ceo resigns
Sierra Nevada's Jon Stewart resigns as president and CEO
Sierra Nevada Gold Ltd SDD
Shares issued 17,086,456 Oct 22 close $0.03
Mon 25 Oct 99 News Release
Mr. Jon Stewart reports
It is with deep regret, apprehension and concern for the future that as of
this date I hereby resign my position as president, chief executive officer
and director of Sierra Nevada Gold Ltd.
This action is being taken based on an overall untenable position that has
left me in a non-effective position to fulfill the duties required by that
office and as a director.
As to the status of the Gold Spot project, based on the news announced in
Stockwatch Aug. 26th, you are aware that the management of Sierra Nevada
Gold Inc., the subsidiary company, sent a letter of cancellation to the
owners of the Gold Spot claims. This action was taken without contacting
and getting the approval of the full board of directors of the parent
company, which approved the agreement. Sierra Nevada Gold Ltd. was a
co-signer of that agreement.
I have personally discussed this confusing matter with the owners of the
Gold Spot claims. However, it is very doubtful if Sierra Nevada Gold will
be able to correct the negative attitude in the minds of the owners that
was created by this action.
I appreciate the confidence placed in me by the shareholders of Sierra
Nevada and, as stated, I regret this action; however, I feel it is
necessary.
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