A struggling junior miner with a Sudbury gold property has announced a change at the top.
John Carter, the CEO of Northern Sphere Mining announced his resignation on Dec. 24.
Kelly Malcolm, a professional geologist and a director with the Toronto-based company, replaces him on an interim basis as a search starts for a new CEO.
The company, with base and precious metal properties in Arizona, Nevada and the Sudbury Basin, said in a news release that it needs to reassess its prospects and create shareholder value.
Northern Sphere warned to expect a detailed review in the coming weeks of the company’s finances, investor material, and mineral exploration assets.
The plug is also getting pulled on the website. Shareholders will have to go to SEDAR to get information on the company’s filings.
In Sudbury, Northern Sphere has the Scadding Mine Project, northeast of the city in the Skead area.
The mine operated between 1984 and 1990, producing 914 kilograms of gold from 127,000 tonnes of ore, grading 7.2 grams per tonne.
According to the company, the property has a full mining permit. Back in late November, Northern Sphere reported the exploration industry was at “an all-time low.”
“Northern Sphere is looking beyond this state and to the future. We have been working to insure that when the market does change we will be ready and are conducting a detailed technical review of all three projects. We have worked hard to keep our outstanding shares low and maintain a relatively clean balance sheet by converting debt to equity and we are in the process of further reducing our overheads.
“There is still much to be done but management is confident we are taking the necessary steps to enable us to take advantage of the market opportunities as they arise.”
