Prize Mining PRZ Manto Negro 2

Another corporate update from Prize Mining (PRZ.V) today, where directors Schmidt and Archer resigned, while chairman Feisal Somji is also stepping back from his executive role. The resignation of Schmidt is perhaps not entirely unexpected given the implications of the Bridgemark scandal where he was named as one of the parties that’s currently being investigated by the British Columbia Securities Commission.

The resignation of Somji is also interesting – and no further information was given by the company – but we are specifically disappointed by the resignation of Bob Archer. Archer was appointed as a director earlier this year as he was bringing a wealth of knowledge of the Mexican mining sector to the table as the market knows him as former CEO of Great Panther Silver (GPR.TO, GPL), one of the best-known Canadian silver companies operating in Mexico. Additionally, Archer was the QP on the Manto Negro copper-silver project in Coahuila, which further contributed to the credibility of the exploration programs on the Kupferschiefer-type deposit so we are sorry to see him go.

For now, only one new director has been appointed to the board of directors. Dallas Pretty is an accountant with a history at KPMG before taking on roles focusing on the corporate finance side in the technology sector.

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The author has a long position in Prize Mining. Prize is a sponsor of the website. Please read the disclaimer

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