News

May 30, 2008

It Would Be Ironic If The Russians Acquired Tagish Lake’s Gold Project In The Yukon

By Charles Wyatt

Greg Hawkins, executive chairman of Canadian listed Tagish Lake Gold has been a very busy man of late, especially since his president, Robert Rodger, resigned towards the end of January. The company was under a lot of financial pressure at that time as it had just managed to obtain a waiver from Macquarie Bank until the end of March on the C$1.5 million interest bearing finance facility it’s taken out for the definitive feasibility study being carried out on the company’s Skukum Creek gold-silver project. It was also around then that Greg Hawkins decided not to go ahead with a proposed C$500,000 private placement while he worked out what to do about the obligations to Macquarie, the company’s cash position, and his feasibility study.

Not a pleasant position to be in, and it had clearly all got too much for Mr Rodger. He stayed on as a consultant to try to sort out the feasibility study and the ongoing permitting preparation and permissions, but the financial burden fell on Greg. He beavered away, but the pressure he was under was clearly visible in the company’s report for the three months to end January, which showed that a loss of C$400,000 and a working capital position C$3.4 million under water. By April, however, Greg...