enter into a voting support agreement (as each other director and member of senior management had agreed to do). Mr. Piggott was not required to agree to this but he was provided with the option. He was also given the opportunity to have his personal legal counsel review the terms of the mutual termination, but as he did not respond with the timeframe provided, the Core Gold Board provided notice of termination for cause under his consulting agreement.

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