"The NWT Power Corporation can't cut rates," Dent said, adding that "there certainly was no threat to close (Giant)." Any temporary concessions should involve not only the GNWT but Yellowknife and federal officials, he added.

Dent, as well as territorial Finance Minister John Todd, met with Ed Szol and John Stard late Tuesday afternoon.

Szol is Royal Oak's executive vice-president and chief operating officer. Stard is mine manager at Giant.

NWT Power, owned by the GNWT, falls under the direction of the Public Utilities Board and any temporary rate reduction would have to be approved by the board.

Dent said Royal Oak presented GNWT officials with information on mine costs, payroll and municipal taxes.

"They said, 'Here are our expenses, here are our revenues, here's the cost of gold,'" he said. "There was no decision on power."

The discussions with the GNWT officials came just days after $44 million in financing saved Royal Oak from a major cash crunch.

On Monday, Royal Oak announced it had secured the money from lenders. It will be used not only to finance previous debt but also for costs at the company's almost-complete Kemess mine in B.C.

Without this money, Royal Oak might not have been able complete Kemess. That could have spelled disaster for Giant.

After the financing, gold analysts rated the company only slightly better off.

Also, after the financing, Royal Oak's stock rose to $2.05 from $1.90.

Securities and Exchange Commission filings show Royal Oak boss Peggy Witte sold 1.27 million Royal Oak shares -- half her holdings in the company -- during the first week of December. She sold the shares for between $1.05 US and $1.30 US.

Yesterday's London afternoon gold fix was $293.80 US.