Post by
cookhouse on May 07, 2024 4:06pm
financial assurance
You can make all the plans you like, but then you must put your money where your mouth is.
To carry on in advanced exploration, you must file a letter of credit with a recognised bank or post a surety bond with an insurance company.
All I'm saying is that there is a much better chance of Galleon fulfilling this responsibility now that financing has been arranged. Things are looking up.
Here's the Ontario mining sequence requirement site: https://www.ontario.ca/page/mining-sequence#financial-assurance
Comment by
peterj99 on May 07, 2024 4:17pm
I am sure that those in charge are well aware of what they need to do these are not kindergarten people they are smart and rich maybe you should sell your services and live happily ever after on your riches
Comment by
cookhouse on May 07, 2024 4:18pm
Sorry, should have specified that this refers to a closure plan, rehabbing the site. These plans cost more once they start driving a ramp undergound for the bulk sample. At that point, they can likely use the estimated ounces in that bulk sample to add to their surety bond.