Bonterra Resources Inc (CVE:BTR) announed Tuesday that president, chief executive officer and director Nav Dhaliwal, and vice-president of exploration and director Dale Ginn have stepped down from their posts.
"We thank them both for the hard work, leadership and dedication they have shown in building this company and taking it from a start-up junior explorer to what it is today," said Greg Gibson, chairman in a statement released by the company. "The board fully supports their decision and desire to see Bonterra transition to the next phase of its growth. Nav and Dale have recognized that the evolution of the company to a developer and producer will require a management and board team with the required skill set and core expertise."
Bonterra Resources is a gold exploration company with assets in the Archean greenstone belts in the Canadian Shield.
The company said Dhaliwal and Ginn will continue to focus on other start-ups and junior exploration companies, and will continue as consultants to Bonterra.
According to Bonterra, the company has started the search for their successors, and Gibson, who currently serves as chairman, will act as interim CEO.
Shares of Bonterra Resources were at C$2.48 on Tuesday.