Sunday 25th September 2016

Resource Clips


Week in review

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Ormsby told the paper, “Under the terms of the IBA, it is the responsibility of the community to redirect monies as they deem appropriate for those who [had] trap lines impacted by the Victor mine. Regarding claims for compensation from contractors or other third-party service providers, those claims need to be directed to those companies or organizations.”

He added that De Beers does not have an “endless pit of money…. This mine opened in 2008. The global economy collapsed. The Canadian dollar went up. Those are bottom-line impacts on us right away. The cost of oil was forecast when we did the feasibility of the mine at $70 a barrel maximum. Twice it’s been at $150 a barrel. So there is not an endless supply of cash. Victor is a very solid, steady mine but it can’t keep taking all of these financial hits.”

A mining and exploration retrospect

A February 8 Toronto Sun editorial said the IBA has “what amounts to a non-disclosure clause” that keeps confidential details about how the band handles money received from De Beers.

Many Canadian media outlets portray Attawapiskat chief Theresa Spence as a hero for holding a 44-day hunger strike that coincided with the “Idle No More” blockades of city, highway and rail traffic across the country. Detractors, however, suggest she lost little or no weight during her protest and attribute her band’s problems to rampant financial mismanagement. In Tuesday’s Toronto Sun, columnist Lorne Gunter takes the latter view.

In general Canadian police do not interfere with native blockades. Should De Beers succeed in getting an injunction, cops might refuse to enforce it.

OTCPK:WTF

Reports of their deaths seem to have been greatly exaggerated. The same might be said about reports of their lives. Two mining executives supposedly found dead in Mexico on Saturday might never have existed in the first place. That’s just the latest twist in the very twisted tale of Southridge Enterprises aka Southridge Minerals.

An intriguing story posted on Tuesday by Duncan Tucker of the Guadalajara Reporter raised several questions and offered some possible answers. In a Wednesday post on Mining.com, Cecilia Jamasmie tried chasing down a few more leads, but to no avail. Thursday’s Dallas News tried a few more.

The mystery follows allegations made by Bandera Gold TSXV:BGL on February 5. But let’s not bother Kinross Gold TSX:K about Southridge’s professed JV.

By press time Friday, Southridge’s OTCPK-listed shares were going for a tenth of a penny each.

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