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SCORPIO GOLD ANNOUNCES OPTION AGREEMENT WITH TITAN MINING TO EARN 80% INTEREST IN THE MINERAL RIDGE PROPERTY FOR US$35M OF EXPENDITURES OR 100% FOR US$35M PAYMENT, AND RELATED C$5M EQUITY FINANCING
Vancouver, August 31, 2020 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) is pleased to announce, subject to TSX Venture Exchange approval, a part and parcel transaction whereby Scorpio Gold will raise C$5 million in equity and has granted an option to Titan Mining Corporation (“Titan”) to earn an 80% interest in the Mineral Ridge Property, located in Nevada, by spending US$35 million on exploration over five years. If Titan spends US$7 million of exploration expenditures on Mineral Ridge, it will also receive the right to acquire a 100% interest in Mineral Ridge by making a cash payment to Scorpio Gold of US$35 million on or before December 31, 2022.
Brian Lock, CEO, comments “The Titan agreement provides a direct opportunity to build on the substantial value of the Mineral Ridge Property that was outlined in the 2018 updated feasibility study. Titan has stated their intention to immediately commence a comprehensive drilling campaign that will focus on the down-dip and strike extensions of the existing deposits and systematically test seven other high-priority exploration targets. This will be the first wide-ranging exploration drill program conducted on the nearly 14,000 acre Mineral Ridge Property in the history of Scorpio Gold’s tenure. With Titan advancing Mineral Ridge, Scorpio Gold will have the opportunity to focus on its Goldwedge Property, including advancing its toll milling operations and furthering its exploration programs on the Goldwedge and Keystone-Jumbo deposit areas. The coming months look to be very active and promising for Scorpio Gold.”
Titan Option Agreement (the “Agreement”)
Terms of the Agreement require Titan to spend US$35 million in staged expenditures over a period of five years (the “Option Term”) to earn an 80% ownership interest (the “Earn-in Option”) in Mineral Ridge Gold LLC (“MRG”), an indirect subsidiary of Scorpio Gold which holds all of the mineral rights and water rights comprising the Mineral Ridge Property. In order to maintain the Earn-In Option in good standing, Titan must incur expenditures of US$7 million on or before January 1, 2022, then a further US$7 million on each of the third, fourth and fifth anniversaries of the commencement of the effectiveness of the Earn-In Option. In addition, if Titan spends the initial US$7 million of expenditures by January 1, 2022, it will also have the right to acquire a 100% interest in MRG by making a cash payment to Scorpio Gold of US$35 million on or before December 31, 2022 (the “Purchase Option”) .
Until the earlier of the December 31, 2021 and the date that Scorpio Gold extracts a further 3200 ounces of gold from the Mineral Ridge Property, Scorpio Gold may continue its gold recoveries from the heap leach operations on the Mineral Ridge Property for its own account with 25% of the proceeds of such operation, net of operating costs, to be held in a segregated trust account which will remain an asset of MRG if Titan exercises the Earn-in Option or Purchase Option.
The effectiveness of the Agreement remains subject to receipt of the approval of the shareholders of Scorpio Gold pursuant to a special resolution to be put forward at the upcoming annual general and special meeting of shareholders of Scorpio Gold on October 2, 2020.
Private Placement and Board Appointment Right
In connection with the Agreement, Scorpio Gold will raise C$5 million by the sale of 31,250,000 units (“Units”) at C$0.16 per Unit (the “Offering”) with Augusta Investments Inc. (“Augusta”) a company beneficially held by Richard W. Warke, purchasing C$4.6 million of the Offering.
Each Unit will consist of one common share of the Company (each, a “Share”) and one Share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share for a period of three years from issuance at an exercise price equal to the lesser of $0.30 and the closing price of the Shares following the announcement of the Agreement and the Offering, subject to a minimum exercise price of $0.24. .
Augusta will subscribe for 29,031,250 Units for proceeds of $4,645,000, of which such number of Units will be issued in an initial tranche (the “Initial Tranche”), as a result of which, Augusta will hold 19.99% of the outstanding Shares on an undiluted basis. The Company will seek shareholder approval at its upcoming annual general and special meeting of shareholders to approve Augusta as a control person of the Company, following which, subject to receipt of such shareholder approval, the remaining Units will be issued to Augusta. The Warrants to be issued to Augusta in the Initial Tranche will not be exercisable to the extent they would cause Augusta to hold 20% or more of the outstanding common shares of Scorpio Gold until such shareholder approval is obtained. Upon the closing of the second tranche issuance to Augusta, it is anticipated that Augusta will own or control 29,031,250 Shares, representing 28.8% of the outstanding Shares of the Company, on an undiluted basis.
The proceeds of the private placement will be used primarily for advancing the planned toll-milling operations and exploration on the Company’s Goldwedge mineral property and for general corporate purposes.
Upon closing the Initial Tranche, as long as Augusta continues to hold at least 10% of the outstanding Shares, Augusta will be entitled to appoint one nominee to the Board of Directors of the Company.
About the Augusta Group
The Augusta Group is a mining sector-focused management group based in Canada and the United States. Augusta has an unrivaled track record of value creation totaling over C$4.5 billion in exit transactions since 2011 and has strategic partnerships with the leading entrepreneurs in the mining sector. Augusta is led by its founder and Chairman, Richard Warke.
About Titan Mining Corporation
Titan Mining Corporation (TSX:TI) is a mining company which produces zinc concentrate at its 100%-owned Empire State Mining in New York State. Titan is part of the Augusta Group.
About Scorpio Gold
Scorpio Gold holds a 100% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada. A NI 43-101 technical report on the updated feasibility study for the Mineral Ridge Project was filed on SEDAR on January 9, 2018. Mineral Ridge has a fully permitted mine and mill operation that is currently on care and maintenance. Mining at Mineral Ridge was suspended in November 2017; however, the Company continues to generate limited revenues from residual but diminishing recoveries from the leach pads. Approximately 1 million ounces of gold have been produced from underground and open pit mining operations at Mineral Ridge over the property’s +150 year history.
Scorpio Gold also holds a 100% interest in the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully permitted underground mine and 400 ton per day mill facility. On July 20, 2020 the Company announced the terms of a purchase option to acquire a 100% interest from a subsidiary of Kinross Gold of the Manhattan Property situated adjacent and proximal to the Goldwedge property.
Scorpio Gold’s Chairman, Peter J. Hawley, P.Geo., is a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the content of this release.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Shares or Warrants (the “Securities”) in the United States or to, or for the account or benefit of, any U.S. person. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. person unless an exemption from such registration requirements is available. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Brian Lock,
Chief Executive Officer
For further information contact:
Brian Lock, CEO
Tel: (604) 889-2543
Email: block@scorpiogold.com
Website: www.scorpiogold.com
Nope....you cannot chase a train that is on a long non stop journey, you can run fast and catch if you can, leave if you can't!!....there will be no pullback, it hardly just started and the next move puts it mid .20s-.50s before it goes off to dollar range..
the recent acquisition is a key propeller, it will run without it too as the Gold and Silver is flying high! 3000 gold will look like new base for the next move, which most would not believe!!..., they did not believe 2000 gold either!...Lol!!
Scorpio Gold, 1Y & 5Y high coming very soon, then to $1-3 target for the mid and long term!...solid power play!..
Scorpio is a well established, profitable mines, years of proven resources with expertise, top of the line!... Mexus is a younger, less experienced, upcoming new kid in the block, but the potentials are huge, Mexus will run, just matter of time...!.. Management is not savvy informers, they do not connect with their shareholders that well, many juniors are like that: AABB, ACRL, BMXI and the questionable BMIX, they all have communication issues!!...
Spike in gold puts dollar's reserve status in question: Goldman Sachs
July 28, 2020 - 11:43 AM EDT
A record high price for gold, known as the currency of last resort, is raising questions about the U.S. dollar's future as the world's reserve currency, according to a Goldman Sachs research note published Tuesday.
The commodity, which tends to see increased demand during economic uncertainty, reached an unprecedented price of $1,943 an ounce this week, in part because of record-low interest rates that Goldman Sachs analysts said may demonstrate a stronger appetite for inflation at the Federal Reserve.
"Combined with a record level of debt accumulation by the US government, real concerns around the longevity of the US dollar as a reserve currency have started to emerge," the analysts wrote.
The idea that the dollar may one day be seen as less of a safe currency jeopardizes its role as the world's reserve currency, a position that has given the U.S. financial system a tremendous advantage in global financial markets for decades.
Gold is a safe commodity because it is in limited supply and considered to have inherent value, which means fears of inflation or other economic turbulence like the coronavirus recession could drive up demand. Goldman Sachs increased its 12-month forecast for the price of gold from $2,000 to $2,300 an ounce.
Analysts said that while inflation risks remain low today, a confluence of factors coming together could push prices up in the future. Among those factors are record-low interest rates, new steps by the Federal Reserve to expand its balance sheet and rising debt.
Meanwhile, the Senate may soon hold a confirmation vote on a controversial Trump nominee, Judy Shelton, for a seat on the Federal Reserve Board. Shelton has supported the gold standard in the past, a position that's unpopular on both sides of the aisle and in most economic circles.
GOP Sens. Mitt Romney (Utah) and Susan Collins (Maine) have announced their opposition, meaning one more Republican could sink her nomination.
Shelton, who advised President Trump's campaign in 2016, has called the Federal Reserve's power over financial markets and money "quite unhealthy."
https://thehill.com/policy/finance/509368-spike-in-gold-shows-dollars-reserve-status-in-question-goldman-sachs?amp
Ain’t that the truth.
If Mexus could put out PRs half as good as Scorpio, we'd be on our way. Scorpio already up to .14 SRCRF.
SCORPIO GOLD INTERSECTS 12.47 G/T GOLD AND 176.2 G/T SILVER OVER 7.6 M INCLUDING 53.49 G/T GOLD OVER 1.52 M AND 3,960 G/T SILVER OVER 0.15 M IN UNDERGROUND DRILLING AT GOLDWEDGE, NEVADA
July 27, 2020
https://www.scorpiogold.com/news/scorpio-gold-intersects-12.47-g-t-gold-and-176.2-g-t-silver-over-7.6-m-including-53.49-g-t-gold-over-1.52-m-and-3-960-g-t/
Nice moves, moving in right direction!, are you enjoying Scorpio is stinging the shorties!!! sting sting sting!!!! Lol!!
Pennyes, been in Scorpio for many moons, waiting for gold's re-ascension and for the company to show something positive.
Thanks for posting the news.
still no one here on this sweet junior miner board?, folks will be rushing when they see the bull rally in scorpio that is already happening!!??
scorpio acquisition news:
https://ih.advfn.com/stock-market/USOTC/scorpio-gold-pk-SRCRF/stock-news/82885901/scorpio-gold-signs-letter-of-intent-to-acquire-the
Some of the most lucrative and potential Junior miners are riding, rallying under radar, not most peps aware about it!>...Last time I made a call on Erdene, check out how did it perform!...
my call now is on Scorpio, this will move up exponentially like Erdene and more!!...
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=156985222
Are you still on Scorpio?
SRCRF: effective April 15,2019 a one for 2 reverse split:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
Thank you Starb!
I have been holding this ps for more than couple of years, the management failed to run a company like this with proven gold and other metals reserves, what a great time to revive and develop this gem!!, still hoping!?.
Some recent news from their website:
News
Dec 13, 2018
Scorpio Gold Receives Debt Extension
Vancouver, December 13, 2018 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) announces that the forebearance agreement on its $6 million debt originaly expiring on December 19, 2018 was extended to January 31, 2019. The ...
Read
Nov 28, 2018
Scorpio Gold Reports Financial Results for The Third Quarter of 2018
Vancouver, November 28, 2018 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) announces its financial results for the third quarter ("Q3") ended September 30, 2018. This press release should be read in
http://www.scorpiogold.com/s/news.asp
No action here, long time.
You only need to go to their website for updated financials, etc.
http://www.scorpiogold.com/s/home.asp
three years no posts??...is it a Dead stock??, bankrupt? or there is some life left, gold and silver is rallying, a great time for revival!! anybody?
Nothing wrong with the company, other than mediocre drilling results. They have to process a whole lot of ore to produce an ounce. And they have already exhausted one pit and working on the second.
Scorpio is profitable, but not anything to excite investors. They have underperformed on promises to reach 100,000 ounces per year for several yrs now. Touring Mineral Ridge about 5 years ago, predictions were for production to reach 100,000 ounces per year in 3 yrs. Wow, missed that by a bunch. Stuck at a much lower level, no production from Goldwedge, no toll mining as predicted.
The gold bear market has to end, and gold back near the $1900 per ounce highs or this company will go nowhere.
Any iHub posters on here who can "see" and then "interpret" the stack on their Level 2's have any insights to share re: reasoning for this equity to continue to sink into what apparently are soon to be the single digits? Said action would seem to indicate a hidden flaw in Scorpio. This can't all be attributed to stronger dollar/weaker gold.
Input appreciated.
As far as I can see, this company is doing everything right without exception as far as execution on mgmt's plan, while continuing to produce the quarterly ounces pretty much on target. I'm in, and I'm hanging on, and wanting to add more at these gift prices, but am very puzzled.
TIA
Scorpio Gold Files Technical Report on the Updated Life of Mine Plan for the Mineral Ridge Gold Operation, Nevada
Vancouver, September 4, 2014 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) announces that further to its news release dated July 21, 2014, it has filed a NI 43-101 Technical Report on SEDAR (http://www.sedar.com) on the updated Life of Mine Plan completed for the Drinkwater, Mary/LC, Brodie, Bluelite, Solberry, Wedge and Oromonte deposits at the 70% owned Mineral Ridge Gold Operation, located in Nevada.
The independent technical report was authored by John D. Welsh, PE, Douglas W. Willis, CPG, Randall K. Martin, SME-RM, and Carl C. Nesbitt, SME-RM, of Welsh Hagen Associates (formerly Telesto Nevada, Inc.), an engineering firm located in Reno, Nevada.
Via e-Mial...
Q2 results are in!
Hi Talldude, it is indeed unfortunate that a performing producing company like Scorpio Gold gets zero respect in the market. They are efficient and productive.
However with the current price of gold, they do not make a lot of profit, when you consider the $800 per ounce cost of production and then all the add ins for cost of drilling, exploration, administration fees, salaries, dog and pony shows, options expenses, etc. I would guess this brings the total cost of production to at least $1100-1200 per ounce.
Still not bad, and if we went back to $1900 per ounce POG or higher, the stock price would quickly triple of quadruple.
Here's to hoping that happens within the next year, or the suffering of producing and non producing juniors will certainly continue. Many of the non producers will close up shop, IMO
Regards to you, Belgie
Two more drill reports released, right on schedule, the newest one being today.
Scorpio just keeps racking up the number and doing the do. Nice little sleeper this Scorpio. :)
Plenty of time to keep accumulating, even with the price of gold trend haven't turned. This isn't exactly a barn burner, but sure has a bright, pay as they go future.
We'll get price appreciation someday. We're still trading about 11c below where this should be trading, after having sold off that chunk profitably to another company in a sweet for Scorpio deal.
Another very good drill results report, right on schedule, just as indicated in the 3 part video mine tour in last 10 days! This one pops out drill results updates like MRS Field's Cookies pop out of the oven, rrrrrright when the dinger sounds. Come to think of it, that metaphor makes me HUNGRY! LOL
Update PR: SOLDBERRY.SATELLITE.DEPOSIT (Mineral.Ridge.Project)
Scorpio Gold Intersects 12.15 g/t Over 19.81 Meters at the Solberry Satellite Deposit, Mineral Ridge Project, Nevada
Press Release: MINING EXPLORATION UPDATE – 9AM EDT Mon 6.16.2014
Good Looking 12.14g/t over 19.81 Meters
Update as promised and on-time release, as in the May 2014 Mine Tour YouTube vids in prior post by MUDbone1
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2014) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) reports additional results from its 2014 drilling program at the 70% owned Mineral Ridge project, located in Nevada. The Solberry deposit lies west of the currently producing Drinkwater and Mary pits and 600 meters northwest of the heap leach pad.
Pre-2013 RC drilling on the Solberry deposit outlined a small shallow resource based upon a floating cone pit shell (as reported in the Company's August 16, 2013 news release). Follow-up infill drilling was conducted in 2013 within the mineralized wireframe envelope modelled by Telesto, which extended east-southeast of the pit shell outline. Drilling in 2014 is targeting the extension of mineralization into untested ground outside of the current pit shell outline and southeast toward the Oromonte deposit. The 2014 drill program is designed to potentially expand and enhance the confidence level of the current resource.
In addition to the ongoing RC drilling campaign, the Company has commenced a property wide 14 hole 2,000 meter HQ diameter oriented core drilling program. The purpose of collecting this data is to better understand the preserved lithology and structural geology as well as the styles and controls to mineralization. Two oriented core holes, MR14985 and MR14986, were recently drilled proximal to RC-hole MR14929 (Table 1), providing the site exploration team with valuable detailed geological data in an area of high-grade mineralization. Assay results from these cored holes are pending. Results from the oriented core drilling program will greatly assist in guiding continued exploration on the Mineral Ridge property.
Highlights from this phase of RC drilling on the Solberry deposit include:
MR14783: 3.26 grams per tonne ("g/t") gold over 4.57 meters
Thx, Mudbone1. Vid#2, #3, also uploaded now.
45 minute mine tour
Scorpio Gold Mine tour May 2014
ANNUAL MEETING DATE: June 25, 2014
For Holders as of: May 21, 2014
CUSIP NUMBER: 80918M104
Fully Diluted: 136,975,235
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Information Circular here
MATTERS TO BE VOTED UPON:
1) Fix Directors at 6
2) Company Nominated Slate of Directors
3) Auditor recommendation by mgmt
4) Another Stock Options Plan--which I'm ALWAYS against. They can get more free shares AFTER ALL of us get OUR free shares, dammit! Of course the self-serving BoD recommends this ongoing, dilutive #4 to be "approved." :/
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mgmt.sez--re: dissenting.Tocqueville:
As regards debt and gold's resurgence in time.
Andrew Ross is an NYU professor and activist with Strike Debt. He is the author of "Creditocracy and the Case for Debt Refusal."
In the 1970s and 1980s, developing countries got caught in a “debt trap” laid by Northern banks and creditors. Rather than enjoying credit that might aid their development, they were condemned to an eternity of debt service payments. Despite international efforts to promote debt forgiveness, most of them are still trapped, and have as a result become either failed or dysfunctional democracies because they are forced to prioritize debt repayments to foreign borrowers over the needs of their own people.
In the past decade or so, the debt trap has migrated to the North. Sovereign nations in the eurozone, revenue-strapped municipalities, public transit authorities and struggling households are all forced to borrow simply to meet their obligations to creditors. The formula used to trap personal debtors today is much the same as the International Monetary Fund’s formerly controversial lending arrangements to poor countries — loan installments are made so that borrowers can service existing debts, while the principal is rolled over. With average incomes stagnant or falling, households have no alternative but to follow the same path. The likely consequence is that they end up performing a lifetime of debt service to the banks.
As I argue in my book “Creditocracy and the Case for Debt Refusal,” this is how our financialized society works: The goal is to keep debtors on the hook for as long as possible, wrapping debt around every possible asset and income stream to generate profit. After all, if we pay down our debts entirely, we are no longer reliable sources of revenue for the banks.
The size of some of these [financial] institutions becomes so large that it does become difficult for us to prosecute them.
U.S. Attorney General Eric Holder
We are now well into the sixth year since the financial crash, yet every week still brings fresh headlines about malfeasance, fraud and extortion on the part of the finance industry. The cumulative record of scams is long and grisly: the collusion of bankers in LIBOR rate fixing, their pseudo-forgiveness of phantom debt, their rigging of municipal bond markets, their pursuit of illegal foreclosures, their payment protection insurance ripoff and the mendacity of their collection agents. As crooked as these practices are, it is clear that our elected officials are simply not able to bring the perpetrators to justice. Indeed, Attorney General Eric Holder publicly acknowledged the “too big to jail” doctrine in Senate testimony last year, when he observed that “the size of some of these institutions becomes so large that it does become difficult for us to prosecute them.”
Over the same period, we have seen a brisk increase in the number of debtors being sent to jail for traffic fines and other minor infractions. It appears that “debtors’ prisons,” first abolished in some U.S. states in the 1820s but not declared unconstitutional until the 1970s, have been staging a return all across the country. We are fast becoming a society in which the largest institutional swindlers are protected from prosecution while those struggling to pay their bills are criminalized and put behind bars.
‘Odious’ debt
In the absence of penal punishment, those who cannot pay are faced with harsh moral censure. Creditors rely on this payback morality to enforce their claims, and it is a deeply ingrained mentality. Civilization will crumble, we are led to believe, if people break their obligations to make creditors whole. But clearly, some debts are illegitimate, or predatory in nature, and probably should not be honored. For the last 15 years, advocates in the Jubilee South movement have campaigned, with some success, for cancellation of the external debts of developing countries. They have developed moral and legal arguments to distinguish between loans that were clearly advantageous to these societies, and loans that benefited only the creditors or inflicted social and environmental damage on families, communities and national sovereignty. The internationally recognized legal category of “odious” debt pertains to loans taken on by dictators and whose costs should not be passed on to the citizenry. But there are also other criteria, relating, for example, to the double-dealing of kleptocratic officials, that have been used to determine whether the loans were really needed, or whether their terms were negotiated with an eye on private profit rather than public welfare.
It’s easy to understand why taxpayers would balk at footing the bill when the sour outcomes of private speculation get repackaged as public debt, as happened after the bank bailouts, or when dodgy loan products are sold to credulous officials by hedge fund managers. These are questionable obligations to pass on to the electorate, and they probably should be reviewed through a citizens’ debt audit to see which ones stand up and which do not. But should personal loans be subject to the same line of moral inquiry? Are these debts not taken on voluntarily and in full knowledge of the consequences? The answers are not as simple as they seem, especially if they are guided by moral scrutiny of the creditors’ conduct.
Permanent indebtedness
The subprime scandal revealed the predatory basis of lending to those who could not make ends meet. The same kind of attitude dominates the landscape of fringe finance, where payday lenders, check cashers and other poverty banks all thrive on usurious interest rates. Making loans that clearly can never be repaid may be a more delinquent act than being unable to pay. Nor is this a situation that applies only to shaking down the working poor. In the past two decades, the condition of permanent indebtedness has penetrated deeply into the middle class, where creditors are knowingly creating debt traps in hopes of turning us all into “revolvers”: the kind of debtors who cannot ever clear the monthly balance but who pay the minimum, along with late fees and penalties, ensuring a steady flow of revenue.
Most problematic of all are the debts incurred to finance our access to vital social goods — education, health care, shelter and public infrastructure. For most people, these are existential and unavoidable, and are not the result of discretionary choices. Moreover, they could be classed as antisocial debts, because they eat away at the foundations of society. More than 60 percent of U.S. bankruptcies arise from medical debt, and these numbers have not fallen off in Massachusetts since the prototype of Obamacare was installed in that state.
Debts are, quite literally, the wages of the future.
Student debt, liberally offered to young adults who are not old enough to drink, is touted as the obligatory price to pay for access to a decent, but ever more elusive, job in the knowledge economy. Requiring young people to forfeit an increasingly larger chunk of their future income simply to prepare themselves for employment has been compared to indenture, though it may be more accurate to describe it as a kind of wage theft that lenders, both public and private, wittingly engage in. Debts are, quite literally, the wages of the future.
Our national economic managers are vexed by the prospect of generations of overindebted graduates who will not be able to buy a house, raise children or purchase big-ticket consumer items. But the larger threat is to the workings of an operational democracy. A crushing debt burden stifles our capacity to think freely, act conscientiously and fulfill our democratic responsibilities. Too many young people now feel their future has been foreclosed before they have entered full adulthood. And, given the creditors’ goal of prolonging debt service to the grave, the burden of repayment is shifting disproportionately toward the elderly (many of whom now are routinely asked to cosign student loans). Democracies don’t survive well without a functional middle class or a citizenry endowed with an optional political imagination, and the test of a humane one is how it treats seniors when they outlast their capacity to earn a living wage.
High levels of indebtedness are typically seen as a drag on the economy, but the costs to democracy are much greater. What share of responsibility lies with Wall Street, or with a government that is so beholden to bankers that it cannot protect, or provide relief to, its citizenry? Figuring out which debts we can legitimately refuse may turn out to be the only way of salvaging popular democracy. The titans of the finance industry will pronounce any talk of economic disobedience to be thoroughly unethical, but perhaps they are the last people to be preaching about morality.
Andrew Ross is an NYU professor and activist with Strike Debt. He is the author of "Creditocracy and the Case for Debt Refusal."
Thanks for the succinct excerpted update on the European gold forum presentation for Scorpio Gold.
A day will come when the stress of debt, at every level, globally, will give gold its head, once again; as it has throughout history.
Then this efficient company will do well for us. Hanging tough here.
Presentation from European gold forum.
scorpio gold presentation
"Given our success there are a lot of people interested in potential relationships with Scorpio gold"
"We are operators, we are mine builders, we are turn around guys"
"We have two drills on site and there is a third one about to come, so at the same time other companies are dropping drills we are adding drills"
Currently pre-stripping Satellite deposits for 2015 production
Bought out claim near Solberry and can now do infill drilling so the area can now become its own pit.
looking at 20-30,000 ounces per year from Goldwedge if drilling successful
Scorpio Gold Reports Fourth Quarter and Provides Year-End Financial Results for 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 17, 2014) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) is pleased to announce its financial results for the fourth quarter ("Q4") and year ended December 31, 2013. This press release should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2013 and Management's Discussion & Analysis ("MD&A") for the same period, available on the Company's website at www.scorpiogold.com and under the Company's name on SEDAR at www.sedar.com. All monetary amounts are expressed in US dollars unless otherwise specified.
PERFORMANCE HIGHLIGHTS:
Q4 2013 Q4 2012 2013 2012
-------------------------------------- ------- ------- ------ ------
$ $ $ $
Revenue ($000's) 13,739 15,498 54,646 52,615
Mine operating earnings ($000's) 1,819 5,041 10,841 17,086
Net earnings (loss) ($000's) (1,976) 3,673 (6,843) 12,601
Basic and diluted earnings (loss) per
share (0.02) 0.02 (0.05) 0.07
Adjusted net earnings(1) (000's) 774 4,515 6,346 13,759
Adjusted basic and diluted net
earnings per share(1) 0.00 0.03 0.03 0.08
Adjusted EBITDA(1) (000's) 4,829 7,996 25,248 25,710
Adjusted basic and diluted EBITDA per
share(1) 0.03 0.05 0.14 0.15
Cash flow from operating activities
(000's) 4,829 6,122 22,894 23,078
Adjusted cash flow from operating
activities(1) (000's) 4,829 6,122 22,894 24,745
Total cash cost per ounce of gold
sold(1) 732 815 734 890
Gold ounces produced(2) 11,348 10,812 39,160 32,066
-------------------------------------- ------- ------- ------ ------
(1) This is a non-IFRS measure; refer to Non-IFRS
Measures section of this press release and the Company's
Management Discussion & Analysis for a complete definition
and reconciliation to the Company's financial statements.
(2) Production and revenue numbers for Q4 of 2012
include approximately 1,878 ounces of gold and 759
ounces of silver that were part of a sale of loaded
carbon to Waterton Global Value L.P., a company related
to Scorpio Gold.
Peter Hawley, the Company's CEO, comments, "Our 2103 financial results are solid despite a very challenging year for the gold sector. The lower gold price realized in 2013 created our biggest challenge resulting in a loss for the year due to a non-cash impairment charge, but the Mineral Ridge team responded with record high production levels, driving the cost per ounce of gold sold down to record low levels. The mine is running very well and we are forecasting production of 40,000 to 45,000 ounces of gold in 2014 at a conservative estimate of cash costs of $800 to $850 per ounce of gold sold."
2013 HIGHLIGHTS AND SUBSEQUENT EVENTS
-- 39,160 ounces of gold produced at the Mineral Ridge mine, compared to
32,066 ounces during 2012, an increase of 22%.
-- Increased revenue of $54.6 million compared to $52.6 million during 2012,
mainly due to a 24% increase in ounces of gold sold, offset by a lower
average gold price during 2013.
-- Improved total cash cost per ounce of gold sold(1) of $734 compared to
$890 during 2012. This reduction of 18% is mainly attributable to higher
production levels.
-- Mine operating earnings(1) of $10.8 million compared to $17.1 million
during 2012, mainly due to increased depletion and amortization during
2013, as a result of increased production levels.
-- Net loss of $6.8 million ($0.05 basic and diluted per share) after
non-cash impairment charges of $12.6 million ($0.08 basic and diluted per
share), compared to net earnings of $12.6 million ($0.07 basic and
diluted per share) during 2012.
-- Adjusted net earnings(1) of $6.3 million ($0.03 basic and diluted per
share) compared to $13.8 million ($0.08 basic and diluted per share)
during 2012, mainly due to increased depletion and amortization during
2013.
-- Adjusted EBITDA(1) of $25.2 million ($0.14 basic and diluted per share)
compared to $25.7 million ($0.15 basic and diluted per share) during
2012.
-- Adjusted cash flow from operating activities(1) of $22.9 million compared
to $24.7 million during 2012.
-- Receipt of approval for the new plan of operations at the Mineral Ridge
mine in February 2014 which allows for expansion of the Mary pit.
-- Sale of the Pinon property on March 5, 2014, with approximately $5.2
million of the proceeds applied to reduce the Company's long term debt
(see the Company's news release of March 5, 2014 for more details).
FOURTH QUARTER 2013 ("Q4") HIGHLIGHTS
-- 11,348 ounces of gold produced at the Mineral Ridge mine compared to
10,812 ounces in Q4 of 2012, an increase of 5%.
-- Revenue of $13.7 million compared to $15.5 million during Q4 of 2012.
This 12% decrease is mainly due to the significant decrease in gold price
for ounces sold despite an 18% increase in gold ounces sold during Q4 of
2013.
-- Improved total cash cost per ounce of gold sold(1) of $732 compared to
$815 during Q4 of 2012. This reduction of 14% is mainly attributable to
higher production levels during Q4 of 2013.
-- Improved cash cost per ounce and higher production levels did not
completely offset the decrease in the average gold price which
consequently negatively impacted the following:
-- Mine operating earnings(1) of $1.8 million compared to $5.0 million
during Q4 of 2012.
-- Net loss of $2.0 million ($0.02 basic and diluted per share), compared to
earnings of $3.7 million ($0.02 basic and diluted per share) during Q4 of
2012. During Q4 of 2013 a non-cash impairment charge of $2.7 million has
been recorded.
-- Adjusted net earnings(1) of $0.8 million ($0.00 basic and diluted per
share) compared to $4.5 million ($0.03 basic and diluted per share)
during Q4 of 2012.
-- Adjusted EBITDA(1) of $4.8 million ($0.03 basic and diluted per share)
compared to $8.0 million ($0.05 basic and diluted per share) during Q4 of
2012.
-- Adjusted cash flow from operating activities(1) of $4.8 million compared
to $6.1 million in Q4 of 2012.
(1) This is a non-IFRS measure; refer to Non-IFRS
Measures section of this press release and the Company's
Management Discussion & Analysis for a complete definition
and reconciliation to the Company's financial statements.
NON-IFRS MEASURES
The discussion of financial results in this press release includes reference to Adjusted EBITDA, Cash Cost per Ounce of Gold Sold, Adjusted Cash Flow from Operating Activities and Adjusted Net Earnings, which are non-IFRS measures. The Company provides these measures as additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the year ended December 31, 2013 for definitions of these terms and a reconciliation of these measures to reported IFRS results.
About Scorpio Gold Corporation
Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and is currently entitled to receive 80% of cash flow generated. Mineral Ridge is currently in production as a conventional open pit mining and heap leach operation. The property is host to multiple gold-bearing structures, veins and bodies at various exploration, development and production stages. Scorpio Gold also owns the Goldwedge advanced exploration-stage property and processing facility in Manhattan, Nevada. The Company is assessing its exploration plans for the Goldwedge property as well as the potential for toll milling at the Goldwedge plant currently permitted for 400 ton per day.
Scorpio Gold's CEO, Peter J. Hawley, P.Geo., is a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the content of this release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, CEO
Quarterly Report just released. :)
Scorpio Qtrly Report
New PR today. 1st of 2014 drill program results. Stock popped in Canada before settling lower on the day. Stock wallowed closing lower in USA.
Another final 2013 Drill program PR re:SGN's holdings in last 5 biz days.
BLUELIGHT deposit: Scorpio Gold Reports Final Results From 2013 Expansion Drilling at the Bluelite Satellite Deposit, Mineral Ridge Project, Nevada
Bluelight Deposit Final results 2013 Drill program
Scorpio Gold Reports Final Results from 2013 Expansion Drilling at the Brodie Satellite Deposit, Mineral Ridge Project, Nevada
Press Release: MINING DRILLING RESULTS – 8:55 AM EDT
Pinion deal CLOSED as of 3.5 -- No wonder US$ price shot up 2.6c on the close.
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