Anyone who thinks that VG is coming back to it's former glory and that SH's are going to get compensated to living in, most likely, a purple haze.
Now we've got that new tranche' of $55,000,000 coming out of the YTG coffers. YTG is going to own this one, even any assistance by people previously, who knew this mine the best, was rejected.
It's the story of the Yukon, get the investors all riled up show 'em some color and it's the Klondike all over again. ;) Once YTG appointed PWC as reciever it was all over, JM had that one right. Don't get me wrong, PWC is doing as directed by YTG and that alone should have sent some vibes as to exactly what the end game was.
Rip and strip assets and grab as much of the assests and dipsose of them seems to be the end game?
Now the receiver asks for another $55M to continue work dealing with failure at Yukon's Eagle mine site. Nothing wrong there they are under YTG directives to keep on doing what receivers do.
But, it is starting to look more and more like a mine remediation plan and restardt would have been a better idea. Was the mine recoverable, yes as the heap was not even really loaded and the failure happend early on.
"The report notes that the
current work is not what the security is earmarked for, and the Yukon government would be out $55 million for the final reclamation and closure activities should the mine never re-open. The government gave PwC the initial $50 million from its own funds. While all the money is loaned, the report says that at this point, "the sources that may be available for the repayment of those funds, and the likelihood of full recovery, is not known."
"There are a number of risks relating to the Eagle Gold Mine site and any potential future restart of operations," the report reads in part.
"In particular, it is not known at this time whether a restart of operations will be viable, or whether the Eagle Gold Mine site may ultimately be closed due to the Failure Incident and the costs required to remedy the Eagle Gold Mine relative to its potential value, or for other reasons."
Will this become another Minto buy in, who knows, but it just might as YTG seems to be welcoming.
"Besides more money, PwC is requesting, among other things, t
he authority to sell off up to $1 million of Victoria Gold's assets at a time without court or creditor approval, up from $500,000. Those assets, the report says, could include "ad-hoc pieces of non-core equipment," "redundant furniture, fixtures, vehicles or computers" and gold and silver coins Victoria Gold was storing in a bank safety deposit box as well as at its corporate offices in Vancouver and Toronto."
https://www.msn.com/en-ca/news/canada/receiver-asks-for-another-55m-to-continue-work-dealing-with-failure-at-yukons-eagle-mine-site/ar-AA1vdwdl#