Buffalo Gold
Buffalo Gold puts Sardinia Gold Mines into liquidation
Buffalo Gold (TSX-V: BUF) fell 15% after the company announced that a Memorandum of Understanding with China Railway Group to invest in the company and its projects in Papua New Guinea and Australia, had terminated.
Adding to investor's woes, Buffalo Gold also announced that it had placed its 90% owned subsidiary, Sardinia Gold Mines into liquidation. Sardinia Gold Mines owns the Furtei Gold Operations, but will now lose the Furtei and Osilo mineral properties, processing plant and associated assets, though Buffalo Gold will retain exploration tenements over Monte Ollesteddu. Buffalo Gold was forced to liquidate its subsidiary after it failed to secure funding and could no longer service debts at the operation.
Buffalo Gold's CEO, Brian McEwen, will be replaced by Damien Reynolds, Executive Chairman.
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