00:24:35 EDT Fri 18 Oct 2024
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Red Pine Exploration Inc (3)
Symbol RPX
Shares Issued 190,711,334
Close 2024-05-15 C$ 0.095
Market Cap C$ 18,117,577
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Globe says Red Pine wrestles with tampering allegations

2024-05-16 08:09 ET - In the News

The Globe and Mail reports in its Thursday edition that Red Pine Exploration is vowing to work to regain the trust of investors after accusing its former chief executive officer of tampering with its gold-assay data over the course of a decade. The Globe's Niall McGee writes that Red Pine first raised questions about its assay figures on May 1, saying it found inconsistencies in some of its drilling results at its Wawa gold project in Ontario. Last Friday, the company alleged that Quentin Yarie manipulated hundreds of gold assay results going back to 2014 that overestimated the size of its resource by up to 12 per cent. Mr. Yarie stepped down as CEO in February, and had been with Red Pine since 2015. On Wednesday, the company provided more information about the alleged tampering, revealing that Mr. Yarie manipulated 382 assay results between 2019 and earlier this year by increasing the grade of gold at select drill holes. Michael Michaud, the incoming CEO, told The Globe that the total number of manipulations of assay data stretching back to 2014 carried out by Mr. Yarie is now 544. Red Pine only became aware of the alleged tampering by accident when a geologist noticed an anomaly in the company's drilling results.

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