Viewpoints: Letters / Opinions
This is the rest of "the story" my dearest Paul Harvey.
By Heather Herndon
July 05, 2014
Saturday PM
The State of Alaska wants to gamble with your money to support a mining company that has never successfully produced anything. Worse, the company in question, UCore, has failed on its last two mining claims, Lost Pond in Newfoundland and another in Canada. Its sole remaining asset is the Bokan-Dotson Mountain project.
UCore may not even hold clear title to these claims. UCore has defaulted on paying annual installments of $60,000 to the Dotson Family after whom the deposit is named as well as bullied other miners to sell their claims under duress.
Regardless, the State of Alaska Legislature passed SB99 and is willing to speculate with tax money and jeopardize its own credit rating by lending $154 million Alaskan dollars to a nearly bankrupt insolvent Canadian company, a company that has yet to book any income within the last four years on its KPMG audited financial statements. UCore doesn't seem to have any contracts from buyer companies, which any usual lending institution would require as part of the loan application. They have not yet defined an economic ore body, produced an economic feasibility report, nor have been able to attract a single substantial private investment or issue its own bond float without government assistance.
UCore’s current patterns of behavior suggests that they are only interested in speculative commodity trading contracts and exaggerated media so that the executives can add value to their own penny-stock shares and sell for a profit.
UCore is not the first company to try this in Alaska. Remember the $34.5 billion dollar gold discovery near Yakutat in 2010 reported in this paper? This type of speculative profit- making will not create a single job and worse, Alaska will be left holding the unpaid bills yet again. Two years ago UCore was given a draft proposal to start a local educational program developing training and career paths for jobs. UCore refused to read it much less help local Alaskans into a professional career. The only thing UCore has become good at is taking your money.
We can only hope AIDEA does more due diligence than the Alaska State Legislature.
Thank you,
Heather Herndon, BSc MBA Broker
Anchorage, Alaska
About: "First-Born Grandchild of Robert "Red" Dotson of Ketchikan, Alaska to which Bokan-Dotson Mountain is so named."
Received June 26, 2014
- Published July 05, 2014
Related News:
From Ketchikan to Fairbanks, Governor Signs Bills into Law - It's a busy week for Governor Sean Parnell as he travels the state signing bills into law. Monday, in front of a packed, joint Ketchikan Chamber and Rotary meeting, the Governor signed legislation authorizing the Alaska Industrial Development and Export Authority (AIDEA) to finance the Bokan and Niblack mines on Prince of Wales Island. Senate Bill 99 will also provide a loan of up to $18.6 million for the Blue Lake hydroelectric energy project in Sitka. Senator Lesil McGuire (R-Anchorage) sponsored SB 99. - More...
SitNews - June 17, 2014
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