Victoria Gold Corp VITFF

VG Eagle - The Last of the Great Mines?

[KenoHillYT]

Quickly glancing through the first pages of the book by M Gates "Dublin Gulch" "A History of the Eagle Gold Mine" it is clear that there is another part of the VG Eagle story that is being glossed over.

Just some overall numbers before we get into where this may be receivership  going.  I'm actually surprised as to how much employment, revenue and taxes were paid, completed and anticipated prior to the first gold pour being completed and I don't get surprised at big numbers.

John McConnell ex CEO - As of January 1, 2020

2,000,000 work-hours - Under the "Time to come Home" program by Victoria Gold

Sandy Silver ex Premier

$150,000,000 - Straight into the pockets of Yukon Buiness

Eagle will give $110,000,000 in royalty to Yukon

Eagle will give another $240,000,000 to the territory in income taxes

$10,000,000 of revenue per year over ten years to Yukon Energy with the intent to reduce rates for Yukoners

Victoria Gold described as "family" By Chief Mervin of the Na-Cho Nyak Dun

Simon Mervyn - Ex-Chief

Looked forward to maintaining a stron and lasting realationship with VG that will benefit all for years to come.

Additionally VG Eagle employed a large % of First Nations and 25% +/- of the workforce were women.  From experience I can assure you that this was a progressive company in comparison to mid last century Silver Trail Mines.

So after just a brief glance at the first pages of this book, I also recalled that FN want purchase the remediated Minto Mine and has YTG support.

https://www.cbc.ca/news/canada/north/yukon-first-nation-minto-mine-1.7315901


Does FN want to purchase a remediated Eagle, well does it?  One thing, like Minto, leads to another.

 If that is the case why not have FN approach JM and make a busness case.  The sticky part is where was YTG when VG could have used some assistance to clean up.  It would appear that the justification was the "ruined land'.  So are many other parts of the Yukon.

I can only speak with some confidence that my area of knowledge is the history of the many companies that have had workings on the Siver Trail from "Silver King" through to most of the mines on Galena Hill and through to Keno City.

But one positive thing is that YTG fianlly got a buyer (Alexco) and struck a combination deal (paid ongoing env. cleanup for waer and quartz mining on the old UKHM and more workings) with no liability for previous pollution.  I pesonally thought that was a great deal.  Hecla took over under the same deal.  I thought it was great to get this cleaned up.

Why this current attitude of just "create an expensive hammer" on a mine that was not abandoned? It would have been better to make good and remediate the Gulch.

If this mine (and it appears so) is stripped of all its assets including equipment then it is apparent (imo), especially after "the sweep by PWC" that the gulch will have a "safety berm", water processing and monitoring wells and that will be the end.  It'll end up as an expensive digital system for reporting purpose.

I also would think that of the stakeholders that sent the "lets sit down letter" a few weeks ago signed by JM, etc. In it there might have been an idea of consolidating debt on the haul packs and monster shovels.  these assets, considering location, was like what scrap value? (almost ;)).

But maybe, just maybe where this is all going is that among even FN's there is no consistancy on whether or not The Yukon First Nations even want Mining as part the economic mix.  Some say full tilt stop no more mining, theres are trying to buy them?

From a while back:

"The true financial impact for the First Nation and its citizens is still largely unknown, said Chief Dawna Hope.

"We really feel that the actual financial and economic loss is unknown and it will also burden the taxpayer for decades, if not generations to come," she said.

"Dumkee said the development corporation has recently been moving away from investments in mining companies."


If this is really true then may the last person leaving The Yukon please turn out the lights.

[url= https://www.cbc.ca/news/canada/north/victoria-gold-owes-millions-to-first-nation-of-na-cho-ny%D3%93k-dun-businesses-report-says-1.7329417] https://www.cbc.ca/news/canada/north/victoria-gold-owes-millions-to-first-nation-of-na-cho-ny%D3%93k-dun-businesses-report-says-1.7329417[/url]

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


https://harbourpublishing.com/blogs/news/michael-gates-wins-axiom-award-for-dublin-gulch