In a Surprise Move, Grass Valley City Council Sets Hard Deadline for Emgold
In a surprise move this evening, the Grass Valley City Council went well beyond what was strictly required of them and took action on a formally non-action agenda item, by imposing a “final” and hard deadline of six months for Emgold to secure financing to complete the Draft Environmental Impact Report on its Idaho-Maryland Mine Project.
Council members made it clear that there will be no more extensions, and that the application will be deemed dead if Emgold fails to secure financing by the six-month deadline. Technically, the project could then be restarted from the beginning with a new application, but it’s anyone’s guess whether that is even likely. Since Emgold has used all its recent fundraising to finance its efforts on projects in Nevada, my guess is that this hard deadline may signal the end of Emgold’s long quest to re-open the Idaho-Maryland Mine in Grass Valley.
Most public commenters urged the council to impose a hard deadline, and — in the end – it seemed that the council heard and responded to their arguments.
When Emgold CEO Dave Watkinson suggested to the council that the city was sometimes the obstacle to progress, councilmember Lisa Swarthout quickly reminded him that the subject this evening was Emgold and not the city. This seemed like an ominous reproach.
I had hoped to post the video of the IMM discussion this evening, but it appears that NCTV may have dropped the ball and not broadcast it (I scheduled it, but got only a black screen for a recording). If it turns up on Granicus, I may be able to capture it and post it here.
My strong impression is that the Grass Valley City Council may be getting a bit impatient with Emgold’s endless stalling and delays.
Stay tuned for further developments.