Calibre Mining Corp. (TSX: CXB) announced on Friday that president and CEO Russell Ball is stepping down from his executive position and as a director of the company for personal reasons effective immediately.
His role will be assumed by Darren Hall, who joined Calibre as senior VP & chief operating officer in 2019 concurrently with the company’s acquisition of the Limon and Libertad gold mines in Nicaragua.
According to company chairman Blayne Johnson, Hall is the originator of Calibre’s “Hub and Spoke” operating strategy that resulted in a 30% increase in forecast gold production in 2021 from 170,000 to 180,000 oz.
Before joining Calibre, Hall served as COO of Newmarket Gold, where he played an “instrumental role” in growing the company leading up to its merger with Kirkland Lake Gold. Prior to that, he held various roles of increasing leadership and responsibility at Newmont for almost 30 years.
Shares of Calibre Mining fell as much as 11.1% on Friday following the management change. The gold miner has a market capitalization of C$497.4 million.