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Columbus Gold launches proxy fight against Eastmain Resources

Columbus launched a proxy fight against Eastmain, a fellow junior miner, on Monday.

As Robert Giustra sees it, the management team at Eastmain Resources Inc. is so entrenched there wasn’t any reason to even attempt a friendly method of the organization.

“The overwhelming consensus was that many others have tried and been averted, there was no point,” the chairman and leader of Columbus Gold Corp. said in an interview.

Columbus launched a proxy combat Eastmain, a fellow junior miner, on Monday. It’s an unusual example in Canada of 1 public company trying to unseat the board of another. Generally, activists or frustrated long-term shareholders launch these battles.

But Giustra, who’s a cousin of mining finance guru Frank Giustra, argued that this was the best choice. He isn’t thinking about a formal takeover bid, partly while he said that not enough data is available on Eastmain’s Clearwater gold project. While Giustra thinks the Quebec project has a lot of promise, he assumed Eastmain would block any request to see the private data.

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