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Reports3RD Quarter Financial Results
Alta Gold CO. Announced Results for the Third Quarter Ended Sept. 30,1999 . the Company Reported a NET Loss of US $5,491,000( $0.16 /Share)From Revenue of US $3,000,000, as Compared With a NET Income of US $696,000( $0.02 /Share)From Revenue of US $5,237,000for the Third Quarter of19 98. Revenue Fell During the Quarter in Response to the Company's Decision to Suspend Operations at Olinghouse in Order to Maintain Short-Term Liquidity. a Write Down of $2,168,000was Also Recorded as a Result of an Unanticipated and Precipitous Deterioration in the Gold Recovery Rate at Griffon. in April,the Company Filed a Voluntary Petition for Relief Under the Provisions of Chapter11 of the Bankruptcy Code,Which was Denied an Extension.
Announces Bankruptcy Court Decisions
it Seems That US-Based Alta Gold INC is Still Dodging the Bullet When it Comes to Bankruptcy. the Struggling Gold Producer Announced Yesterday That it has Succeeded in Convincing the Authorities to Accept its Motion to Dismiss its Chapter11 Bankruptcy Proceeding OFF Calendar. Unfortunately for Alta,the Authorities Have Denied the Company's Request for More Time to Reorganize. in Addition,a Sales Agent was Appointed to Assist in Raising Additional Capital Through the Sale of the Company's Various Assets.
Bankruptcy Court Continues Motion to Dismiss
Alta Gold CO Announced That the United States Bankruptcy Court has Granted a Continuance of the Company's Motion to Dismiss its Chapter11 Bankruptcy Proceeding and has Established Sept.8,1999,as the Continuance Hearing Date. the Company has Filed the Motion on the Basis of an Offer the Company Received From a Potential Investor for the Purchase of an Interest in Olinghouse.
Temporarily Suspends Mining at Olinghouse
Alta Gold has Temporarily Suspended Mining,Crushing and Milling Operations at Olinghouse in Nevada. the Temporary Suspension,Which Involved Approximately 75Workers,was Necessitated by the Company's Need to Conserve Cash Pending a Hearing by the U.S. Bankruptcy Court SET for Aug. 31,1999,on the Company's Motion to Dismiss its Chapter11 Bankruptcy Proceeding. During This Temporary Suspension,the Company Will Continue to Produce Gold From Heap-Leach Processing at Both Olinghouse and Griffon.
Files Motion to Dismiss Chapter11 Bankruptcy Proceeding
Alta Gold CO. Announced That it has Filed a Motion to Dismiss its Chapter11 Bankruptcy Proceeding Presently Pending in the United States Bankruptcy Court,District of Nevada. the Basis for Alta's Motion is That it has Received an Offer From a Potential Investor to Buy a 40Percent Interest in the Olinghouse Property for Funds Sufficient to Satisfy in Full,Obligations Owed by the Company to its Bankruptcy-Affected Creditors,Which Amount is Estimated to be Approximately US $26 Million.
2/13/2016 9:56:49 PM