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

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Comment by miketrikeon Nov 10, 2015 7:43pm

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Post# 24279187

RE:RE:RE:RE:RE:The sellers of SGN can't read financial statements very well

Here is what I think

Roebuck left the company because the company could no longer afford his salary.

Drinkwater made good money, Mary and other pits were lower grade than expected and couldn't produce enough cashflow to pay the bills.
Look at production numbers after Drinkwater was depleted. Look only at Recoverable gold ounces placed on pad. They are terrible. To make up for the shortfall the company started shifting ore around on the leach pad to boost production.

The company had no money to explore so they needed financing. Hawley made the deal with Coral Reef.
Maybe after first drill results from Goldwedge some large shareholders though they would find lots of gold in next round of drill results? Brieger bought in June so maybe they did.

Scorpio retired the debt because they had to pay Waterton loan off with proceeds of Pinon sale to Gold Standard. They just sold their GSV shares and used the funds to pay Waterton, as they had no other choice.

Peter Hawley didn't deceive anyone. He sensed the company was in trouble and took appropriate action. At the time I warned that if the financing didn't occur, SGN would turn into another Metanor. And it has.

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