Victoria Gold Corp VITFF

RE:mORE bad news for Victoria Gold shareholders imho

[KenoHillYT]

Thanks Golden,

Hell of a read.  There are a lot of investors that have guessed that this is all a very expensive YTG political at a hell bent for leather attitude about punishment.

For what? Failure to contain a heap, well that belong in the corner of desiigners, engineers, implementors, inspectors, YTG and so forth. This is starting to sound like the "lets sweep it all under the carpet" and just shut em down and retoric will go away. 

Well it won't, whether people think that JM and VG directly caused the "loss of containment" . Why? Because there are just to many businesses including Fn's that are the recipients of YTG's edict of  "They are not listenng" so just hammer them.  Was it legal, maybe, was it ethical maybe not?

There is so much behind the sceens and lack responses by YTG in this excellent article from Jim Elliot that it defies imagination. 

For example in the article:

"The former mine leadership offered some commentary on goings on at the company’s Eagle Gold Mine, which has been under the direction of a court-appointed receiver since August as cleanup from a landslide that breached the heap leach facility at the mine continues. In an Oct. 9 letter to Premier Ranj Pillai, the former mine leadership also ask for the creation of a committee with members including Victoria Gold representatives, its creditors and others be struck to consult on and assist with remediation efforts at the mine. 

That letter, signed by former Victoria Gold CEO John McConnell and nine other individuals, was provided to the News on Oct. 23. An attached letter, also sent to the News, states that they received no reply from Pillai and offers additional views on the situation.  

 

The letter to the premier discusses actions at the mine since the start of the receivership and questions why plans and actions being undertaken by Victoria Gold in areas like slope stability and water treatment were paused or halted under the receiver. It also questions why some contractors, including the one working on water treatment upgrades under Victoria Gold, were replaced. It argues that this set remediation back or at least stalled it, on some fronts."

The finance retoric over and over by YTG is starting to sound a little thin considering the result and the amount of taxpayers dollars are going towards upholding some ideal.

If I were a betting man I would bet this is just starting.  :)

GoldenPolarBear wrote:

"... 

Victoria Gold directors seek seat at table with Yukon government on remediation

Some former company directors want to weigh in on remediation but the premier doesn’t seem receptive

I guess the Yukon Premier thinks only Yukon taxpayers can afford this bill. It seems with gold trading at all time highs Victoria Gold should have been able to get out of this mess. 

https://www.yukon-news.com/news/victoria-gold-directors-seek-seat-at-table-with-yukon-government-on-remediation-7609755
 

"... Some former directors and managers from Victoria Gold want to be let in from the cold. The Yukon government doesn’t seem receptive.

The former mine leadership offered some commentary on goings on at the company’s Eagle Gold Mine, which has been under the direction of a court-appointed receiver since August as cleanup from a landslide that breached the heap leach facility at the mine continues. In an Oct. 9 letter to Premier Ranj Pillai, the former mine leadership also ask for the creation of a committee with members including Victoria Gold representatives, its creditors and others be struck to consult on and assist with remediation efforts at the mine. 

That letter, signed by former Victoria Gold CEO John McConnell and nine other individuals, was provided to the News on Oct. 23. An attached letter, also sent to the News, states that they received no reply from Pillai and offers additional views on the situation.  

 

The letter to the premier discusses actions at the mine since the start of the receivership and questions why plans and actions being undertaken by Victoria Gold in areas like slope stability and water treatment were paused or halted under the receiver. It also questions why some contractors, including the one working on water treatment upgrades under Victoria Gold, were replaced. It argues that this set remediation back or at least stalled it, on some fronts. 

Also dealt with in the letters are the mining firm’s financials prior to the receivership.

In their letter to Pillai, the Victoria Gold representatives note that the government and receiver drew on statement’s made in the company’s public disclosures to argue that the company didn’t have the financial resources to complete remediation. 

“All parties should plainly recognize that Victoria was required to issue such warnings to its shareholders as a responsible reporting issuer, and such statements are not evidence of Victoria's solvency. Victoria had full intentions, expertise, ability and financial resources to implement and complete the full environmental remediation at the Eagle Gold Mine,” the letter reads. ...."

IF this goes to court again the Yukon Government may not fare so well imho