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Chieftain Metals Is Bankrupt

Will Patric : Sep 13.2016

On September 6 Chieftain Metals announced that it was entering receivership and that most of its directors have resigned. Chieftain has been trying to get the Tulsequah Chief mine development going in the lower Taku watershed since 2010. Its predecessor, Redcorp, went bankrupt as well. In both cases, sustained opposition from both sides of the border has made things difficult for the proponents and has been an important factor in these bankruptcies. Linked here is our press release about this development.

chieftain-bankruptcy-release

Fifteen years of intense controversy, lawsuits, continued acid mine pollution and other compliance problems at the site, and a huge waste of taxpayer money, should inform government, industry, and potential investors alike that mining in the lower Taku isn’t such a good idea. The bankruptcy creates an opportunity for British Columbia to finally do the right thing and clean up the Tulsequah mess and, heeding overwhelming First Nation, Native Alaskan, and commercial fishing resistance to the project, withdraw the mineral tenures so that the region’s top transboundary salmon system will no longer be jeopardized.

As Alaska’s congressional delegation continues urging the U.S. State Department to become engaged in the transboundary region, Tulsequah Chief is a perfect example of why this is so imperative.

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