Mr. Brennan is a Chartered Accountant with a distinguished 47-year career with
Manitoba Hydro until his retirement in February, 2012. While at Manitoba Hydro, Mr. Brennan served
in various positions culminating in his position as President and Chief Executive Officer from 1990
until his retirement. Mr. Brennan currently serves as Chairman of the Riverview Health
Centre Foundation and as a director of Stars Aviation, First Peoples Economic Growth Fund and the
Canadian National Institute for the Blind.
Dale Ginn, B.Sc., P.Geol.
Mr. Ginn is a geologist with over 25 years of geological, mines management and
executive experience with gold and base metal companies throughout North America. Mr. Ginn
is currently President and CEO of SGX Resources and Executive Vice Chairman for San Gold
Corporation, and is a co-founder of each. Previously, Mr. Ginn worked at Hudson Bay Mining
and Smelting, GoldCorp, Granges, Westmin and was General Manager of Harmony Gold (Canada) before
initiating the start-up of operations for San Gold at the Rice Lake Gold Project.
Gestur Kristjansson, MBA, CA
Mr. Kristjansson has extensive previous public company experience and has held
executive management positions with real estate investment funds and capital corporations. Mr.
Kristjansson has a Bachelor of Arts (Hon) degree in Applied Economics from the University of
Manitoba, an MBA in Finance from the University of British Columbia and is a designated Chartered
Mr. Gibson has more than 30 years of mining industry experience in Canada, the USA and
Australia. He was President and CEO of Trelawney Mining and Exploration during the discovery and
advancement of the Cote Lake South gold deposit near Timmins, Ontario and the subsequent
acquisition of the company by IAMGOLD Corporation in June 2012. Mr. Gibson is most recently
President and CEO of Kerr Mines, Chairman of Temex Resources Corp., a director of Mag Copper Ltd.
and a director of SGX Resources. He previously held the position of President and CEO of
Northern Gold, which raised $28 million since mid-2012 during tight market conditions. During his
career, Mr. Gibson was mine manager at Yilgarn Star Gold Mine in Australia, Copper Mines of
Tasmania and the Chester Gold Project in Timmins, Ontario. He has been a contract manager, foreman
and miner at various contractor mining companies including JS Redpath and Dynatec Mining
Mandeep Rai, CA
Mr. Rai is a Chartered Accountant with significant accounting, finance and audit
experience working with large public corporations. He started his career at Deloitte & Touche
LLP where he worked in the Assurance & Advisory practice focusing on publicly listed companies.
Prior to joining San Gold, he worked in the manufacturing industry for a public company
headquartered in Winnipeg, Manitoba. Mr. Rai has a Bachelor of Commerce (Honours) degree in Finance
and Accounting from the University of Manitoba, and is a designated Chartered Accountant
Vice President, Exploration
Michaud, Michael Julien
Mr. Michaud is a professional geologist with over 25 years of experience in mineral
deposit exploration and mining. He recently held the position of Vice President of
Exploration for St. Andrew Goldfields Ltd. Prior to this, he was President and CEO of two
junior mining and exploration companies, J-Pacific Gold Inc., and China Diamond Corp. Mr. Michaud
also previously held executive positions with SRK Consulting Inc. and North American Palladium Inc.
Mr. Michaud holds an Honors Earth Sciences degree from the University of Waterloo and a Master of
Science degree from Lakehead University.
My Commentary and Conclusion Regarding this Key Management Evaluation
I especially like the involvement of Mr. Dale Ginn. Next to having extensive experience at the larger gold
producers as Goldcorp and Harmony Gold, he is also a co-founder of the company, which I believe is a very
I am a bit sceptical about the recent appointment of Mr. Gibson as CEO as he has multiple directorships: President and CEO of
Kerr Mines, Chairman of Temex Resources Corp., director of Mag Copper Ltd. and a director of SGX Resources. As
of the date of this evaluation, he has control over the following amount of common shares -
directly or indirectly registered to his name, according to the information found on SEDI.ca:
Total Shares Outstanding2 (in
The data in the table above has not convinced me that Mr. Gibsons interest are aligned with those of the common
shareholders. Perhaps Mr. Gibson is willing to explain why he holds several directorships without investing more
serious amounts of his own money in these companies.
Based on the biography's of the company's key management, I believe key management consists of a team
which complements each other's quality's, which I consider a positive sign.
Ultimately, the company must become a profitable gold producer and I am not sure the current management team
will be able to manage the company through this transition.
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