Yukon Government says they did not intend to put Victoria Gold out of business

Wednesday, 21 August 2024 11:28

Photo of Minister of Justice and Health and Social Services Tracy-Anne McPhee (CHON-FM PHOTO)

Their inactions led to serious concerns as the purpose of those directives was to make sure Victoria Gold was acting appropriately.

Victoria Gold corporation board has resigned as the mining company goes into receivership.

This is following the news that an Ontario Supreme court had granted the request of the Government of Yukon, to appoint a receiver over Victoria Gold Corp.

Though not yet officially announced by Vicotria Gold as at the time of this publication, John McConnell, Victoria Gold’s chief executive officer hiowever confirmed the resignation in an interview with a news outlet.

McConnell said the mining company is "done." If the Eagle mine were to open again, he said Victoria Gold wouldn't be the one in charge. Following the company being put into receivership, the board of directors for Victoria Gold has resigned.

The board consists of McConnell, T. Sean Harvey, Christopher Hill, Joseph Ovsenek, Steve Haggarty, Ria Fitzgerald, Kimberly Keating and Susan Flasha.

In a media release Wednesday, Minister of Justice and Attorney General Tracy-Anne McPhee said the application for a receiver was because the Yukon Government has lost confidence in the management team of Victoria Gold Corporation to take the human health and safety and environmental consequences of the June 24, 2024, heap leach facility failure seriously or to respond with the urgency the situation demands.

On Friday, news of the board resignation took the center stage of the weekly technical briefing on the Eagle Gold Mine held by the Yukon government. During the briefing, Minister Tracy-Anne McPhee said the government had issued four different sets of directives to the company regarding the mitigation work being carried out at the mine since the June 24 heap leach failure. Several parts of those directives were not carried out by Victoria Gold, causing friction with the government. Their inactions led to serious concerns as the purpose of those directives was to make sure Victoria Gold was acting appropriately. McPhee said.

McPhee added that the appointed receivership was to make sure the company’s own assets and money were being used to finance the cleanup, and was not intended to put the mine or the company out of business.

An appointed receiver is a third party appointed by a court through a court order or by a secured creditor through a letter of appointment to take control of property, supervise liquidation proceedings, and remit the proceeds according to priorities established by common or statutory law.

PricewaterhouseCoopers Inc. is the appointed receiver for the Yukon Government. They will administer the assets and liabilities formerly under the control of Victoria Gold at the direction of the Yukon Government and under the supervision of the court.

In a developing story, PricewaterhouseCoopers Inc has fired CEO of Victoria Gold, John McConnell.
McConnell said in an email Sunday, that during a weekend meeting with PricewaterhouseCoopers, he was terminated and that Monday would be his last day.

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