The announcement was made Thursday, but the submissions were effective October 20. The company noted that it was actively seeking replacement candidates.
West Hawk said that both would continue with the company in a consulting capacity.
Relating to Hart's resignation, the company said it would issue an aggregate of 2.1 million shares in settlement of an outstanding $US100,000 shareholder loan. The move is subject to the approval of the TSX Venture Exchange.
West Hawk has an option to acquire a 100% interest in the Groundhog coal property in British Columbia. It holds anthracite exploration licenses for 8887 hectares with a potential exploration target estimate of 275-300 million tonnes in place.
The company is evaluating development scenarios, including shipping the coal directly to markets or short-shipping material to an IGCC gasification plant.
Last November, the producer terminated two of three letters of intent it had signed for Oklahoma and Arkansas mine purchases amid financial concerns.
“Following the negative events that saw the bailout and bankruptcy of some of the largest banks and financial institutions in the US and Europe, the liquidity in the financial markets has dried up,” Hart said at the time.
“Despite the current capital markets, West Hawk Development is still pursuing its target of raising money necessary to finance its activities, including the acquisition of the Heavener mine, but there is no assurance that the company will be successful.”
Heavener holds measured and indicated resources of 60 million tons and inferred resources of 138Mt.
West Hawk had planned an 85% interest in the Coal Creek mine and a 100% interest in the Rock Island mine. All three properties in the deal had been close to production as of the last northern autumn.
