Local authorities foreclose on Kerr

McGarry Twp. in eastern Ontario has foreclosed on the Kerr gold mine because owner AJ Perron Gold failed to pay more than $2 million in back taxes.

In late February, local authorities held an auction during which it raised $2.1 million by selling off mine and office equipment. The proceeds were used to write down most of the back taxes, though $50,000 is still owed.

The township controls only the surface rights to the operation, including milling facilites and other buildings, as well as the land itself.

The land has yet to be sold, and any buildings not sold with the land will be torn down. The mill is already scheduled for demolition.

Trading of the company on the Toronto Stock Exchange was suspended in mid-January when the company failed to meet filing requirements.