Emgold has posted an “investor update” on its website, dated July 16. I didn’t find much new information in this “corporate presentation,” but you can read it here.
Here’s what we reported back in March:
“Listening to the Grass Valley City Council meeting on NCTV (there was no picture), the Council granted Emgold a 180-day extension to secure financing for an environmental study that would be a key prerequisite toward reopening the Idaho-Maryland Mine.
“If it can’t meet the 180-day deadline, Emgold will be asked to withdraw the project and resubmit it when it has the $$$. Emgold had asked for a 90-day extension, but the Council showed some flexibility before taking more of a “put up or shut up” posture.
“Wake me up when there’s something substantive to report on this project — in the discussion phase for years. I’m returning to MLB television.”
Filed under: Uncategorized
same old “advanced stage of permitting” and “EIR is being prepared”. Both pretty blatant lies in hopes of luring investors. EIR is not being prepared cause they haven’t put up any money yet, and permitting doesn’t begin until after CEQA is finished. Expect regulatory action.
Money (which they don’t have) speaks louder than words (of which they have a deplorable oversupply).
Grass Valley will expire Emgold’s current application automatically as an administrative matter at the end of the 180-day extension in mid-September, without the need for any further action or comment by the City Council. After that, they will be free to start over from the beginning by submitting a new application.
If the economy rebounds (and if monkey’s fly out of my….) I bet that there will be a funding source found (especially if gold continues at $1,600 per ounce) that will allow for this project to move forward, but considering that (in my estimation) we are 6-7 years from that happening I think that there are numerous hurtles to overcome.
I am for this project if it can be done in a responsible manner, but only time and money will determine the progress of this project and if it ever movs forward.
Meanwhile, the state of California is suing Newmont for the Empire Mine cleanup costs:
http://yubanet.com/regional/State-Parks-Sues-Newmont-Mining-over-Empire-Mine-Contamination.php#.UAa1YmjhA2k
Mining can be an “invasive” business, as we’ve said here many times before!