Waiting to get reclamation bonds
approved so it can begin mining in
Esmeralda County, Golden Phoenix
Minerals of Reno lost $559,384 on revenues
of $9,679 in the third quarter.
That compares with a loss of $437,141
on revenues of $87,370 in the same quarter
a year earlier, Golden Phoenix said in a filing
with the Securities and Exchange
Commission last week.
The company is developing the
Mineral Ridge mine in Esmeralda
County, but it's waiting for federal and
state approval of its reclamation plan so it
can be bonded and begin work.
When the bond is approved, Golden
Phoenix will begin adding cyanide to the
mine's leaching operation.
In the meantime, the company is selling
small amounts of gold and silver it
recovers from cleaning up the existing
mining facilities.
In the SEC filing, Golden Phoenix
said its previously reported deal with
Fusion Capital Fund II calls for the
Chicago investment firm to buy $15,000
worth of Golden Phoenix shares daily, up
to a total of $12 million over 40 months.
The Reno company also said it's discussing
joint venture arrangements to
develop the Mineral Ridge property.
