GREY:VITFF - Post by User
Post by
KenoHillYTon Oct 26, 2024 12:57pm
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Post# 36283418
YTG ignores cries to assist.
YTG ignores cries to assist. But first or you can skip to" On Oct 25 2024 from Jim Elliot's Yukon news expose'"
;) Added "Eagle" M. Gates book to the list books by Gaffin and Aho.
Interesting right? Hey what else is there for you to do on a Saturday looking over your portfolio?
While there is no end to the amount of writers and poets that have been born of The Klondike and The Yukon their writings basically ended with the end of mighty Keno Hill and UKHM.
Alexco was just a recent junior incubator (15+ years) on Keno Hill with Hecla reaping the benefits. "Blue Sky" Clynton Nauman got lucky with that one, though some investors might disagree. He could talk the tail off a donkey. :) It's the story of The Yukon. ;)
Dublin Gulch "A History of thr Eagle Gold Mine" by Gates is a must read to be added to the books by Gaffin and Aho. Cashing In and Hills of Silver are great (especially if you've ever been there), but there are a lot more smaller works ("A Rock Fell on The Moon"). The Dublin Gulch book came from the USA (slightly used, new?) and was I surprised it was signed by JM. So who knows its history, it's probably got a story? ;)
By the way it's about Dublin Gulch history and the Eagle Mine up to the first pour but does not include the "loss of containment" incident.
Dublin Gulch is more of a modern take and starts with some Gulch history (you'll get an insight on previous pollution) and rapidly progresses to StrataGold then Victoria Gold.
The photographs are the best I have ever seen, full on, well focused and high res. There is one photo especially of the HLP toe in 2018 that show the shear size of it. In fact the photos give a visualization of the size of the mine and all the infrastructure its unreal.
What I found interesting is that John McConnell (succeeded Williams) and worked with YTG and the NA-Cho-Nyak to get a MOU signed in Dawson in 2010 with Chief Simon Mervyn who felt there were economic benefits.
If memory serves the AISC was about $500.00 to $800.00 an ounce (depending on time frame), no wonder everyone was interested!
Perhaps this note should have been titled "YTG gets what YTG wants." damn the costs.
Now what I find interesting is that communication occurred with key Victoria Gold Eagle management contacting YTG and making a case to provide assistance including John McConnell. This was kept quiet until media was informed. What's up with that?
The now in receivership the Eagle team does not sound like they just abandoned the company or as some have suggested ignored everything and overrode safety protocols and ordered sprinkling and cat games on the heap etc. and that they went berserk were just hell bent on creating "loss of containment" and doing things that jeopardized the mine.
The hard fact is that the c-suite and board really had no option but to quit and resign once the CEO was fired.
It is possible and probable that the insurance is for owners and management (fairly common) to protect them from getting sued. It is also common for all the "participating" entities in mining ventures to carry their own insurance against lawsuits. Which is possibly why they have all gone "to ground", also common.
On Oct 25 2024 from Jim Elliot's Yukon news expose'.
"On the floor of the legislature, mines critic Scott Kent of the Yukon Party asked a variety of questions including on the discrepancies in the estimates of remediation costs and liquidity put forward by the receiver and Victoria Gold.
Yukon NDP Leader Kate White spoke about the importance of ensuring that the First Nation of Na-cho Nyak Dun’s community benefit agreement continues to be fulfilled under the receivership. White also suggested that local companies are being bypassed in favor of outside contractors as remediation work continues. She asked additional questions on the state of water treatment and the detection of mercury in water downstream of the mine in recent weeks."
"In their letter to Pillai, the Victoria Gold representatives note that the government and receiver drew on statements 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. "
YTG chose to ignore what amounts to standard boilerplate that is some case a company will issue when an incident occures.
As for the much commented on c-suite and BoD silence well that's also common when an incident occurs to allow time to get to the facts.
This is a story of:
1 - JM you had a loss of containment we want it fixed now.
2 - We directed you to do the impossible in a time frame we choose and when there was no response, we will direct you to do even more right now.
3 - Ok, we're going to the judge, you'll see
4 - OK you're toast
5 - Get PWC (nothing against them) in they'll do everything they are told including firing you as the first order of the day. The board will quit as they just lost their CEO.
6 - All costs be damned, Canadian taxpayers will just have another mine to clean up; the feds have lots of borrowed cash.
7 - We'll show those shareholders what receivership means and the CEO gets booted.
8- As for the all unsecured creditors, who cares, we call the shots now.
YTG took it to the wall. WHY? https://www.amazon.com/Dublin-Gulch-History-Eagle-Gold/dp/1550179403
https://www.yukon-news.com/news/victoria-gold-directors-seek-seat-at-table-with-yukon-government-on-remediation-7609755
https://www.miningnewsnorth.com/story/2020/07/31/northern-mining-history/over-a-century-of-mining-in-dublin-gulch/6378.html