Victoria Gold CEO John McConnell Dismissed as Company Enters Receivership

John McConnell, CEO of Victoria Gold (TSXV: VGCX), has been dismissed from his position following the company’s recent financial troubles. PricewaterhouseCoopers (PwC), the firm managing Victoria Gold’s Eagle mine in Yukon after it was placed into receivership last week, terminated McConnell’s employment. The decision was reported after an email from McConnell indicated that Monday would be his final day in the role.

Victoria Gold declined to provide comments on the matter when approached by The Northern Miner, directing inquiries to PwC. The accounting firm did not immediately respond to requests for comment.

The Ontario Superior Court of Justice granted Yukon’s request to place Victoria Gold into receivership last Wednesday, leading to the resignation of the company’s board the following day.

The financial collapse was triggered by a landslide on June 24 at the mine’s heap leach pad, which resulted in significant operational disruptions. The Yukon government began to intervene about a month later, criticizing the company for its inadequate remediation efforts. Crews were working to manage cyanide-laden ore that had spilled into a nearby stream, though most of the material remained contained on site.

Despite the recent challenges, McConnell expressed pride in what Victoria Gold had achieved over the past 15 years. Last week, he acknowledged that his tenure was nearing its end but expressed his commitment to assisting with the ongoing cleanup efforts.

The Yukon government has suggested that the Eagle mine could potentially resume production in the future, with the possibility of Victoria Gold being involved in that process.

Earlier this year, in March, McConnell was honored with the Viola R. MacMillan Award for innovative financing at the Prospectors and Developers Association of Canada. He was recognized for his use of private equity and offtake streams to secure funding for the low-grade mine in the remote northern region, despite the challenges in attracting investors.

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