Emgold is seeking another 60- to 90-day extension for its stalled project to reopen the Idaho-Maryland Mine, according to an “agenda action sheet” for next week’s Grass Valley City Council meeting.
“We are approaching the 60 day time period indicated in my letter of November 23. 2011,” IMM chief executive David Watkinson writes in a letter to the City of Grass Valley.
“We expect financing activities, in the current market, may take another 60-90 days at this point in time.
“We ask the City’s patience, given we started the process in 2005, and it is not unusual or unreasonable to request time to raise funds. We will continue to keep you updated on our progress and appreciate your consideration of these matters.”
This comes after the applications for the project was put on hold for 60-90 days previously.
Grass Valley Planning Director Tom Last said in a memo that staff “believes this is a resonable request in light of the continued economic conditions. It is still evident that raising finances for small or large projects continues to be an issue.”
The documents, contained in the City Council agenda packet, are here: extensionrequest2
Let’s hope Grass Valley has a “plan B” for its economic revitalization besides this mine project. A “big box” store, such as a Target, is being discussed as well, according to my sources.
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