STATE OF THE MENOMINEE RIVER ADDRESS
I feel it necessary to inform people who reside in this watershed of the most recent information from Gold Resource Corporation, hereinafter referred to as GORO, that owns the Back Forty project in Lake Township. Also included is an update from the Coalition to SAVE the Menominee River, Inc.
Last week, Allen Palmiere, CEO of GORO, disclosed its 2022 Net Sales of $138 million dollars with a $6.3 million-dollar loss leaving its balance sheet, after 2022 business expenses, at $23.7 million dollars.
Recently GORO announced its decision to cancel all dividend payments to shareholders after a lackluster performance of its holdings. GORO stock fell to 84 cents per share this past week. GORO’s financial holdings fell to 10% of the predicted cost of moving forward with the Back Forty project.
GORO stated it is continuing to address the issues involved in preparing its feasibility study for submission to EGLE, the Michigan permitting agency. When the feasibility study is completed, GORO’s definitive plans will be revealed, and the Coalition staff of attorneys will address them accordingly. Our legal staff stands ready and able.
The Coalition to SAVE the Menominee River, Inc. has recently elected an eleven-member Board of Directors to lead the organization of volunteers into the future. The Board of Directors possesses strong leadership skills and will stand firm in protecting the Menominee River water quality.
Since time waits for no one, the Coalition to SAVE the Menominee River, Inc. will establish a Youth Advisory Council that will consist of young environmentalists who have a desire to ensure clean water for the next generations.
Dale Burie, Founder of the Coalition to SAVE the Menominee River, Inc.