The halt will remain in place until the start of regular trading on Tuesday, June 29, or until an announcement is released to the market, whichever occurs earliest.
Shares last traded at 44 cents and are up from 28 cents at the market close on March 31.
Strengthens Newfoundland presence
The company has recently appointed highly regarded Newfoundland-based geologist Kerry Sparkes as technical advisor to the board to assist with advancing the Cape Ray Gold Project.
With previous experience as vice president - geology of large gold-focused royalty and streaming company Franco-Nevada Corp (TSE:FNV) (NYSE:FNV), Sparkes will provide high-level assistance to the exploration team and advise the board on its exploration and development strategy in Newfoundland, Canada.
He has also previously held senior positions with Vale at their world-class Voisey Bay nickel deposit in Labrador as well as Rainy River Resources (now New Gold Inc.) at their + 8-million-ounce gold project in Ontario, Canada.
Other positions include working at the Cape Ray Project for Terra Nova Gold Corp, from 2002-2003.