Senetek's Info on RC Mine
Cathcing up on the FG esearch this week. This is already 2 months old. But here are the Senetek's mention of the RC mine. In summary, they want to bring the mine to production. They have brought in a director with mining experience. They only used about 30% of the cash they got from selling extra equipment. So the RC mine can stay in stasis for a long period of time. They mention again about the 15 month deadline to perform the credit buy. That's May 2012.
5/20/11 - copied from two different PRs.
Mr. John Ryan, CEO of Senetek commented, "We are very pleased to gain the extensive expertise and experience of both Mr. May and Mr. Cooper on the Board of Senetek. We are confident that with their assistance, we can continue to progress our targeted early production at the Relief Canyon Mine as well as advance our other two projects through drilling and other exploration. These gentlemen have a wide array of experience ranging from accounting, finance, mine construction as well as operations and we are delighted that both of them have chosen to share their experience with the Company in advancing its goals."
As a result, as of March 31, 2011. We had advanced $456,548 to Relief Canyon Partners to cover payrolls and other expenses. The net receivable due at March 31, 2011 is $315,122.
In addition to operating the Relief Canyon Mine project, Relief Canyon Partners had actively marketed the project to other potential buyers. This was a requirement imposed by the Bankruptcy Court and also was a requirement of the other secured creditors whose goal is to eventually sell their interest in the project for cash or other liquid assets. In February 2011, Canarc Resources Corporation declined to exercise its option to purchase the Relief Canyon Mine and mill assets. As a result, the backup bid submitted by Platinum on behalf of Platinum, Lakewood and the Company is the only remaining bid offered to secure ownership of all the Relief Canyon assets. Platinum, Lakewood and the Company have a period of 15 months from the date of the end of the bid process to finalize the transfer of the Firstgold assets to Platinum, Lakewood and the Company.
We plan to obtain the final permits for the mine and to place the mine into production, to acquire additional property around the mine, to conduct both confirmatory and exploratory drilling to refine the definition of the mineral resources at the mine, and, through drilling, to expand the known resources at the mine.
