RE:Reclamation Deposits & Provision for Reclamation & Closure Nope there is this...
Working capital (deficiency) ($17,973,355) ($11,988,219) ($3,501,520)
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Terms of Sprott gold loan require a minimum of $1.5 mil surplus in working capital account. That would require BGM to come up with $19.5 mil to meet that requirement.....
The numbers you posted here do not include BL reclamation bond requirements. They are separate from the existing rec bonds. Its all in the MD&A
8. RECLAMATION DEPOSITS The Company is required to make reclamation deposits in respect of its expected site reclamation and closure obligations. The reclamation deposits represent collateral for possible reclamation activities necessary on mineral properties in connection with the permits required for exploration activities by the Company. In December 2011, the Company received a M-238 Permit from the British Columbia Provincial Government to develop an open pit gold mine at the Bonanza Ledge section of the Cariboo Gold Project. As at November 30, 2014, the Company had total deposits of $1,000,000 (February 2014: $335,000) for this property. Under the original terms of the permit the Company is further required to deposit additional reclamation bonds of $11,465,000 to total $11,800,000 to the government as follows: (i) Deposit $665,000 within 30 days of start of construction –paid April 9, 2014; (ii) Deposit $4,400,000 on or before December 30, 2014 (currently being renegotiated); (iii) Deposit $1,500,000 on or before September 30, 2015 (currently being renegotiated); (iv) Deposit $1,500,000 on or before September 30, 2016 (currently being renegotiated); (v) Deposit $1,400,000 on or before September 30, 2017(currently being renegotiated); If the underground bulkhead is not fully constructed by September 30, 2015, the Company shall post an