Shareholder seeks greater representation

A minority shareholder was unsuccessful in a bid to have a seventh director named to the board of Citadel Gold Mines at the company’s annual meeting in Toronto.

“We, as minority shareholders, are being left completely in the dark,” Dr Eric Hoffman of Dundas, Ont., told the meeting. Dr Hoffman, a geologist and consultant, proposed a seventh director be named to represent minority shareholders.

Citadel is jointly controlled by Canhorn Mining (42.4%) and Prairie Pacific Energy (41.5%). It is currently involved in an exploration program at its Wawa, Ont., gold property.

When a resolution was presented for the election of six directors (no formal action was taken to boost the number of directors), a motion that Dr Hoffman’s name be included on the ballot was dropped when no seconder could be found.

Dr Hoffman said he wants Citadel to be run by its own employees rather than jointly by the two large shareholder groups.

Another member of the audience said he supported the idea of additional directors to represent minority shareholders.

Elected to serve on the board of directors were Robert Campbell Todd, who is chairman of Citadel and president of Prairie Pacific; Herman Becker-Fluegel, who is president of Citadel and chairman and chief executive officer of Canhorn; Thomas Robert Hambley; W. Bernard MacIsaac, who is vice- president of Citadel and president of Canhorn; Robert Reese; and John C. McBean, who is vice- president of Prairie Pacific.

According to Mr McIsaac, a feasibility study is under way at the Wawa site. There was no word at the meeting when a production decision will be made.