#Canada #Vancouver #Mayfair Gold #Fenn-Gib Project #Pierre Beaudoin

Pierre Beaudoin Joins Mayfair Gold as Strategic Advisor

Mayfair Gold Corp., a Canadian company focused on gold development, recently announced Pierre Beaudoin's appointment as Strategic Advisor. With over four decades in mineral processing and project development, Pierre brings a wealth of experience that positions him as a valuable asset to the company's future endeavors.

Background and Experience

Pierre Beaudoin is renowned in the mining industry for his extensive background. He previously served as the Chief Operating Officer of SilverCrest Metals Inc., where he played a crucial role in the successful development of the Las Chispas Mine in Mexico. Under his leadership, the project was completed ahead of schedule and below budget, even amid the challenges of the pandemic. Beaudoin’s adept oversight led to a swift ramp-up to commercial production, showcasing his capabilities in managing complex mining operations.

Before his tenure at SilverCrest, he held significant positions at Detour Gold Corporation, where he contributed to the construction and operation of Canada’s largest gold mine, Detour Lake Mine. His roles encompassed senior management levels focusing on capital projects, enhancing his ability to manage large-scale mining endeavors efficiently. Beaudoin additionally has experience with Barrick Gold Corporation and currently holds positions as Chairman of Radisson Mining Resources Inc. and Director at Coeur Mining Inc.

Strategic Contributions to Mayfair Gold

In his new role as Strategic Advisor, Beaudoin is set to offer independent, high-level technical and strategic guidance, specifically for the advancement of the Fenn-Gib gold project. This project, located in the Timmins region of Northern Ontario, is pivotal for Mayfair as it works toward establishing itself as a notable gold producer.

Mayfair Gold's CEO, Nicholas Campbell, expressed enthusiasm about Beaudoin's appointment, noting their prior collaboration at SilverCrest and the established rapport among the team members who have previously worked with him. Such connections are anticipated to foster a productive working environment as they finalize plans for the Fenn-Gib project’s process plant and overall designs, gearing up for construction.

Beaudoin's insight into plant design, construction readiness, and risk management is expected to be instrumental as Mayfair prepares for necessary permits and the initiation of construction activities, aiming to start operations in 2028 and achieve first gold production by 2030.

Compensation and Future Prospects

In recognition of his contributions, Mayfair Gold has issued 100,000 options to Beaudoin, set at a strike price of C$5.36 per share, with an expiry date of February 3, 2031. Additionally, he will have the opportunity to engage in the company’s omnibus equity incentive program moving forward.

As the Fenn-Gib project moves ahead, the collective experience of Beaudoin and the Mayfair team will create a solid foundation for overcoming the challenges of mine development. Their combined expertise is believed to enhance the probability of success for the project as they work towards the ambitious goal of transforming Fenn-Gib into a stable and productive gold mine.

Mayfair Gold is committed to advancing its pre-feasibility study, which underscores its potential as a new Canadian gold producer. With estimated initial development costs around $450 million, the company forecasts a two-and-a-half-year payback period and a cumulative free cash flow of approximately $896 million over the first six years of production, based on projected gold prices.

This notable step in appointing Pierre Beaudoin is seen as a strategic move that may not only benefit the company's current projects but also position it favorably in the competitive landscape of gold production.