Victoria Gold Corp VITFF

New Press Release - Victoria Gold Provides Update on Eagle Gold Mine Incident

WHITEHORSE, Yukon, July 04, 2024 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) provides an update on the heap leach facility (“HLF”) incident that occurred at the Eagle Gold Mine on June 24, 2024 (see Company News Release dated June 24, 2024). As initially...read article.

[mdjbrown]

Typical legaleese release but so far so good for water samples "To date, continued environmental surface water quality sampling at multiple points downstream of the property has not detected any cyanide."

[kegman]

No mention of insurance claim?  Hmmm.  Notice of default from lenders was to be expected.  REport from first water samples?   

[dart321]

Yes agreed, the lenders have to cover their investments it was expected, The tests are a strong positive but they still have a long way to go. All in all a positive news release in my opinion. We wait to see what happens going forward taking advantage of accumulation trades along the way.

[EdwardBlake]

it seems like best case scenario of a bad situation. Fingers crossed.

[mdjbrown]

Likely way to early for confirming insurance involvement, kegman but you can bet the company, insurance, creditors, engineers, etc are all looking for the same facts we are. I assume the exact cause would need to be determined first, and you know how that goes........... Fingers pointing in every direction

[EdwardBlake]

Good news on environment

[HoneyBadger77]

Anyone else notice this?  The use of these particular words in the VG news release is interesting as it seems to be good news in a hidden message kind of way: "With respect to environmental mitigation, within hours of the incident a pumping system was established to return water from the HLF material to lined containment ponds. Diversion systems have also been installed for the

[crazytimes]

HB... I am still on the sidelines due to my confusion on how they can they be in default so quickly, the accident only happened a few weeks ago.  Couldn't they have made at least the last payment, or have they already had to spend remaining cash on current mess and what is current cash burn? One would think if it was simply a covenant breach or something they would have stated as such

[mdjbrown]

crazy, with all the misinformation floating in the airwaves especially from CBC, I am surprized more creditors havent called in their debts. The sky was literally falling, cyanide poisonied locals dying a horrible death, all the fish and aquatic life were doomed, and it goes on and on. Todays release although vague, was a good first start, so as HB77 mentioned, lets see if some of these doom

[crazytimes]

mdj.... the debt and credit agreements are legal documents. In my experience the two ways you get in trouble are non payment which is a disaster, and covenant breach which can be a huge or small deal. But you need to know what the covenant is and if it can be rectified in order to make an informed decision, and also how the lender is acting. I was able to figure out the water, lol, I am guessing I

[BBTYstocks]

Payments for all lenders (term, revolving, equipment) were all end of quarter payments. They have been that way for a while. When the incident occured on June 24th, and the payments were due June 28th, management likely decided to not pay them to reserve as much CASH as possible. They couldve made the payments but do you want to pay 5 million in debt payments when you only have 40 million (ish) in

[crazytimes]

BB... In short.. yes.. I want them to make the $5 mil payment and not p off the lender. Similar to not p ing off the FN. You need the lender to work with you and feel in the loop and respected more than you need $5 mil in this situation unless of course somehow you have already burned through all your cash and simply can't pay? Very simillar to what I was saying about the FN the other day! You

[BBTYstocks]

You need cash to keep the lights on and people working (whos left). Financing can be re-worked.

[HoneyBadger77]

What was announce by VG was that the company received Notices of Default. The Company advises that it has received Notices of Default from its lenders under the Credit Agreement dated December 18, 2020 (the "Credit Agreement"). It's important to understand that these Notices are serious but don't necessarily mean bankruptcy is imminent.  There's a link at the end that