You want an update!

Well here it is TLG needs a stinking 43 million dollars to refurbish a mill and start production on a property in the Yukon. TLG has 29 million into the project already and has underground drifts prepared. They are in debt to a bank for 1.5 million and suppliers for 2.9 million. The plan was for the bank to provide the funds for a bankable feasibility study and when that was done a loan (and probably a % of the property) get the mine into production. Then the sub prime meltdown hit and no one wants to loan money any more and the bank (since TLG has more debt than them) is getting nervous. The common shares tanked. The company is talking to "serious inquiries" about financing but those guys probably will want 51 to 75 % of of the property to put in a measley 43 million dollars and the company is still negotiating fo this is a paltry amount of money. Some shareholders (on stockhouse) are calling for TLG to issue gold backed preferreds ($20 each) at an attractive rate (12% interest and convertable to gold at 40 preferreds for 1 oz gold) and and they would become in effect the bankers. I agree with them. TLG estimates the 43 million would be paid back in three years of production. TLG figures to use profits to increase reserves currently at 1.5 million tons grading around 8 g/t plus 179 g/t silver as well as lead and zinc credits from all sources (most ore bodies are open) to extend the life of the mine. Here is the link to TLG web site the power point is a very good overview. http://www.tagishgold.com/splash.asp