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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Jaakko who wrote (45747)	12/8/1999 7:25:00 AM
From: Alex	Respond to of 116762

12/08/99 - Tiny town grabs gold in tax fight with mine TORONTO, Dec 08, 1999 (The Canadian Press via COMTEX) -- Call it the great gold heist of Lynn Lake. The administrator of the tiny Manitoba town intercepted a shipment of gold on the way to the airport from the Keystone Gold Mine on Monday, threw 2,400 ounces of it into his vehicle and made off with the prize. 'He was outnumbered by a lot of people, but it wasn't like the OK Corral,' Tom Ogryzlo, chief executive of Black Hawk Mining Inc., said of the employee who was trying to take the gold to a Brink's plane. 'They didn't rob us.' Mayor Audie Dulewich said Tuesday that town officials were afraid Black Hawk would skip town without paying more than $2 million the town says it owes in taxes. 'They're in the process of winding it down,' Dulewich said of the company that is expected to close the town's last mine by March. 'Basically, the reason for the seizure was the town doesn't want to be left high and dry.' The seizure -- worth about $995,000 -- is the latest salvo in a long-running battle between the town about 250 kilometres north of Flin Flon, Man., and Toronto-based company. 'The property was assessed a few years ago, and we have attempted as a town to negotiate an agreement with Black Hawk for a number of years now with no success and so this is just acting on unpaid taxes,' Dulewich said. Black Hawk is contesting its property-tax assessment in court. It says it has been paying fees and operating under an agreement with the province and believes it does not owe any further taxes. 'We've been paying taxes in terms of our interpretation,' said Ogryzlo, adding taxes owed by some predecessor companies are contributing to the discrepancy. The company demanded the gold back on Tuesday. It has told the town it's committed for sale to Standard Bank London. Black Hawk, which is the community's largest employer, said in a statement that the seizure is 'an affront to due legal process under the laws of the province.' Lynn Lake's lawyer, Robert Mayer, laughed at the notion. When somebody doesn't pay taxes, the municipality has the right under provincial legislation to seize goods, he said. 'The town of Lynn Lake is not prepared to sit there and with their outstanding taxes watch them retreat to Toronto,' Mayer added. Dulewich said when Lynn Gold, the company that had previously operated the mine, went bankrupt, it left the town without paying about $250,000. (Globe and Mail, National Post) Copyright (c) 1999 The Canadian Press (CP), All rights reserved. -0-

To: Jaakko who wrote (45747)	12/9/1999 6:42:00 AM
From: d:oug	Read Replies (1) \| Respond to of 116762

Yes I agree that strong forces are in conflict and causing the price of gold to be determined not by normal market forces as the simple supply and demand economics 101. Seems that Hutch knows ahead of the rest of us on this thread what the price of gold will do, and my take on this is a continuation of what I have been saying from day 1, that those things called derivative, which I again for the tenth time do not know what they are except that they represent bad and evil doing by same type persons. So no surprise that those who rig the game and load the dice know ahead of time what the fixed score will be before it actually happens. Its been a month or 2 prior to now, but a reference to a person called Friend of Another wrote an article about how gold can become the store of value and backing for paper money. Sure wish that this becomes a starting place for those in control of picking up the pieces if bubbles pop and stability is lost. Doug