RE:Add Ascot to the failure pile like Pure Gold...
metalhead666 wrote: You all so underestimate the cost and difficulty of underground narrow vein mining. It's about the worst possible business it's possible to engage in. There's nothing but nonsensical hope and wish thinking here and over at CEO.CA.....if only the JV would come through, look at the grades!, so many ounces in the ground etc etc. The stock price tells you all you need to know.
Any JV is going to be to the detriment of I80 not in their favor.
There will be millions of new shares issued
There will be millions upon millions in debt piled up
There will be mining issues...there always is
I believe the interest of the JV in this case is for the partner to utilize and process the non-gold metals recoverable from the feedstock which would be to thier interest, and we are asking for that right of use that we get paid a certain percentage to go towards mining expenses on testing the ground, extracting the feedstock we both use and upfront payments to sorta buy into the property we already paid for.
The length of the negotiations thus far have kind of been contingent on then quality of the ground which they have been working on determining through testing which possible partner has been paying for for the past nearly year. And with that more defined break down we and the partner can determine the cost agreements and mining plan of attack so that both entities can get what they need, and other loose ends.
It's not the case that we are JVing for the purpose to split the gold and we need a partner to help pay for us to get up and running... Although, we do seem to need the partner to get up and running.
I read early in my looking into the company, that ideally some of the upfront money the JV partner would be providing would be put towards getting the Autoclave refurbished and help support getting the hub and spoke mines moving towards production from the reallocation of already paid for Ruby Hill costs.
But yes there will likely be share issuance given to the partner, and maybe the partner provides debt/credit options for us to utilize right away as we cannot get them from a bank ourselves currently without bankable feisability studies, which you have pointed out before.