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Providence Gold Mines Inc V.PHD

Alternate Symbol(s):  PRRVF

Providence Gold Mines Inc. is a Canada-based mineral exploration company. The Company is engaged in the process of exploring and evaluating its mineral property located in California, United States. It owns 100% interest in Tuolumne Property. The Company’s gold mines consist of seven patented stake mineral claims and 22 located claims, encompassing an area of approximately 324 acres, which includes Bonita, Consuelo, FairPlay, Good Enough, McCarthy, Mexican, and Providence. The Providence Group of Mines is located in the Summerville Mining District, Tuolumne County, California, upon the eastern belt of the Mother Lode District. Its subsidiary is Providence Gold Mines (US) Inc.


TSXV:PHD - Post by User

Post by KozmoTon May 29, 2024 11:59am
110 Views
Post# 36062479

Here is a clue why there is no exploration to be done here

Here is a clue why there is no exploration to be done hereFinancial statements out yesterday ...

Total Current Assets ... $ 2,228  (not a typo)

Total Current Liabilities ... $108,852

Exploration Costs for the period ... $2,618

But the worse part ?  The property is in default !!!!  No money, no property ... dead company.

"For any given one-year lease period, the Company may pay Ellers US$25,000 in lieu of incurring the required expenditures. (As of March 31, 2024, the Company had not incurred the Property expenditures for the periods ended May 31, 2021, 2022 and 2023, and had not made the $25,000 payments in lieu.)"
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