Tarnished Crow (aka Golden Phoenix) announces that they are removing Scorpio Gold as operator of the Mineral Ridge Gold mine. LOL...Nice negotiating tactic, better do it now because in 30 days you won't own 30%, you will own ZERO.
https://www.goldenphoenix.us/2012/04/golden-phoenix-announces-removal-of-scorpio-gold-as-manager-of-mineral-ridge-gold-project-nevada.html
This is to funny. Tarnished Crow (TC) is now throwing mud at the wall hoping that it might stick. This is how a desperate company reacts. Let me remind everyone, that Tarnished Crow drove the Mineral Ridge property into the ground. They had no idea how to make it work and were it not for Scorpio Gold stepping in to bring it back to life, Tarnished Crow would have been bankrupt long ago.
How did we get to this situation. TC entered into a gold stream facility with Waterton in Sept 201. Under the terms of the agreement, it looks as though Waterton was to advance funds in tranches. The funds were secured by TC's 30% interest in mineral ridge and they also gave Waterton first right of refusal on a sale of Mineral Ridge which was owned by Scorpio. Scorpio agreed to give up its first right of refusal in favour of Waterton. Why? I am not quite sure but maybe they were trying to help TC out of a jam. Big mistake.
Monies were advanced by Waterton to TC, and they were suppose to be used for advancing TC's Panama property. Under the agreement with Waterton, TC was to have met certian milestones and obligations that were clearly outlined in the agreement. From the court documents filed, Waterton claims that TC is in breech on several counts and they moved to protect their investment by seizing the 30% interest in Mineral Ridge which they own as security.
Lets just assume the Waterton people are not out in left field on this claim and that TC has breached it contract. Waterton will be awarded the 30% interest and if the judge is in a good mood, he may give TC 30 days to come up with the money owed to Waterton. It is not likely anyone would lend TC the money and since TC's stock is trading at $.02, they will not be able to raise the $ owed to Waterton. Bottom line, TC is going to lose their 30% interest in Mineral Ridge unless they can convince someone to lend them $.
The deal they entered into with Waterton was the dumbest of dumb deals they could have done. They bet the farm on "red" and lost. Now they claim that Scorpio delayed and stalled the process of obtaining a valuation appraisal and its Scorpio fault. Kinda like blaming the mirror because you are less than attractive (u_g_l_y). Not sure there was a dealine but as long as Scorpio delivers it, they will not be in breech.
This is TC's last chance to make a splash and they just took a leak in their own tub by suing the onlylogical buyer of their 30 % interest. Well done TC. Priceless.
Come on Waterton, put these bozo' s out of their misery once and for all.