Contractual and environmental liabilities not accounted for in
Titan’s financial statements could amount to tens of millions of
Evidence reveals that Andina & Titan management (given the
cross-directorship) should have known about secretly buried cyanide
bearing tailings since 2016 as the owner informed Tulin Gold’s
management and because the plant’s tailings facilities were at
capacity with no further storage room
Titan has yet to address the issues raised in earlier news releases
regarding their misleading public disclosures
Mr. Piggott launches to new website—www.coretruth.ca—to
shine a light on Titan’s murky disclosures
Shareholders encouraged to vote AGAINST the Proposed Arrangement
well in advance of the voting deadline of 5:00 p.m. (Vancouver time)
on June 7, 2019
Questions? Need Help Voting? Contact Kingsdale Advisors at
1-866-851-4179 or firstname.lastname@example.org
QUITO, Ecuador–(BUSINESS WIRE)–Keith Piggott, owning approximately 7% of the issued and outstanding
shares of Core Gold Inc. (“Core Gold” or the “Company“)
(TSXV: CGLD, OTCQX: CGLDF) continues to uncover disturbing facts about
ASX-listed Titan Minerals Ltd. (“Titan” – ASX: TTM) track record
in Perú, including evidence of numerous environmental, safety and
occupational health violations between 2012 and 2018 at the Tulin toll
milling gold plant (the “Tulin Plant”) in Perú.
Tulin Gold—now a subsidiary of Titan—had been a lessee or assignee of
the Tulin Plant from 2012 to 2018. Mr. Piggott has been in
contact with the owner of the Tulin Plant and has learned that Titan
could be responsible for approximately C$45 million in costs for toxic
waste removal and clean-up of cyanide tailings within the plant
area as per the terms of its contract with the Tulin Plant owner.
In previous press releases, Mr. Piggott has unveiled some shocking
revelations about Titan’s dismal environmental record at the Tulin Plant
that all Core Gold shareholders should be concerned about ahead of the
Company’s upcoming special meeting where securityholders are being asked
to vote on value-destructing plan of arrangement pursuant to which Titan
will acquire all of the issued and outstanding commons shares of Core
Gold (the “Proposed Arrangement”)
Revelations in previous press releases include:
Government reports prove that Titan’s Tulin plant has been marred with
violations and penalties for spillages of tailings and toxic chemicals
into the soil and waterways, activities which have raised public
health and environmental concerns from nearby residents, particularly
about their children’s health.
A spill had occurred at the Tulin plant affecting an archaeological
Mr. Piggott has confirmed, through notarial sworn statements of
witnesses, that Titan has buried cyanide-bearing tailings in the lands
surrounding the plant, hiding such illegal actions from the
authorities, the local population and the owner of the lands, by doing
so in the dead of night. In one of the notarized declarations provided
to Mr. Piggott, the witness, states the following:
“Within the previous seven years some nonconformities were observed
in the operation of the plant by Tulin Gold Co. S.A.C. having complaints
about irregularities before the DREM due to tailings spills, in times of
constant rains, flowing fluids out of the plant area to the river bed,
resulting in bird deaths, soil poisoning and possible damage to
children’s health. The complainant asks for medical examinations of
the children of the town and evaluations for toxicity.” (emphasis added)
Importantly, the C$45 million in clean-up costs
does not include cleanup of the tailings secretly buried outside the
“Such an appalling environmental track record has long-lasting, and in
some cases irreversible, consequences: legal, financial and
reputational. On the financial side this means that Titan and/or its
Tulin Gold subsidiary may be facing tens of millions of dollars in
liability none of which is reflected in its financial statements,” said
Mr. Piggott. “Without taking these environmental liabilities in account,
how can shareholders of Titan know the true state of their company? How
can Core Gold board of directors recommend that its shareholders vote
for the Proposed Arrangement?
“I encourage all Core Gold shareholders to review these materials and
vote AGAINST the Proposed Arrangement to save your investment.”
OWNER OF TULIN PLANT SHARES LETTER ILLUSTRATING GRAVE SITUATION AT
TULIN PLANT, CONFIRMING BURIED TAILINGS
Over the past 48 hours, Mr. Piggott has received additional documented
information from the owners of the Tulin plant (the “Tulin Plant
Owners”), who also own the lands surrounding the plant.
These documents include notarized correspondence, from 2016, between the
Tulin Plant owners and the General Manager of Titan’s subsidiary, Tulin
Gold Co S.A.C
“I have learned that your company’s staff has proceeded to bury
tailings outside the facilities of my Tulin Pilot Plant, for this reason
I request that you promptly arrange the relocation of the mentioned
tailings in order to avoid complaints and denunciations by the affected
Also, I let you know that I will not accept that the aforementioned
items be relocated back to the facilities of my plant because as you
know the storage capacity of the tailing pads at my plant are reaching
their limit, and that is why, nowadays, we find ourselves occupied to
see how to solve this problem.
The urgency of solving the problem of the relocation of the buried
tailings is justified by the fact that the we are currently managing an
expansion proposal for my plant before the relevant authorities, which
is why a guided tour of my land is pending, to the plant and the
surroundings of the same, so that if the aforementioned relocation is
not effected my expansion project would be affected because it would be
declared null or not feasible.
As you will understand a decision of this type would seriously affect
the development and expansion of my plant and consequently would
endanger my investment.
For the above reasons I request you to take urgent measures for the
relocation of the tailings and also, in light of this grave act by your
personnel, that I reserve the right to make the denunciations of the
case [to the authorities], in compliance with established legal norms.”
With this letter, it is clear that management at Tulin Gold were fully
aware that their staff had buried tailings in 2016 yet they failed to
disclose this information in Perú or Australia, to our knowledge failed
to remediate, and allegedly from the evidence provided in notarized
statements continued to bury tailings.
Andina & Titan management (given the cross-directorship) should have
known about secretly buried cyanide bearing tailings since 2016 as the
Tulin Plant owner informed Tulin Gold’s General Manager who was also a
board member at Andina with Titan Executive Director Mr. Matthew Carr in
TITAN IS TRYING TO HIDE FROM ITS ENVIRONMENTAL RECORD
In previous press releases, and in his proxy circular, Mr. Piggott has
provided evidence showing Titan’s Tulin Plant was marred with
environmental violations and penalties as recently as 2018 and dating
back to 2012. To date, however, we have yet to see Titan or Core Gold
disclose this information to shareholders.
For example, it is telling that Titan has simply erased Tulin Gold Co.
S.A.C. from its organizational chart in Core Gold’s Management
Information Circular, dated May 10, 2019 (the “Circular”) where
it includes the following, rather dry, statement on its Tulin operation
(at page “G” – 9):
“Prior to commissioning the Vista Plant, Titan operated the Tulin gold
treatment plant in southern Peru (the “Tulin Plant“),
however, since December 2018, Titan has ceased processing ore operations
at the Tulin plant”
At page “G” – 49 of the Circular, Titan states:
“Titan also maintains the strong operational team that Andina built over
many years operating the Tulin plant and this team now continues to
operate the Vista plan for Titan accompanied with a favourable
reputation in the region…”
The evidence that Mr. Piggott has uncovered belies Titan’s words,
particularly regarding the practices of Titan’s “strong operational
team” which should worry all those concerned, not least Core Gold’s
The above revelations are also in stark contrast to the repeated
assurances by Titan to its shareholders and regulators regarding
compliance with environmental regulations.
In Titan’s 2017 and 2018 Annual Report, for example, Titan’s Executive
Director Matthew Carr attested to the following in the respective
“Environmental Issues: The Company’s operations comply with
all relevant environmental laws and regulations, and have not
been subject to any actions by environmental regulators.” (emphasis
MR. PIGGOTT LAUNCHES NEW WEBSITE TO SHINE LIGHT ON TITAN’S MURKY
PUBLIC DISCLOSURE AND QUESTIONABLE OPERATIONAL TRACK RECORD
Mr. Piggott notes that since his initial news release on May 13, 2019,
neither Core Gold nor Titan have dared to address the alarming issues he
has uncovered and fully documented. In their panic, as more truth about
Titan comes to light every day, they are unable to accept that the
Proposed Arrangement is doomed. Titan’s shocking environmental record at
the Tulin plant renders it radioactive. Meanwhile, Titan and Core are
blindly claiming that the revealed information is “false, misleading and
slanderous” (Titan) or “false and inaccurate” (Core). You be the
Unlike Titan, Mr. Piggott is not afraid of directly engaging with the
truth in order to assist existing and potential shareholders, of both
Core Gold and Titan, and regulators in Australia and Canada, to make
To that end Mr. Piggott has set up a website, www.coretruth.ca,
to keep shareholders informed about the shocking revelations about
Titan’s dismal track record in Peru. The website includes links to Mr.
Piggott’s press releases, information on how to vote AGAINST the
Proposed Arrangement, and will shortly include background information
and documents referenced in this press release.
Titan has committed many red-card offenses in Perú which have been kept,
until now, under wraps. The Peruvian people deserve to know the truth.
Core Gold shareholders deserve better. Titan’s shareholders deserve
It is Mr. Piggott’s view, and that of vast majority of shareholders that
have recently approached him, that Titan is certainly not the sort of
company that could be entrusted with Core Gold’s assets in Ecuador.
ONLY YOUR VOTE CAN SAVE YOUR INVESTMENT
Shareholders will be receiving proxies in the mail shortly and are
encouraged to vote AGAINST the Proposed Arrangement with Titan.
The Proposed Arrangement is not in the best interest of Core Gold
shareholders. Titan is a company with illiquid shares, questionable
governance, and a track record of destroying shareholder value.
Core Gold shareholders need to understand that this deal threatens to
destroy their investment.
Vote AGAINST the Proposed Arrangement today.
The deadline to vote is Friday, June 7, 2019 at 5:00 pm (Vancouver time).
If you have any questions, or need help voting or exercising dissent
rights, contact Kingsdale Advisors at 1-866-851-4179 or email@example.com.
There is a team standing by to assist you.
Mr. Piggott has retained Koffman Kalef LLP and Farris, Vaughan, Wills &
Murphy LLP as his legal advisors and Kingsdale Advisors as his strategic
shareholder, communications and proxy advisor.
ABOUT KEITH PIGGOTT
Keith Piggott is a seasoned mining developer and operator with over 50
years of experience in Africa, Australia, Mexico and South America. Mr.
Piggott as CEO, and as an investor, rescued Dynasty Metals and Mining
from certain bankruptcy and the loss of all its assets in 2016. He has
worked diligently for over two years to take the company, as Core Gold
Inc., from a $5 million market capitalization to over $40 million market
capitalization before the Titan proposal. He can be contacted at firstname.lastname@example.org,
by phone at 520-247-5753.
For further information, please contact:
Telephone: (520) 247-5753
For media inquiries, please contact:
Ian Robertson, Executive Vice President, Communication Strategy
Telephone: (416) 867-2333
Cell: (647) 621-2646