Pacton Gold Inc (CVE:PAC) (OTCPINK:PACXF) (FRA:2NKM) said experienced mining industry executive Nav Dhaliwal has become the gold explorer's interim chief executive and president, reflecting the company’s greater focus on its two Red Lake, Ontario projects.
Outgoing interim CEO and president Alec Pismiris will remain as a director of Pacton, the firm said.
Dhaliwal is a high-profile mining executive, financier, and capital markets expert, with a record of value creation.
He was the founding chief executive of Bonterra Resources Inc (CVE:BTR) (OTCMKTS:BONXF) (FRA:9BR2), which made the award-winning Gladiator discovery in Quebec, and where he raised more than C$140 million and played a key role in growing the company's market cap to over C$200 million from C$10 million during the base of the gold market cycle.
He has also founded several other successful companies, including Kanadario Gold Inc (CVE:KANA) (OTCMKTS:KANAF) , and Gatling Exploration Inc (CVE:GTR) (OTCMKTS:GATGF) (FRA:G28), and was also the co-founder of RSD Capital, which invests in, and provides management and technical expertise to public and pre-IPO companies.
Pacton noted that he works closely with all of the major gold funds and has raised over C$400 million for companies since 2010.
"With neighboring projects that include three gold mines, as well as Great Bear's Dixie discovery, Pacton has one of the most dominant land positions in Red Lake," said new interim CEO Dhaliwal.
"We have a clear opportunity for growth and recently commenced drilling on two projects, including one in partnership with the region's senior producer - Evolution Gold. I look forward to working closely with our team and providing shareholders with regular progress updates."
Pacton's executive chairman Dale Ginn added: "The management change reflects our greater focus on our two Red Lake projects, and we look forward to aggressively following up on our new targets with increased drilling."
Shares added 5% in Toronto on the day to C$1.05 each.
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