WestMountain Gold and subsidiary TerraGold filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Colorado, lead case number 17-11527. The Company, which is an exploration stage miner of mineral properties, is represented by Lee M. Kutner of KutnerBrinen.
According to documents filed with the Court, “The Debtors experienced a significant slough event at its mining property in Alaska on or about September 2, 2016….While no injuries occurred and no equipment was lost, all operations at the project ceased. The slough event caused approximately 25,000 tons of rock material to completely cover the main vein in the bulk surface sampling area.”
In addition, “This mining activity had provided the Debtor with an income that supported its operations….The Debtor has no current source of income until it is recapitalized and has sufficient funding to re-commence mining operations in Alaska.”
Read more mining bankruptcy news.
The post WestMountain Gold Chapter 11 Bankruptcy appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.