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Gold/Mining/Energy : McEwen Mining -- Ignore unavailable to you. Want to Upgrade?

To: labaguette who wrote (14055)12/23/2015 2:11:42 PM
From: JW@KSC2 Recommendations

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  Read Replies (1) | Respond to of 23648


Adding to Gold Bar is definitively a Plus.

Since the purchase was made by MUX, and not Evanachan. Where is this $450M coming from?

I also noticed the what seem to be conflicting statements in the Press release, although it does not bother me at all as far as adding to the MUX Gold producing Property From a Company standpoint.

First it states MUX is getting substantially all the company's undertaking.

to McEwen for US$450,000. Since the transaction represents a sale of substantially all of the Company's undertaking

Then States is retaining SwissGold Exploration AG

We are pleased that we were able to reach an agreement with McEwen Mining that will result in the Company substantially paying down its debt, having some additional funding to pursue other business opportunities as well as retaining SwissGold Exploration AG, the owner of its Surselva property. The Special Committee also wishes to acknowledge Mr. Watson's contribution to securing additional value from McEwen by agreeing to enter into the Support Agreement."

This doesn't bother me, because essentially the SwissGold is a dead project anyway. ( I could expand on this, when I have time, if there's any interest)

The way everything feel that took place since Nov 27, 2015 is weird when it comes to John Watson.

The Company formed a Special Committee of non-conflicted directors to consider the Company’s financial position and its options and the interests of all shareholders.
They decided to sell the Company to its President and CEO John Watson

US$304,626;the Company will sell the shares and debts of its wholly-owned Swiss subsidiary, SwissGold Exploration AG (“SGE”) to Mr. Watson for US$50,000; andthe Company will use all of the proceeds of such sales to repay debts owed to Mr. Watson.
And Then Along Came Jones aka McEwen Mining and offered NV Gold a better offer $450,000;

So MUX paid $95,374. More than the offer by the Mr. Watson.
Perhaps this is cheaper than had MUX waited perhaps Watson would have Priced Gouged and it would cost more........ Read On.

From what I read, Mr Watson has been paid $25,000 a month as a Salary, up from $22,000 last year, but has not been paid for some time allowing the Debt owed to him to accumulate.

NV Gold (NVX.v): A late Friday classic NR

See it. Read it. Believe it.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 27, 2015) - NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that it and its wholly-owned Nevada subsidiary, NV Gold Corporation (USA) (NVX US"), have entered into an Asset Purchase and Sale and Debt Repayment Agreement (the "Agreement") with Mr. John E. Watson, the Company's President and CEO. Under the Agreement:

NVX US will sell its Afgan-Kobeh Property (the "Afgan Property") to Mr. Watson for US$304,626;the Company will sell the shares and debts of its wholly-owned Swiss subsidiary, SwissGold Exploration AG ("SGE") to Mr. Watson for US$50,000; andthe Company will use all of the proceeds of such sales to repay debts owed to Mr. Watson.
Continues here.

I wonder why?
And as a little cherry on top of this particular cake, Watson's salary was increased this year from $22,500 in 2014.
The company will use all proceeds from the sale originally to repay all debts owed to Mr Watson.

. This transaction allows the Company to use a sale of assets that were not attracting investment interest to fund repayment of the substantial debt it owes Mr. Watson from cash loans and other expenses incurred by Mr. Watson on behalf of the Company. On completion of the transaction the Company will be in a much better position to pursue other business opportunities.”

This from the original deal (pending a better offer) on Nov. 27 2015 see PR Link
Nv Gold To Sell Properties And Repay Debt

NV GOLD PR 12-21-15 Nv Gold Reaches Agreement With Mcewen Mining To Sell Afgan-Kobeh Property For US$450,000

I can't tell if we are actually getting the SwissGold AG and it's Property in the deal or not ?

But it would have been a nice place to retire and pan for gold if MUX owned it and would allow shareholders pan for gold there.A quick 45 second arial view of the Area. Arial View Video 45 Sec. Area Video 45 Seconds. Area Video 45 Seconds