Media Inquiries

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
 

On August 14, 2024, on application by the Government of Yukon (the “Applicant”), pursuant to an order (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List) (the “Court”), and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended and section 243 (2)(b)(ii) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA”), PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as receiver and manager (the “Receiver”), without security, of all of the assets, undertakings and properties of Victoria Gold Corp. (the “Company”), including, without limitation, all property, assets and undertakings in which the Company has an interest, including the real property as more particularly described in Schedule “A” attached to the Receivership Order, which property includes but is not limited to the Eagle Gold Mine (“Eagle Mine”) located in Dublin Gulch, Yukon, Canada (collectively the “Property”). 

The court also appointed Parsons Inc. as lead environmental consultant (“LEC”) to the Receiver. The LEC will execute the work required to remediate the Eagle Mine site in accordance with the Environmental Orders (as that term is defined in the Receivership Order) that have been issued by various regulators.

The Receivership proceedings were brought on as a result of the Applicant’s loss of confidence in the management of the Company to appropriately and competently respond to the heap leach failure at the Eagle Mine that occurred on June 24, 2024 (the “Failure Event”). The primary purpose of the Receivership is to ensure the timely and appropriate completion of all the environmental remediation steps required to comply with the Environmental Orders issued as a result of the Failure Event. A temporary closure declaration was made on July 5, 2024, with the commencement of the temporary closure status being on June 24, 2024. The Receiver has been advised by the Applicant that the completion of the environmental remediation steps is a condition precedent to any future mining activity at Eagle Mine. 

The Receiver notes that the First Nation of Na-Cho Nyäk Dun (“FNNND”), issued a press release on August 1, 2024 wherein they advised that they had lost confidence in the Company’s ability to respond to the disaster at the Eagle Mine and they called for a removal of management. The mine is located in FNNND Territory in the Yukon.

The Receiver will be engaging with all key stakeholders as part of these proceedings. 

The Receiver’s webpage for the Victoria Gold receivership proceedings is:

https://www.pwc.com/ca/victoriagold

Updates will be posted to this website as they are available including any reports that the Receiver issues.

Should you have any questions regarding the above, please contact:

Anuja Kale-Agarwal
National Communications Director
PwC Canada
anuja.a.agarwal@pwc.com