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Gold/Mining/Energy : United Keno Hill, UKH, Toronto**** Opportunity Knocks!
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To: Scripts who wrote (921)4/29/1998 7:35:00 PM
From: Harry K  Read Replies (5) of 1348
 
Ed: First, we have to realize that the Yukon government has a very limited role, if any, in the re-opening of UKH.

UKH is dealing with the federal government on water licence matters, with the Yukon Energy Corporation on electrical matters, with Prudential on financing matters, and it's governed by an independent Board of Directors.

So if the YTG Minister's comments don't sound as optimistic as some would like, perhaps it's because UKH's operations are largely independent from the Yukon government, so he can't say much without speaking for other parties!

But there is good news in that the Minister distinguished the liability factor regarding the costs of running the townsite and environmental conditions (abandonment costs?) which apparently were inhibitors in UKH's financial quest, as these same issues are what gave Falco a hard time in running the operation 10 years ago!

Moreover, the significant progress made by UKH regarding improved mining plans were also recognized this time!

And re: your concerns about his remarks, the remarks should not be used as an indicator of when financing is available but as a positive signal from the local territorial government that significant progress has been made. YTG has no bearing on financing.

And on the merger, there should be no question of benefits from the merger which are explained in detail in the Circular.

Note: YTG => Yukon Territorial Govt.

Hope this helps!!

Harry K.
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