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Bullion River Gold (BLRVQ)
I am trying to figure this out too.
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Wednesday, January 12, 2011 3:52:01 PM
I am trying to figure this out too. So Bullion River Resources filed for BK in Feb 2009 and Shasta Corp is a private company that may want to go public with the reorg amendments back in March 2010. From what I see the O/S is 3.5 million, is that correct?
Bullion River definitely has some decent assest for sure:
French Gulch gold mine awaits permission to reorganize
By David Benda
Posted December 20, 2009 at 10:51 p.m
With gold prices hovering around record levels at $1,100 an ounce, the bankrupt French Gulch Mine remains stagnant as its parent company awaits court approval to reorganize.
The mine remains in a care-and-maintenance state with a skeleton crew of about 11 employees.
Bullion River Gold Corp. and its subsidiaries filed for Chapter 11 bankruptcy protection in February
, claiming it was necessary because creditors were threatening to shut down its operations.
The company declared
$30.1 million in assets
and $10.56 million in liabilities.
Bullion River Gold would reorganize by attaining $1.3 million new equity financing, hiring a new engineering and geology team, and locating its administrative office at the French Gulch Mine, court papers show.
A bankruptcy court status conference is scheduled Tuesday.
Redding attorney Dennis Cowan represents I-5 Rentals, which at $247,813 is the largest north state firm holding an unsecured claim in the case. Cowan said the judge on Tuesday could approve Bullion River's financial disclosure statement. Should that happen, the reorganization could be approved within a month, Cowan said.
"It looks like there is a proposal for the unsecured creditors to get a small amount of the newly issued stock, about 25 percent, so it's not much," Cowan said.
When Bullion River Gold started mining in French Gulch in 2006, gold was trading at $600 an ounce. The company had mined about 1,280 ounces of gold and 359 ounces of silver, generating roughly $800,000 in revenue in French Gulch by the end of 2006. However, Bullion River Gold still claimed it needed additional capital to continue operations, according to court papers.
At one point, French Gulch had nearly 125 employees and mining continued through June 2008 but at a reduced rate "due to financial constraints," according to court papers.
In November 2008, the board of directors determined the high cost of compliance under the security laws made it impossible for Bullion River Gold to remain a public company.
By January, the work force at French Gulch had been slashed to 11 employees. A month later, Bullion River Gold filed for bankruptcy.
All told, Bullion River Gold extracted about 11,000 ounces of gold from 2006 to December 2008 in what court documents call "a failed attempt to achieve commercial production" in French Gulch.
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