{"id":1097006,"date":"2019-01-30T15:19:03","date_gmt":"2019-01-30T15:19:03","guid":{"rendered":"http:\/\/www.mining.com\/?p=966465"},"modified":"2019-01-30T15:19:03","modified_gmt":"2019-01-30T15:19:03","slug":"canadian-miner-cordoba-dealing-with-fraudulent-transactions-at-colombian-subsidiary","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1097006","title":{"rendered":"Canadian miner Cordoba dealing with fraudulent transactions at Colombian subsidiary"},"content":{"rendered":"

Cordoba Minerals (TSXV: CDB), the Toronto-based miner developing the San Mat\u00edas project in the department of C\u00f3rdoba in northern Colombia, issued a media statement<\/a> today detailing the reasons behind the lawsuits it filed in late 2018 and January 2019.<\/p>\n

According to the press release, Cordoba was forced to present criminal charges before Colombian prosecutors against nine members of former management at its Colombian subsidiary, Minerales Cordoba S.A.S. The miner alleges breach of fiduciary obligations, abuse of trust, theft, and fraud.<\/p>\n

In detail, the financial irregularities were discovered by the subsidiary\u2019s new administration following the termination of the employment contract of its former president. The Canadian firm says misappropriated payments and other transactions were completed by different members of the previous leadership team. <\/p>\n

Now, it is up to the Colombian prosecutor service to determine if any formal charges should be laid. <\/p>\n

Cordoba Minerals revealed that it is also seeking civil damages against some of the individuals involved and that the monetary amounts alleged to have been taken are currently expected to be in and around $500,000.<\/p>\n

\u201cWhile the situation with former Colombian management is unfortunate, we are happy to see Cordoba taking prompt action to investigate and address the matter. Cordoba continues to have an exciting suite of projects that we are looking forward to advancing. We remain fully committed to Cordoba and are working with senior management and the board to identify and execute funding solutions during this time of general market weakness for junior exploration companies,\u201d said Eric Finlayson, a member of the Board of Directors and President of High Power Exploration, a company that sold San Mat\u00edas to Cordoba in 2017 and owns a 67% interest in the Ontario firm. <\/p>\n

\"\"<\/p>\n

San Mat\u00edas project area. Photo by Cordoba Minerals.<\/p>\n<\/div>\n

Finlayson also said that all of Cordoba\u2019s mining titles, applications, and operations in the South American country remain in good standing.<\/p>\n

San Mat\u00edas comprises of a 20,000-hectare land package in a newly identified high-grade copper-gold district that Cordoba says is characterized by porphyry type and \u201ccarbonate replacement\u201d type and\/or \u201ciron oxide copper-gold\u201d type deposits formed in an accreted island arc setting. <\/p>\n

Within the San Mat\u00edas project area, there is the Alacr\u00e1n copper-gold system where Indicated Mineral Resources are currently 36.1 million tonnes grading 0.57% copper and 0.26 g\/t gold, and 31.8 million tonnes of Inferred Mineral Resources grading 0.52% copper and 0.24 g\/t gold. <\/p>\n

\u201cAlacr\u00e1n is approximately two kilometres southwest of the company\u2019s Montiel porphyry copper-gold discovery, where drilling intersected 101 metres of 1.0% copper and 0.65 g\/t gold (DDH-004), and two kilometres northwest of the Costa Azul porphyry copper-gold discovery, where drilling intersected 87 metres of 0.62% copper and 0.51 g\/t gold (CADDH003),\u201d the corporate website states.<\/p>\n

The post Canadian miner Cordoba dealing with fraudulent transactions at Colombian subsidiary<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cordoba presented criminal charges before Colombian prosecutors against nine members of former management at its subsidiary in the South American country.<\/p>\n

The post Canadian miner Cordoba dealing with fraudulent transactions at Colombian subsidiary<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1264,1265,404,369,440],"tags":[25,31,33,48,71],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1097006"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1097006"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1097006\/revisions"}],"predecessor-version":[{"id":1097088,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1097006\/revisions\/1097088"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1097006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1097006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1097006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}