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Author Topic: Tenure ownership - How about 1% times 100  (Read 312 times)

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Offline garnetsootheran

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Tenure ownership - How about 1% times 100
« on: February 13, 2020, 10:44:05 AM »
So you want to by an interest in a tenure...........................

Here is a thought experiment that could test the limits of MTO and human nature itself. It may have been done - I have not done the research to see, although I have heard rumors of such....

I have several times thought what would happen if I sold a tenure to 100 people giving them each 1%. I am talking about a great tenure of along the lines of 1 plus gram to the metre (lots of room for 100 people) not just moose pasture. According to MTO each interest has the same rights as every other interest. A person could try and acquire additional interest but it would not give them control even if they managed to get 99%. On the other hand there would not be anything in the regulations preventing each 1% interest in selling off their interest in smaller portions - ie. - .1%.  MTO does not have safeguards in place for these types of actions.

Since at the moment I do not have any joint ownership in my tenures I have not kept up on the regulations when it comes the nuances involved in such Ownership.
I do believe that the requirement for each owner to have a valid FMC before anyone files work is no longer required. As to filing for a work permit I also do not know if the requirement for each owner to be on board is still a valid thing before the permit is issued. What happens when one person files work for a certain time frame does that lock out anyone else from filing work in that time frame? Who becomes responsible if a tenure inspection is done and deficiencies are found. Etc etc etc 

These days people don't talk much face to face and many don't have the skills of negotiation.  How would simple problems on a tenure get solved if at all. I would imagine that complaints to MTO would be ongoing after awhile and the MTO option to cancel said tenure being all they could do to rectify the situation.

Should MTO try to regulate what percentage of a tenure could be shared - I don't think so.  I personally do not see how any type of fair regulation could be set up to prevent weird schemes like this from happening.

My best take on the subject is for people thinking of taking on a small percentage on a tenure to think long and hard at what the ramifications of doing so could be. Better to pay a yearly fee to said tenure holder than to acquire a small fraction with a potential large headache which no amount of aspirin could tame.

The only upside to this thought experiment would be to the tenure holder who sold and ran - hmmmm - might make a good kickstarter project..... lol!!!@* lol!!!@* lol!!!@*

Anyway its almost spring and the cabin fever will soon be over!

Offline ykplacer

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Re: Tenure ownership - How about 1% times 100
« Reply #1 on: February 13, 2020, 12:04:11 PM »
 :D

When I read this post, it made me think back to the "Klondike Big Inch" land give away..... ;D

There was a cereal company who back in the 1950's  bought near 20 acres of  Klondike land and gave it away 1 inch at a time to the customers....they printed over 20million deeds......lol......

Offline JOE S (INDY)

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Re: Tenure ownership - How about 1% times 100
« Reply #2 on: February 13, 2020, 01:02:41 PM »
YK -

I, actually, owned one square inch from that Quaker Mills ("Sgt. Preston of the Yukon") deal. 

Memory is a bit foggy - but there was a "deed" and I was sooooooo proud to own that 1 Square Inch!

 <-party-> <-yahoo_> <-party-> <-yahoo_> <-party-> <-yahoo_> <-party-> <-yahoo_> 
Wiser Mining Through Endless Personal Mistakes

Offline BLACKPEARL

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Re: Tenure ownership - How about 1% times 100
« Reply #3 on: February 13, 2020, 03:39:34 PM »
I like the sounds of this and would like to get in on the ground floor....the average cell is approx. 18 hectares
18 divided by 100 gives me .18 of a hectare or 18000 square metres
Please pm me more details ie: price, location, grades 
can the claim be an 18000 square metre circle....my yurt would look awesome in the middle of the claim.
would like to get out as soon as possible and stake my piece.

1%.jpg
The meek shall inherit the earth...but not my mineral rights

Offline jobinyt

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Re: Tenure ownership - How about 1% times 100
« Reply #4 on: February 13, 2020, 05:14:55 PM »
line from song; "you'll never get rich diggin a ditch ...."

Offline geezir

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Re: Tenure ownership - How about 1% times 100
« Reply #5 on: February 13, 2020, 10:33:40 PM »
Big ol' snip
So you want to by an interest in a tenure...........................

 lol!!!@*

Anyway its almost spring and the cabin fever will soon be over!
Ah, the mind does wander in these blue days of winter.
Strange thing GS, the FMC point was just discussed in another thread. "50% claim owner ? " where Newbie101  asked about section 7 and 8 of the mineral title act.
Section 7 demands that to have, hold or renew a claim you gotta  have a FMC.
Could it happen maybe.   <-unsure_>  At present it's limited to stocks and limited partnerships.   <-dont~know->


Offline garth64

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Re: Tenure ownership - How about 1% times 100
« Reply #6 on: February 14, 2020, 06:19:19 AM »
The kijiji ads are going in tomorrow <-thinking->.

Offline mcbain

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Re: Tenure ownership - How about 1% times 100
« Reply #7 on: February 17, 2020, 08:21:31 PM »
Hi guys I am not up on all the rules.But in the case of a 50/50 where only one has a fmc and a valid bceid and that person is no longer involved.Me thinks the second partner would be in trouble and loose the claim.For one that person could not file a work report or even access mto .Here is a prime Example.Lets say I sell a 1/2 interest to a non resident.He pours thousands of dollars into the operation thinking he is going to get rich.One of two things could happen.I could scam him or I could die.Either way he looses.Because he does not excist in the system.Just saying,Luck Mcbain.
I started out with nothing Istill have most of it.

Offline Newbie101

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Re: Tenure ownership - How about 1% times 100
« Reply #8 on: February 17, 2020, 11:32:35 PM »
I believe that as mentioned by a previous poster, you do need a Free Miners Cert to buy a gold claim in BC, but you are apparently still allowed to be on title if  your FMC lapses as long as somebody on title has a valid FMC in order to produce work reports and or renew the claim. Also, I can't quite remember, but I think that claims can only be split into 25% parcels or larger....I could be wrong. . ... it's been a while. Finally, You can easily produce  more  work credits for a claim than it requires for renewal and these can be put forward on a claim for several years.  In saying that you still just need to prove up about $400  worth of work for the year in order to reclaim a Placer claim without penalty, or just pay $800 a year if you chose to not step foot on your claim.  . The rules are weird, I know.

Here's a link to the current info...

http://www.bclaws.ca/civix/document/id/complete/statreg/00_96292_01#section8

https://www2.gov.bc.ca/gov/content/industry/mineral-exploration-mining/mineral-titles/mineral-placer-titles/fees-mineral-placer-titles



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