San Gold Corporation (SGRCF)

[goldenpolarbear]

In January, Klondex Mines (TSX: KDX; NYSE: KLDX) negotiated a deal with creditors to purchase the Rice Lake mine and mill complex near Bisset, Manitoba, for US$32 million.

The previous owners had put the mine on care and maintenance and declared bankruptcy around mid-2015. Before that, according to Klondex, they had invested about US$375 million in the operation over the previous five years, which included 220 pieces of mobile equipment, some of which Klondex dispatched to its mines in Nevada.

“We picked up a tremendous amount of value for only US$32 million,” says John Seaberg, Klondex’s senior vice president investor relations and corporate development. “It’s got a fully permitted 2,500-tonne-per-day mill. We’re not going to run it that hard, but it shows you how much infrastructure was put in and how much capital has been invested.”

Since the acquisition, Klondex has renamed the mine True North, commenced an underground drill campaign, reported updated resources and reserves, and announced that it plans to put the mine back into production.

http://www.northernminer.com/news/klondex-advances-true-north-mine-manitoba/1003779573/

What did Greg Gibson do to ensure that San Gold... was simply... Hmmm?

http://www.winnipegfreepress.com/business/San-Gold-shares-delisted-as-miner-faces-cash-woes-290064321.html

http://mnpdebt.ca/en/corporate/engagements/san-gold-corporation

What a financial mess IMHO...
http://mnpdebt.ca/Style%20Library/MNP/files/media/documents/San%20Gold%20Corporation/Eighth-Report-NOI-First-Report-Bankruptcy-March-7-2016.pdf

The Company is pleased to announce that Greg Gibson has been appointed to the board of directors of Ascot Resources Ltd, effective immediately. Greg is President and CEO of Sprott Mining and Jerritt Canyon Gold LLC. He has more than 30 years' experience in the mining industry as a miner, mine manager, director, CEO and President. Greg's experience has focused on gold and copper mines primarily in Canada, US, and Australia. He successfully led Trelawney Mining and Exploration as President, CEO and director from an early explorer to the $608 million sale to IAMGOLD in 2012. Greg is a director of Latin American Minerals, Barkerville Gold Mines, Kerr Mines, Sprott Mining Inc., and Jerritt Canyon Canada.

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/667-tsx-venture/aot/23137-ascot-resources-announces-closing-of-20-million-offering.html