Beaver mining company . Worked in the hidden treasure

[Kiel]

http://www.ksl.com/?nid=172&sid=10851814

Could not find any info online about 2 hidden treasure mines? Typo maybe?

[Troy]

That's too bad that had to happen to good people. On the flipside, I can't wait for it to be completely abandoned for me to explore. Hopefully they leave a key in the door to the adit

[Stuart]

This Hidden Treasure mine just happens to be a giant open pit mine at which they just barely re-opened a giant mill... unfortunately it looks like things did not work out for them. Just last year Russ posted invitations on here to their mill open house..

[one_bad_rover]

There is a lot more story to this. Its good to see that it finally ended. Mark Dotson and his "banker" bliked their investors out of about 60 million dollars telling them that they were sitting on the next kennecott. A lot of people got screwed on the deal while Mark and co. are leaving with the fat salaries, new trucks, house additions and other bits that they were able to afford by screwing their neighbors. Look up the investors board and search CPRK. Ive had other interaction with Dotson as well when I informed him about the train and cars that are sitting the bottom of a mine in that area and I asked if we could help him extract it with $$, sweat, whatever. He responded that there was no value in a bunch of old mining crap.
Good riddence to bad rubbish if you ask me. (BTW... not the first time Dotson has scammed together some money for a "mining operation" and then gone belly up.)

[one_bad_rover]

heres a summary of issues from CPRK
Current Litigation Matters-

The Company is a defendant in various civil lawsuits. Among these lawsuits is a claim by Nevada Star/ Pure Nickel asserting that a default has occurred by WUCC/CPRK in a purchase and production agreement entered into in 2004. The Company disputes that it is in default under the agreement and is aggressively responding through the court.

The Company is in default under an agreement with a major buyer of its magnetite. The amount of the Company’s obligation exceeds $10 million in cash and an ongoing commitment to produce and ship magnetite. Due to the suspension of the Mill operations, the Company is currently unable to fulfill its obligation to produce and ship magnetite. The Company is in active discussions with the lender/purchaser to resolve its concerns and provide product.

Approximately 60 acres of raw land located in Tooele County, Utah has been foreclosed upon. Additional claims for deficiency and damages have been filed against the Company. That deficiency litigation is active and claims are in excess of $5 million.

Other litigation has been filed against the Company by vendors. The Company has approximately $6 million of vender debt primarily related to the construction of its Mill facility.

The Company is in default with its equipment lenders and principal mortgage lenders. Its indebtedness is estimated to be well in excess of $60 million. The principal mortgage loans have been in default since July 2007. The Company continues to work with its lenders towards a satisfactory arrangement for the repayment of its loans. There is no certainty that the lenders will continue to cooperate with the Company or that the Company will be able to repay its debt.

Many employees have been furloughed while the Company is resolving the aforementioned issues. Some are owed two and three pay periods of back pay. A resolution of this and other pressing financial issues are directly tied to the successful completion of the short-term loan agreement, previously described.

The Company also has other obligations outstanding associated with Federal and state payroll taxes. Such obligations amount to over $1.2 million.