via Investopedia.org - Dutch Auction

Since the company has probably come up with the entire gold commitment and is in surplus, and the fact that Sprott, or Waterton or whomever lost their right of first refusal to buy gold out of the mine with a benficial change of ownership in the company, the escrow account is most probably at Dutch Auction.

That means anyone can buy the gold dore before refinement, should they hit upon the price and the supply.

The company has stated that their goal is to provide 141,000oz. at the end of four years in previous MD&A.

http://www.investopedia.com/terms/d/dutchauction.asp

via Financial Post - Poison Pills

In light of the changes to company profile here and the attempt to include the concept of escrowing unrefined gold bars in doré form, it makes sense to review financial reports starting fiscal 2009 and later.

The company has unequivocally stated that over the production period of four years that they would produce 70,000oz. per year. But they failed to mention that the bulk of production would be escrowed, and the remaining production out of the escrow account would carry losses as a result, including grade impairments.

For example, if 8g/t is the reported grade of production out of the escrow account,(rather than say, poured at the mill) then if the bulk of production was socked away, the grade is really something like 24g/t, if ounces produced accounted for only 30% of actual unrefined gold poured at the mill. I think, though that this production out of the escrow account is only 25% of the gold poured at the mill. Or, for instance, if they reported only 2.5g/t from the EP Zone, they might have gotten 10g/t from the "Pay Streak." There were other unreported sources of ore besides the Alimak Zone, such as the Star Lake mine, which clearly had small stockpiles in the area, according to aerial photos, which disappeared before May, 2013.

They are clearly desperate to hide the actual grade of the Jolu mine if the Alimak Zone produced ore which actually graded 20g/t, but which reportedly was bulk sampled at only 5g/t. This method is used throughout.

That probably places the escrowed unrefined gold at Dutch Auction, but this is also a poison pill measure designed to dissuade would be buyers, because should they make an unsolicited offer, they become liabile for the sum total of the contents of the account. Another poison pill measure was dilution of the shares, when it was clearly unnecessary to raise more capital.

http://business.financialpost.com/2014/05/12/poisin-pills-hostile-bids/

-F6