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Yes...the ones of that hold this dog are stuck holders....I was looking at the companies financials....no wonder there isn't any cash....it all taken up in salaries....million bucks plus for most of management...just might be "their" cash cow.....
Maybe....maybe not....but now without the mill contract...the 50 to 1 backsplit is back on the table....probably end up with shares in the .03 to .05 range
Here is an explanation...read it which ever way you want
Form 8-K for GOLDEN EAGLE INTERNATIONAL INC
12-Jun-2009
Termination of a Material Definitive Agreement, Other Events
Item 1.02 Termination of a Material Definitive Agreement
On June 10, 2009, Golden Eagle International, Inc. (the "Company" ) received a notice (the "Notice") from Queenstake Resources USA, Inc. ("Queenstake"), the wholly owned subsidiary of Yukon-Nevada Gold Corp., ("YNG"), advising the Company that Queenstake allegedly terminated the agreement between the Company and Queenstake regarding the operation of the Jerritt Canyon gold mill (the "Mill"). The Notice provides that Queenstake believes that the termination was effective immediately.
On October 14, 2008, we entered into a Mill Operating Agreement (the "Agreement") with Queenstake. The material terms of the Agreement are described in Current Report on Form 8-K dated January 15, 2009. From mid-September 2008 until March 25, 2009 the Company performed maintenance and environmental regulatory compliance functions at the Mill and assisted Queenstake in securing approval from the Nevada Division of Environmental Protection to restart operations at the Mill. The Company has operated the Mill since March 2009 after approval to restart milling operations was approved by all regulatory agencies. The Company was not aware of any dissatisfaction from Queenstake regarding the recent operation of the Mill and did not expect to receive the Notice.
The Company believes that the Agreement continues to be effective and binding between the parties. As such, and because it does not comply with the Agreement's various termination provisions, the Company does not believe that the Notice effectively terminated the Agreement. Nonetheless, Company personnel have left the Mill site.
The Company intends to consider its options with respect to Queenstake and Yukon and what the Company believes to be a wrongful termination. Additionally, the Company believes that Queenstake owes the Company a substantial amount of money resulting from its earlier operations and may seek damages from Queenstake and Yukon for what the Company believes is the wrongful termination of the Agreement.
Item 8.01 Other Events
On June 10, 2009, Queenstake filed a Complaint against the Company in the Fourth Judicial District Court of the state of Nevada for Elko County (case no. CVC-C-09-544 Dept 2). In the Complaint, Queenstake alleges that the Company breached an agreement between the parties with respect to the operation of the Mill; breached an implied covenant of good faith and fair dealing; and committed negligence in the operation of the Mill. Further, in the Complaint Queenstake has sought a declaratory judgment that the Company is obligated to leave the Mill site and cease operating the Mill.
The Company believes that Queenstake's allegations are without merit. The Company intends to vigorously defend these claims. The Company will also consider appropriate counterclaims resulting from what the Company believes to be a wrongful termination and further to recover amounts that are contractually due and past due to the Company.
Run...Run...Run...it will be .00095 by next week
Big Baller....not really....just passing on a tip .....we all like money .....YNGFF on OTO
Here is the link
http://elkodaily.com/
YNG is the action....when they get this minor problem straighted away....this stock is going to fly YNG.VN. They were pouring a brick a week. Read the Pr's do your DD....and make some money
Everybody get out safely??????
see you at .0001
And here is the newspaper
http://elkodaily.com/
Yep....here it is....happened last night
Contractor booted from Jerritt Canyon
ELKO — Yukon-Nevada Gold Corp. fired contractor Golden Eagle International today as mill operator at the Jerritt Canyon Mine north of Elko.
“They had an hour to gather their personal stuff,†Yukon-Nevada spokeswoman Nicole Sanches said at 5 p.m. today.
She said more information would come later when the company issues a press release. Golden Eagle Chief Operating Officer Blane Wilson said this evening his company also would issue a press release.
Wilson said earlier this month that his company had 82 employees at Jerritt Canyon.
Canadian-based Yukon-Nevada, which operates Jerritt Canyon under the Queenstake Resources subsidiary, had contracted last year with Golden Eagle to improve the mill so it could be restarted.
Yukon-Nevada had shut down the mine and the mill last August and laid off 400 people at that time.
The mill was restarted in late March and ran until May 30, when Queenstake shut down the roaster circuit on the order of the Nevada Division of Environmental Protection.
NDEP had allowed Queenstake to restart the mill on the condition that new controls for mercury air emissions would be installed by May 30.
The company said then that parts were on order for the new controls but hadn’t come in yet.
By Adella Harding
Golden Eagle Booted of Jerritt Canyon Mill site
Contractor booted from Jerritt Canyon
ELKO — Yukon-Nevada Gold Corp. fired contractor Golden Eagle International today as mill operator at the Jerritt Canyon Mine north of Elko.
“They had an hour to gather their personal stuff,� Yukon-Nevada spokeswoman Nicole Sanches said at 5 p.m. today.
She said more information would come later when the company issues a press release. Golden Eagle Chief Operating Officer Blane Wilson said this evening his company also would issue a press release.
Wilson said earlier this month that his company had 82 employees at Jerritt Canyon.
Canadian-based Yukon-Nevada, which operates Jerritt Canyon under the Queenstake Resources subsidiary, had contracted last year with Golden Eagle to improve the mill so it could be restarted.
Yukon-Nevada had shut down the mine and the mill last August and laid off 400 people at that time.
The mill was restarted in late March and ran until May 30, when Queenstake shut down the roaster circuit on the order of the Nevada Division of Environmental Protection.
NDEP had allowed Queenstake to restart the mill on the condition that new controls for mercury air emissions would be installed by May 30.
The company said then that parts were on order for the new controls but hadn’t come in yet.
By Adella Harding
Remember MYNG gets 20% management fee above their operating cost for running the mill for YNG. They say, they should process about 2000 ounces per week .....nice work if you can find it.
And when they re-open the mining areas it's going to move a lot of gold...MYNG might just have found their saviour
Now The Good News
Jerritt Canyon pours gold bar
By ADELLA HARDING - Mining Quarterly Editor
Published: Thursday, April 16, 2009 12:26 PM CDT
ELKO — Cheers and a few tears of joy Wednesday afternoon greeted the first gold pour at the Jerritt Canyon Mine since the mine’s shut down last August.
“It’s an exciting time for us after nine months of hard work,” said Yukon-Nevada Gold Corp. President and Chief Executive Officer Graham Dickson as Chris Zerga of Golden Eagle International Inc. prepared to pour the symbolic first gold bar to mark the reopening of the mill 50 miles north of Elko.
“I didn’t think it would be so emotional,” said Golden Eagle Chief Operating Officer Blane Wilson, who has been at Jerritt Canyon since last September leading a crew to bring the mill back to life and help Yukon-Nevada meet Nevada Division of Environmental Protection standards. “It’s a big day for us.”
Yukon-Nevada contracted with Golden Eagle to operate the mill, process ore from stockpiles and handle the fluid management that goes with gold production, and Dickson said he hopes Yukon-Nevada can resume underground mining by the end of the year to provide more gold ore for the mill.
Fifteen people were on hand to watch the first pour, including Yukon-Nevada officers and Golden Eagle employees.
The first bar weighed 260 ounces, but subsequent gold bars will be larger. At Wednesday's London afternoon fixing price of $887.50 per ounce, the bar would be worth $230,750, although refining for pure gold will bring the price down.
“That’s the culmination of 4,000 tons of ore,” said Yukon-Nevada Project Manager Terry Eisenman, pointing to the bar as it cooled off after the pour.
Dickson said current plans are to produce roughly 2,000 ounces of gold a week for the next year and to produce 90,000 ounces of gold from now until the end of this year from the 800,000 tons of ore in stockpiles, including ore from Newmont Mining Corp. operations that Jerritt Canyon had contracted to mill.
Dickson said Yukon-Nevada and Newmont came to an arrangement after the shutdown over the ore, and he said it was an “equitable agreement,” but he wouldn’t go into the financial details. “We're good friends again.”
Newmont froze a Yukon-Nevada bank account when Vancouver-based Yukon-Nevada decided to shut down the mine without advance notice last August, laying off 400 people. Newmont took the action because their ore was still on site.
“We are pleased to hear that Yukon Gold has started production at Jerritt Canyon and wish them well with their operations. It is our understanding that the 300,000 tons of Newmont ore on the ground at Jerritt Canyon will be processed once Yukon Gold has milled their own ore and we look forward to that occurring,” Mary Korpi, director of external relations for Newmont, said this morning.
Now that Yukon-Nevada will have cash flow from gold sales, Dickson said the company plans to pay down its debt, including paying severance pay for workers laid off last year, covering medical costs that weren’t paid when the mine closed and paying suppliers.
“It won't be all at once, but certainly by the end of the year,” he said. “We’ve received a lot of support from the community, and we will repay that by making sure we repay bills as quickly as we can.”
Currently, Yukon-Nevada has 12 employees and six openings to fill, and the site has gone from 18 to 71 people in two weeks, including Golden Eagle employees, Eisenman said.
Wilson said that since he placed at ad in the Elko Daily Free Press that also went online, he has had 450 job applications from Elko, Wyoming, Colorado, Montana, Arizona and back East.
“I was overwhelmed,” he said. “It’s been crazy.”
Wilson said he had a staff of 17 people for the mill work over the past months, and now has 62 people. The goal is 70 employees. Some of the people are former Jerritt Canyon employees, but “we also brought in new folks,” he said.
Golden Eagle and Yukon-Nevada also hired other contractors to work on the mill project and fluid management on site, including SRK Consulting, Enviroscientists Inc. and AMS.
Wilson worked at Jerritt Canyon from 1989 to April of last year, when he joined Golden Eagle before the mine closure. Golden Eagle has a five-year contract to operate the mill.
Yukon-Nevada received permission from NDEP last month to restart the mill, after the agency determined the company met environmental standards. NDEP had issued orders against the project last year, but Dickson decided to close the mine because it was losing money.
NDEP had ordered the company to install equipment to reduce mercury emissions by the end of last year, but the agency extended that order after the closure. The company now has to the end of May to install mercury collection equipment, and Wilson said the new Calomel system will be in place May 28.
NDEP spokeswoman Jill Lufrano said earlier this week that the new system will reduce mercury air emissions to 175 pounds per year from the 1,700 pounds reported in 2007.
“It will be way down,” Wilson said, although he wasn’t ready to say what the emissions will be. “We’re smiling on what we expect the results to be.”
While the mill is processing stockpiled ore this year, Dickson said he will be trying to raise money to start mining again at the SSX and Smith mines. He raised roughly $6 million over the past months to use to keep Jerritt Canyon on care and maintenance and restart the mill.
“It’s been a struggle to keep the money coming in and keep going and, obviously, Blane has been very helpful. We've been through some ups and downs,” Dickson said.
The mine has 2.5 million ounces of gold resources, including 720,000 ounces in reserves, and Dickson said the plan is to produce about 140,000 ounces of gold a year when underground mining resumes.
“The gold in reserves alone is five years of mining,” he said. “I’m confident we will get back into mining.”
Dickson said permitting also continues to open the proposed Starvation Canyon underground mine on the Jerritt Canyon property.
Along with the Newmont ore in the stockpiles, Jerritt Canyon also has 5,000 tons of gold ore to process from Great Basin Gold’s Hollister underground exploration project in Elko County, and Dickson said Yukon-Nevada hopes to continue toll milling for other companies.
Queenstake Mines/Golden Eagle
The Golden Eagle crew will be pouring the first pour of dore at the re-opened Queenstake mill/mine on Wednesday at 3 pm local time. All YNG's people and probably Golden Eagles will be there for the pictures and the press......you can read about it Thursday's Elko News
MYNG is now the operator of the Queenstake mill ...do your D&D
MYNG will be bringing YNG's Queenstake's mill on line any day now
There have been successful test runs done to make sure everything is running...they now have state approval to go..
There is 800,000 tons of ore stockpiled...which represents 80,000 oz of Au
Go to the YNG StockHouse site and read
This stock is going to pop bigtime ...so get on board
Just Like Butter....this is been churned, churned, churned....and you really think the MM's are going to let you get those so called extraordinary dividends .....if there is any such thing
Good luck to all who fall for this spiel. The MM's control the sell.....and if you think they are going to sell yours before they sell theirs....you must believe in Santa Claus
Remember the old Limbo dance....and people shouting .."How Low Can You Go" maybe like FFGO trading below .0001
About the mine property.....Did Gene et al ever own the property, ...or was it a lease with some financial arrangements????? If we go BK...(not Burger King) whoever owned the property will take it back.....Just my Opinion
Guys...be nice...or I will send my family over to see you. They mainly do OTC, and Pinks. They got some good stocks .....chance to make some real money.
Did any of you guys look up the corporate offices of Quest on Google....a wharehouse with large garage doors ....looks like a scene from the Sopranos
The Fat Lady sang a couple of days ago.....you must have missed it..... It's all over....
New Day....No Buyers Yet......
Remember.....last guy out ....turns off the lights
The fat lady must have sang.....it's all over folks
It's over......no more buyers.....Alan et al will use the financial crisis to fold in the company...
Just a big wash day
That's all this POS is going to be worth .... .00001
still works out to $10.00 ....1 million @ .00001
I'll buy, bid in at .00001 ....cool million shares for $10.00
Let's see if we can get some trades under .0001 ......I'l buy a million @ .00001
FFGO reminds me of something years ago..Remember the Limbo Dance .... and the shouts of "How Low Can You Go"....maybe FFGO can reach the depths of.00001 ....a million shares for USD$10.00
I will take a million @ .00005 if I can get individual share certificates issued .....
I want to frame them and sell them on eBay for $10.00 each....
let's go for.00005
Anyone who is anybody has already been in and out of this POS .....everytime they wash it more zeros appear....looks like the stock is running out of newbies looking for the promised land ....a so-called dividend worth more then the stock price
Alan is going to announce something big tomorrow....or is it next week...... All I know it's always tomorrow....or next week .....but it's coming.....But as they say in the "pinks" it all will come out in the wash
No, No ...no way this POS is going to .0000001
Alan has a vision for FFGO....today is today......tomorrow is tomorrow, ...... and next week is next week. This truly a new way of thing about deadlines, and or .... promises.
Alan is truly a "new talk" visionary in the field of stock promotions
To my knowledge, and I own BZA shares. St James Holdings have nothing to do with BZA (American Bonanza Gold) all they are doing is mentioning BZA's drilling on BZA's property in the same structure as the St James Holdings mine in the same structure. They are using the results (BZA's) as if it were their mine
I for one.... The perfect legal scam....you get your Extraordiary Shares...in something....but what... they are restricted for 3 years....where is Alan et al going to be in three years with all the money?????
Those that are smart enough to see the sham