Thursday, June 25, 2015

Century Mining, the clusterfuck that keeps on cluster-fucking

Financial Post - Integra offers $1 million cash prize to anyone who can figure out how to fix a useless asset that they grossly overpaid for. Yes, it's Century's old Sigma mine in Val-d'Or, that Integra bought from the receivers when Century went under, after the Russians got involved. Quote:

When Integra Gold Corp. bought the Sigma-Lamaque mine in Quebec last year, it came with an unexpected treasure trove: 70 years of prospecting data.

Now the Canadian miner plans to start an Internet-based gold rush with the six terabytes of information.

Instead of analyzing the drill-sample reports and geological surveys it found among papers and folders at Sigma-Lamaque, Integra will upload the studies to the Web and let anyone sift through them. Whoever finds the next multimillion-ounce deposit wins a $1 million prize.

Translation: "yeah, we don't really know what to do with this worthless mine, but we know there's a bunch of unemployed geologists out there so we'll let them futz around with our data, and $1M is nothing compared to our yearly care & maintenance bill."

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