California Gold Mining Inc. announced that the Board has terminated the employment of the Company’s President & CEO, Mr. Vishal Gupta, and has removed him as President & CEO effective immediately. Mr. Larry Phillips, a current Director of the Company, has agreed to act, and has been appointed by the Board, as Interim President & CEO. Mr. Gupta and Mr. Cronin remain Directors of the Company. Mr. Phillips was a co-founder, executive vice-president of corporate affairs and general counsel of Iamgold Corp. For over 20 years until his retirement in 2011, Mr. Phillips was responsible for directing and managing all international investments, joint ventures and government relationships, helping build Iamgold into one of the large gold mining companies in the world. While at Iamgold, Mr. Phillips served as a director of the World Gold Council from 2006 to 2011. Prior to joining IMG, Mr. Phillips was the managing partner of a Toronto-based law firm specializing in corporate commercial law. Most recently, Mr. Phillips served as the chairman of the board of Klondex Mines Ltd. in 2013.