Victoria Gold Corp VITFF

First Nations - Says remove management of Victoria Gold Corp

[HuskySW]

""The reality is that Victoria Gold cannot rectify the environmental damage caused by this event," said FNNND Chief Dawna Hope. "They have been failing to take the remediation actions directed by the Yukon government.""

"TORONTO (Reuters) - A First Nation group has asked the Yukon government to initiate steps to remove the management of Victoria Gold Corp, citing failure of the top executives to contain the environmental damage caused by the company's Eagle Gold mine."

https://www.msn.com/en-ca/news/canada/first-nation-group-in-yukon-calls-for-change-in-victoria-gold-management/ar-BB1r3bbE

The question is who is the replacement to be?

Best

in my opinion only

[HuskySW]

Liens https://www.cbc.ca/news/canada/north/victoria-gold-miners-liens-heap-leach-failure-1.7282926

[Gonzo74]

Check out the neighborhood, I would say who ever buys out sitka will be buying vic. I personally thought vic would buy out sitka. How things change. 

[Freezerburn]

lol

[Routan]

I assume the majority of  liens would be for the leased equipment.

[givemeabreak1]

Actually, as I understand it most liens are not against the leased equipment!  In fact,  I suspect most are against accounts receivables and various inventories..............

[m8magic]

bingo...we got a winner...yep 43 million for suppliers outstanding of goods/supplies...which is a pitance to the overall amount they owe

[Routan]

As soon as the lenders filed for default it starts a process where all accounts payable need to file for payment. I was just saying the leased equipment would be the largest lien. They will not get paid but can retrieve their equipment if it goes bankrupt. Nobody wants this as everyone only gets pennies on the dollar. 

[givemeabreak1]

Routan I am not sure of the legal aspects as things can be different province to province but it seems to me that you may not be able to lien something that is owned by someone else.  In fact,  I suspect if the leasing company is not being paid leased vehicles could simply be repossessed...........

[crazytimes]

More than $43.3 million-worth of miner's liens have been registered against Victoria Gold since the heap leach failure at its Eagle mine in central Yukon, suggesting the company's unpaid bills are quickly adding up.  A miner's lien is a legal tool available to contractors who haven't been paid for work or supplies provided at a mine site. It essentially holds the physical

[crazytimes]

YUP! Finances are fine! Looks like everyone is happy, the creditors, first nations, government, all on board! Nothing to worry about! All good.  A masterclass in crisis management! Just my opinion. 

[Routan]

Seems like just another politician covering her butt. Just like the YG acting like they were not aware what VG was doing and not doing on site. Like the new pond as we found out liner was stuck in transit. Like they were not aware of this.They say the company is in continuous contact with the regulators yet nobody can respond within the updates. Now First Nations wants YG to remove the Companies

[HoneyBadger77]

No, the reality is that Victoria Gold will never be able to do enough to satisfy the FNs with respect to remediation  and environmental clean up no matter how hard they try.  Most people would be pretty impressed what the company has accomplished in only 5 weeks to largly mitigate this 'Unlikley Event' and what could truly have been a catastrophe.  It's pretty clear that

[m8magic]

the only reason management is hanging around is they want to empty the avaliable cash into their collective pockets till it runs out then they will all turn everything over..

[HuskySW]

magic, Just asking, no offence "they want to empty the avaliable cash" Please desrcibe they. "they will all turn everything over.." To whom or what? Just asking best

[Swingandmiss]

Husky, this management team/BOD will stay on as long as they can collecting huge salaries until they are kicked out and then someone else will be in charge of cleanup. No offense just saying no offense 

[Whateverrr]

That article about all the drug use, drinking and overall sloppiness of the entire mine operation from a human perspective was an eye opener, woweeee. CUtting corners, hidden workers comp injuries etc etc.  Where there is smoke there is fire i guess.  Tremendous bummer for older pre heap failure  holders.  Just a mess and not fun.  Sorry.  Stupid Gold stock investing

[Swingandmiss]

I give you much credit whateverrr for getting out once you saw the shitty financing and shady behavior as far as giving away some of their original assets.  you were right all along!!!! 

[HuskySW]

everrr, Well you nailed it.  I've been say that all along. "Stupid Gold stock investing" Thank you Best in my opinon only

[Singoa58]

You are bang on  need to hawk tuah that thang imp

[HuskySW]

badger, Well spoken, good points,  I was thinking a few days on ago on the premiers news release  that he should get up there with co. shovels in hand and get to work instead of dissin everyone.  I beleive the one things missing in your notes is the fact that First Nations across Canada want to become business partners and that trend is already increasing, expecially in Oil &

[Whateverrr]

You are so right as always   /s      haha.  Go VG Go Vg......Love John.  Amazing project blah blah blah.  You blame all the current issues on FNNND, Yukon Govt, etc and VG and management are doing fantastic.  haha.