Scorpio Gold Corp V.SGN

Alternate Symbol(s): SRCRF

Metals & Mining Gold

Scorpio Gold Corporation is a Canada-based company, which holds 100% interest in two past producing mines, the Manhattan Mine and the Mineral Ridge Mine, both located in the Walker Lane Trend of Nevada, United States. The Company's Manhattan District comprises the advanced exploration-stage Goldwedge Project, with an approximately 400 ton per day gravity mill. Adjacent to Goldwedge is the 4,300-acre Manhattan Project, which is centered on two past-producing pits. The Goldwedge property is located approximately 54 kilometers north-northeast of the town of Tonopah within the Manhattan Mining District of south-central Nevada. The 726-hectare (1,795 acre) property covers three separate claim blocks and encompasses the Goldwedge, Keystone and Jumbo gold deposits. It also holds a 100% interest in the Mineral Ridge gold project located in Esmeralda County, Nevada. The Mineral Ridge property comprises approximately 5,617-hectare (13,879 acre). The Company has acquired the Northstar property.

TSXV:SGN - Post by User

Scorpio Gold Corp

Bullboard Posts

Post by RedHorizonon Apr 17, 2012 12:22pm

293 Views

Post# 19803135

A Few Thoughts

Someone had asked a question about why Waterton issued the notice of default in January when a payment wasn't due until March 30. GPXM may very easily have violated any number of COVENANTS in the agreement not related to the payment. You can be assured that Waterton places a variety of protective covenants in their loan agreements which they engage in with small companies like GPXM who have often not yet become profitable.

I also find it hard to believe that Scorpio would agree to deliver a 43-101 by any exact date. They have no control over when an engineering firm completes a report and we all know that everything in mining takes longer than it should.

GLTA

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