Calais Resources (CAAUF)

[baystock1]

Colorado gold mines in play after dispute between prospector, investor
By STEVE RAABE | The Denver Post
PUBLISHED: January 31, 2014 at 12:06 pm | UPDATED: April 27, 2016 at 8:04 pm

NEDERLAND — A pair of historic gold mines possibly worth billions face a clouded future after a flurry of lawsuits that pit an old-school prospector against a former state legislator.

Tom Hendricks, known as “Miner Tom” among locals, has worked the Caribou District gold mines almost every day for more than 40 years.

He has found gold in the hills above Nederland, and he has explored enough to be certain that a vast fortune still awaits.

But the ambitious plans of Hendricks and his partners to recover the gold have been stymied after lawsuits filed by an investment group headed by former state Sen. Tom Wiens.

Wiens is attempting to foreclose on the Boulder County mining properties, claiming that Hendricks and partners in Calais Resources Inc. defaulted on $15 million in loans.

At stake is a trove of gold that Hendricks estimates could be as much as 15 million ounces, worth nearly $19 billion at current prices.

The legal battle is unfolding during an interesting period for gold mining in Colorado. Prices are high enough — about $1,250 an ounce — that several owners of mining claims are seeking to relaunch production in areas that first were developed in the gold rush of the 1860s.

But strict and expensive regulatory requirements, combined with wariness by prospective lenders and investors, have made it difficult to get the historic claims back into production.

The Caribou and Cross mines, operated by Calais Resources, are prime examples of the gap between eye-popping potential and capital-constrained reality.


Even as ownership of the properties lies in legal limbo, Hendricks, 64, dons a pair of Carhartt overalls and drives each day up a rutted dirt road to maintain the mines, whose last major production was in 1988.

Since then, he and David Young — officers of Calais Resources — have extensively explored their 500 acres of claims. They’ve drilled hundreds of core samples and discovered dozens of promising new ore veins.

Yet, one crucial requirement — operating capital — has kept them from restarting the mines and posting profits.

Calais Resources was created as a publicly owned company, but in 2012 the Securities and Exchange Commission revoked the firm’s registration for a recurring pattern of failing to file financial reports. Calais told regulators that the reports weren’t filed because the company couldn’t afford to pay its auditor.

An apparent breakthrough occurred later in 2012 when a group that included Wiens spent $6 million to purchase promissory notes representing loans made to Calais over the past decade. The notes gave the Wiens group the right to collect principal and interest payments from Calais.

Wiens, 61, served as a Republican state legislator in Colorado from 2003 to 2009. He owns a Douglas County ranch and operates a financial-services firm, New West Capital.

Wiens saw the Calais promissory notes not just as a financial instrument but as a mechanism to get involved in the quest for gold.

He and the mine partners launched a series of discussions about creating a partnership in which Wiens’ group would provide the funds needed to get the mines up and running again.

Calais says Wiens agreed to make an initial payment of $930,000 to pay off some of Calais’ debts, then invest more to make the mines operational.

Months later, the talks turned confrontational under claims by both sides of fraud and misdealing.

Wiens’ investment partnership, New West Minerals LLC, said the loans were in default and demanded full payment from Calais. When payment wasn’t made, New West filed suit in Boulder County District Court to foreclose on the mine property.

In addition, New West filed a lawsuit in Douglas County District Court, alleging that Hendricks and Young of Calais and their Boulder attorney John Henderson engaged in “self-dealings and intentional misrepresentations” to the detriment of New West.

Calais and related parties have filed counterclaims in both cases, claiming that it was Wiens who acted in bad faith.

Hendricks said he feels personally attacked by the suits and is concerned that they portray him in a bad light, contrary to the reputation he has established over decades of work and community involvement. His résumé contains a long list of civic awards and recognition.

He describes the legal dispute as “Wiens’ effort to steal my life’s work.”

“I’ve spent more than 40 years responsibly developing the mining property in the Caribou District in a manner that respects the environment and the surrounding community,” Hendricks said. “I’ve encountered countless obstacles in that time, though perhaps none bigger than someone who presented themselves as a partner turning out to be a predator intent on snatching it up.”

Wiens replied that New West filed the foreclosure suit “long after Calais had gone over the cliff to financial ruin.”

“Calais’ problems have been well documented and continuing for many years,” Wiens said. “It is unfortunate that Mr. Hendricks feels the way he does, but this situation is a result of a series of plans gone bad over a long period of time, resulting in bad outcomes for Calais’ creditors and shareholders.”

Like Calais, Wiens has endured his share of financial problems. Companies that Wiens has headed, including Recycling Industries and InteleCom, have filed for bankruptcy. Wiens also once filed for personal bankruptcy protection.

The outcome of the mines’ ownership is likely to hinge on one key legal question.

Wiens’ lawsuits state that he legally acquired four Calais promissory notes in a series of purchases. But he has acknowledged in related hearings that he does not physically possess three of the notes. Case filings refer to them as the “lost notes.”

Calais argues that promissory notes are negotiable instruments, and as with personal checks, a presumed owner must have physical possession of the original documents, not just copies.

Wiens’ attorneys claim that his ownership of the notes is clearly established and that physical possession is not required.

Calais has filed a motion to dismiss the case based on the possession issue. A ruling is expected this year.

Calais’ legal fees are being paid by unidentified investors who will acquire a stake in Calais if the company wins in court, said Calais attorney Tarek Saad of Patton Boggs.

Steve Raabe: 303-954-1948, [e-mail] or twitter.com/steveraabedp

http://www.denverpost.com/2014/01/31/colorado-gold-mines-in-play-after-dispute-between-prospector-investor/

[The Rod]

DOES ANYONE KNOW WHY THE CALAIS STOCK SYMBOL (CAAUF) DOES NOT WORK TODAY ?


The Rod

[wshaw14]

Brigus Gold Agrees to Sell Calais Notes for USD $6.0 Million

http://ih.advfn.com/p.php?pid=nmona&article=52302038&symbol=BRD

[kudos2u]

Sold and am outta here...have no idea what's going on, if anything, or why, or when anyone will hear anything, if ever. In any case, have no desire to have anything to do with these jerks who won't answer the phone or an email, ever....

So ciao...

[kudos2u]

Well...what do you know? The gods speak from Mt Olympus!!

Well thanks for that, finally...we give thee the middle finger salute for your touching display of concern for shareholders...yeah, right...you had to put out a NR for this. So now I guess we won't hear a word until December. I still hold some shares, but I sure won't be wasting my time trying to find anything out, as mgmt doesn't respond.

Later...

[kudos2u]

Not a clue...and not one of these AZ%$#@les has ever returned a call or email. Have no idea why shareprice just plunged either. anyone? Really a pisser...jt

[kudos2u]

Sent an email two months ago asking for any kind of update or clarification or new information...zip nada bust silence.

Hope that doesn't reflect a total disregard of mgmt for shareholders, but maybe they simply can't say anything at this point. I'll give them the benefit of the doubt this time and wait a little longer....

jt

[kudos2u]

Very strange trading with this bird. Unless someone's just wanting to dump some shares bought or received cheaper, then it would appear someone's trying to drop shareprice. Why drop it all the way to .20, unless it's just illiquid. Hope we have resolution of all problems soon.

[kudos2u]

Ok...well anyone here with an interest in Calais (or whatever they change the name to, as I hear will be happening) that would like to be an assistant moderator?

It would be nice to have as one (or more) assistant mod someone who likes to follow the TA and would post and keep up an updated chart (or paste a self-updating chart) in the Intro Message.

PM me if you're interested.

[kudos2u]

Correction from my first post:

I wrote

Sitting now waiting to hear the next step, but these are dummies who run and own significant share of this company. Here are some recent opinions on the company from theaureport.com website:

And I obviously meant to say "but these are NOT dummies"

[kudos2u]

OK...that gets us off and running...

Let's go!!

This looks and smells good to me...and that's why we're all here.

jt

[kudos2u]

Trading Symbol: CAAUF.PK

Registered in British Columbia, Canada
Report in US$ and US GAAP - US Domestic Insurer
Current CTO in Canada due to lack of financial reporting – Reports to be filed in February 2011

Chairman & Corporate Officers:
Chairman / CEO R. David Russell
email: [e-mail]

President and COO David K. Young, PE
email: [e-mail]
NI 43-101 Qualified Person for Calais Resources

Vice President - Exploration Thomas S. Hendricks

email: [e-mail]

Corporate Address:
Calais Resources Inc.
PO Box 653 (4415 Caribou Rd.)
Nederland, Colorado 80466-0653

Phone: (303) 258 – 3806 / Fax: (303) 258 - 0402

[kudos2u]

Colorado Assets

Cross / Caribou Mines - Nederland, Colorado

Started in 1869 – Historic Production - 20 million oz of Silver & 500,000 oz of Gold
Historic Resources (PAH - 2002)

Measured & Indicated – 443,000 tons
Gold - 0.57 oz per ton (19.5 gm / tonne)
Silver - 18.3 oz per ton (627 gm / tonne)

Asset Summary

Inferred – 579,000 Tons
Gold – 0.29 oz per ton (9.93 gm / tonne)
Silver – 7.49 oz per ton (256 gm / tonne)

Measured, Indicated & Inferred – 1,022,000 tons
Gold – 0.41 oz per ton (14.0 gm / tonne)
Silver – 12.2 oz per ton (418 gm / tonne)

Identified Over 100 near vertical veins – true widths between 3ft (1m) to over 20ft (6.1m)
Based on 175,000ft (53,500m) of core drilling and extensive underground sampling
Land Position - 500 Acres Patented and 1800 Acres Unpatented

[kudos2u]

R. David Russell – Chairman / CEO / Director
One of the major shareholders of Calais Resources.
Previous President/CEO of Apollo Gold Corp., as well as a director and founder.
Thirty-plus years experience executive management at Asarco, LAC Minerals, Barrick Gold, Getchell
Gold Corp.
Holds Directorship positions at General Moly, Pure Nickel, & Fire River Gold
BS degree – Mining Engineering, Montana Tech Experience and Industry Leadership

Calais Resources Management Team--

David K. Young – President / COO / Director
Has over 28 years of underground mining experience in operations, engineering, mine and corporate
management.
ASARCO – Black Cloud Mine (CO), Troy (MT), Galena & Coeur (ID)
Apollo Gold Corp. – Montana Tunnels (MT), Florida Canyon (FL); Black Fox (Ontario, Can.)
Registered Professional Engineer, State of Idaho; 43-101 qualified person for Calais
BS degree -- Mining Engineering, Colorado School of Mines

Thomas Hendricks - Vice President Exploration / Director:
Has over 38 years of mining experience at Cross/Caribou, and was President of Hendricks Mining prior
to merger w/ Calais in 1999. Past President of Calais Resources
Experienced small mine operator and geologist
Numerous awards for environmental stewardship & community service.
Served(s) on several state and local boards for reclamation of historic mining properties.

[kudos2u]

NI 43-101 Technical Report on Exploration
Calais Resources Inc.
Consolidated Caribou Project
Boulder County, Colorado, USA

http://www.calaisresources.com/en/reports/Caribou_NI_43-101_Exploration_161803_20110208.pdf

[kudos2u]

NI 43-101 Technical Report on Exploration
Calais Resources Inc.
Manhattan Project
Nye County, Nevada, US

http://www.calaisresources.com/en/reports/Manhattan_NI_43-101_Exploration_161804_MLM_20110210.pdf

[kudos2u]

I bought in at Thom's rec...~@.22...jumped way up, and then was taken down with everything else recently. IMO it was simply a shakeout, so I bought a bunch @.12...couldn't believe it. If anyone had stink bids in under .10, they may have been filled as well. Gotta love it now. Grapevine says that Calandra thinks this could be another LODE, which absolutely flew (also got in on his say-so around 1.40 or so). Whatever one might think of Thom's past, his present has been absolutely straight up and honest. And he has tons of connections and LOTS of market savvy. He's not one I would bet against.

Sitting now waiting to hear the next step, but these are dummies who run and own significant share of this company. Here are some recent opinions on the company from theaureport.com website:

Bob Moriarty, 321gold (02/11/11) "Over 20 Moz. silver and 500 Koz. gold came out of the [Caribou mining] district. The entire place is now owned by Calais Resources. The old timers left a heck of a lot more gold and silver than they took out. . .But the work begun by Tom Hendricks will provide the foundation for a real mining company. In Colorado, the company owns 500 acres of patented ground and has claims on an additional 1,800 acres. The mine is fully permitted for 200-tpd production.

It's a rich deposit with over 100 identified veins with true widths between 1 and 6 meters. It's also high grade, ranging from 9.9 g/t to 19.5 g/t gold with 257 g/t silver to 627 g/t. There have been over 53,000 meters of drilling completed and the core is still around. . .Calais has more than one donkey in the stable. It also owns the White Caps mine located just five miles south of the Round Mountain Gold mine in Nevada. . .This is going to be a really interesting company to follow; there's a lot of gold and a lot of silver still in the ground."


Jay Taylor, J.Taylor's Gold, Energy & Tech Stocks (02/04/11) "I am bringing this company to your attention because it has some good assets and because it is being headed by David Russell, the former president of Apollo Gold, now Brigus Gold. This is a brand new story that is not yet trading in Canada. . .But I believe it is a story that is likely to gain substantial traction very soon. I expect to tell you more about this story in the near future. But what I like about it is that this is the brainchild of David Russell and that his family owns close to one-third of the stock. That means management has skin in the game—hence the desire to generate cash flow to fund exploration and development. Also what I like is a gold/silver resource of approximately 2 Moz. with major upside exploration potential, not only from the property in Colorado but also in Nevada. In summary, I see this as an early stage story that could become a tenbagger or more."


Thom Calandra, Ticker Trax (02/04/11) "The principals have almost everything in place to see their Caribou Mining District, after 40 years and eight failed partnerships, become a reality. . .Calais for its investors likely will repeat what Comstock Mining accomplished. . .reworking debt via convertibles and an equity placement. Result: A quadrupled stock price and cash to advance the alkaline vein system. . .As for the property, Dr. Hennigh, who toured the property about a year ago and worked there as a teenager, hazards a guess that the Caribou has no less than 2 Moz. gold encrusted in its hard galena-laden tunnels and stopes. Historic data from decades of drilling is said to estimate gold grades as thick as .05 oz. g/t in some veins and 10 oz. silver."

Their website is www.calaisresources.com/

Shares Outstanding: 142 M
Fully Diluted Share Base: 162 M

Corporate Presentation:

http://www.theaureport.com/cs/user/download/co_file/2007/presentation020211c1.pdf

WE need a mod here...don't really have time, but would glad to be an assistant. Someone want the position. We can sticky this stuff up at least...GLTA...jt

[Stock]

hmm. well, then, i was wrong

[Renee]

Nope ...I just checked Yahoo Canada and Calais Resources only comes up on the U.S. Pink Sheets and not on any CDN Exchange .

http://ca.finance.yahoo.com/quotes/CAAUF.PK%2C+

[Stock]

Wallet mining and pocket prospecting are easy to spot.

[Stock]

Well, the stock is trading in Canada, right? But the USA stock (this one), that's different, right?

The insider comments about not selling shares -- does this apply in the USA or in Canada or BOTH?

The story does not specify. And Thom didn't ask the question.

Potentially an easy loophole, and since the stock is grey, it only posts end of day volume, so there's no way to see the tape.

[Renee]

The plot thickens . You dig better than a miner , LOL .

[Stock]

He updated his take after the suspension:

CALAIS RESOURCES: The Colorado miner and prospector (CAAUF) saw its stock in the U.S. halted the other day. The U.S. Securities & Exchange Commission requires Calais Resources to file fresh quarterly reports. The SEC said in its Feb. 24 statement, “The Commission temporarily suspended trading in (Calais) due to a lack of current and accurate information … because (it) has not filed certain periodic reports with the Commission.”

I visited Calais Resources’ Caribou Mine in early February and wrote about the company: See Stockhouse coverage. Calais must run a fine-tooth comb through its financial statements going back many quarters (2005 to 2010) if it ever is to gain acceptance among investors.

Dave Russell, the CEO, chairman and 54-year-old Colorado miner who stepped into the company’s corporate office about 41 days ago, says he expects the financial statement repairs to happen soon. His COO, Dave Young, is a chemist who has been trying to cut corners and keep Calais alive with scants amount of financing the past year, Mr. Russell said.

“Dave Young's largest hurdle, from what I can see over the last year or so, was trying to work through boxes of financials and keep the company going without much financing to work with. In the past eight or so, the financing has come from close associates, friends and family and the company is getting repaired accounting wise and audit wise as we speak,” Mr. Russell told me.

We will see. Mr. Russell assures me none of the top three at the company – Mr. Young, mine founder and 40-years-and-running operator Thomas Hendricks and Mr. Russell himself – has sold any shares in the 80 percent or so run-up in the Pink Sheet shares after my first report was published in early February. See Stockhouse coverage.

“There was no intention of raising money to solve the debt situation before the financials are brought current with the SEC and BCSC,” Mr. Russell said. “I personally hold 100 percent of any shares I have acquired over time and have never sold one share. The specific reason I came directly into the company is that I have a very large investment in the Calais Company and I believe in the geological and mining assets.”

He said Calais will work with the SEC to “develop a timeline and filing schedule to bring the company current.”

The Caribou Mine has potential as a producing open-pit entity, according to my own visit and to conversations I have had with geologists, including Quinton Hennigh of Evolving Gold (redacted). Still, CEO Russell must ensure investors, current and future, that he can get Caribou on track … and solve a debt load that runs above $10 million. Oh yeah, and change the Calais name, would ya?

http://www.stockhouse.com/Columnists/2011/Mar/1/These-silver-juniors-continue-to-March-on

[Stock]

This is from February. Thom Calandra? I thought he was dead.

Reputable junior miners in Africa
2/8/2011 2:30:35 PM | Thom Calandra

4528 Reads | 2 Comments

...THIN SKINS: The Caribou mine I just toured in Colorado has gone the rounds so many times, no one on planet North America, with the exception of FOUR-DECADE operator Tom Hendricks, can tick off the successive companies that gained and lost the THIN-VEIN deposit to lenders, banks, other companies and bankruptcy courts.

I am on record as saying that Calais Resources (OTO: CAAUF) will repeat the rapid-fire equity rise we last catalogued in a similar silver-gold mine developer: Comstock Mining (redacted). I know folks, mostly Ticker Trax subscribers, who cleaned up on Comstock stock during a three-month span this past autumn. Comstock stock has since lost the “hot money” trade.

This Calais, too, is speculative and dependent on raising new equity and retiring old debt. At Calais, I expect 61-year-old Mr. Hendricks, an underground miner his entire life, and his executive team, will produce a sturdy and Canada-compliant resource statement for the property and its 100-plus veins. As soon as this week.

Calais shares will accelerate even further now that we have broadcast the particulars of the debt-laden resurrection to the Stockhouse audience. Whether the 16-cent (now 31 cents) shares get beyond fair value of approximately 60 cents USA or so, a level that could be attained in two weeks or less, depends on the resolving of $11 million of notes to Brigus Gold (redacted) … and the price new investors will have to pay to purchase what almost surely will be an equity placement in coming weeks. See the entire coverage.

I can guarantee three things about Calais: the company will change its name. The company will not be allowing any more Hollywood film crews on the property for set shoots, including one B-movie in the early ‘80s featuring Margaux Hemingway. Oh, and CEO and Chairman David Russell, who has a mixed record on making investors money, vowed to raise no equity at the stock price when I toured the property last week; that price was about 16 cents and traveling into a tailwind headed northeast, like most of these underground veins appear to be directed. Calais shares on the USA Pink Sheets are higher now and destined for loftier levels as the company solves the debt load and published its 43-101 summary of historic gold resources. I do not own any...

http://www.stockhouse.com/columnists/2011/feb/8/reputable-junior-miners-in-africa

[Renee]

I saw that too . It's odd inthat Calais had their Fins in their possession but did not file them with the SEC or Pink Sheets OTC .

Same thing happened with CYSG having Fins in their possession and posted on their website but they refused to file them with P.S. OTC , and despite a nasty warning from the SEC to file Fins the stock was revoked .

Calais must have sucked up to circumvent ( apparently ) the revocation . Still , they had better file the FINS ASAP or else .

[Stock]

CAAUF Charts

[Stock]

It appears this one survived.

I don't see the revocation or any actions on The Daily List in 2011.

In fact, 2005 is most recent entry.

http://www.otcbb.com/asp/dailylist_search.asp?DirectSymbol=CAAUF&OTCBB=ALL

ANTICIPATED ADDITIONS
DL Date Symbol Company Name Effective Date OATS
Reportable Flag Comments
1/15/1999 CAAUF** Calais Resources Inc 1/15/1999

SECURITY ADDITIONS
DL Date Symbol Company Name Effective Date OATS
Reportable Flag Comments
2/2/1999 CAAUF** Calais Resources 2/2/1999

SYMBOL CHANGES
DL Date Date Old Symbol New Symbol/Name
7/3/2002 7/8/2002 CAAUF** CAAUE Calais Resources Inc
12/3/2002 12/5/2002 CAAUF** CAAUE Calais Resources Inc
8/4/2005 8/8/2005 CAAUF CAAUE Calais Resources, Inc. Ordinary Shares (Canada)

SECURITY ADDITIONS
DL Date Symbol Company Name Effective Date OATS
Reportable Flag Comments
9/7/2005 CAAUF Calais Resources, Inc. Ordinary Shares (Canada) 9/8/2005 From BB (CAAUE) **

---

SYMBOL CHANGES
DL Date Date Old Symbol New Symbol/Name
7/17/2002 7/18/2002 CAAUE** CAAUF Calais Resources Inc
12/10/2002 12/11/2002 CAAUE** CAAUF Calais Resources Inc

SECURITY DELETIONS
Dl Date Symbol Company Name Effective Date/Comments
9/7/2005 CAAUE Calais Resources, Inc. Ordinary Shares (Canada) 9/8/2005 Failure To Comply With NASD 6530 - Added to NBB (CAAUF)**

http://www.otcbb.com/asp/dailylist_search.asp?DirectSymbol=CAAUE&OTCBB=ALL

[Renee]

What's up wit dat . I just double checked the SEC Filings and there has been no rescission of their Order , yet I just checked Pink Sheets where CAAUF is still Caveat Emptor but the company has filed several 8 K's since the Suspension .

Full list of Filings : http://www.otcmarkets.com/stock/CAAUF/financials

I'll post the relevant 8 K's to the SEC's Orders in sequential order .

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2011

Calais Resources, Inc.

4415 Caribou Road, P.O. Box 653, Nederland, CO 80466-0653 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: [phone]

Item 4.01 Changes in Registrant’s Certifying Accountant.


On February 28, 2011, the registrant dismissed Eide Bailly LLP as its independent registered public accounting firm. Eide Bailly was engaged on October 18, 2010 to audit the registrant’s financial statements commencing with the fiscal year ended May 31, 2005. Eide Bailly has notified the registrant of a potential violation of a Securities and Exchange Commission (“SEC”) and Public Company Accounting Oversight Board independence rule. While Eide Bailly had completed audits of the registrant’s financial statements for the years ended May 31, 2005, 2006, 2007, 2008, 2009 and 2010, none of the audited financial statements were filed with the SEC. The registrant’s board of directors determined that it could not proceed to file its delinquent reports with the SEC unless it dismissed Eide Bailly because of the independence issue. The registrant is currently interviewing various auditing firms to determine the replacement.


During the registrant’s two most recent fiscal years and the subsequent interim period preceding the dismissal, there were no disagreements with Eide Bailly on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Eide Bailly, would have caused it to make reference to the subject matter of the disagreements in connection with its report. Further, during the registrant’s two most recent fiscal years and the subsequent interim period preceding the dismissal, there were no reportable events (as defined in Item 304 (a)(1)(v) of Regulation S-K.


The registrant provided Eide Bailly with a copy of this report prior to its filing with the SEC and requested Eide Bailly to furnish the registrant with a letter addressed to the SEC stating whether it agrees with the statement made in this report and, if not, stating the respects in which it does not agree. A copy of the letter, dated March 1, 2011, is filed as Exhibit 16.1 to this report.

Item 8.01 . Other Events.

On February 24, 2011, the SEC issued an order suspending trading in the common stock of the registrant for the period from February 24, 2011 through March 9, 2011 because the registrant has been delinquent in the filing of its periodic reports since 2004. Prior to the suspension, the registrant’s common stock was quoted on the OTC Link under the ticker symbol “CAAUF.” A copy of the SEC’s order is publicly available at www.sec.gov under Litigation – Trading Suspensions.

Also on February 24, 2011, the SEC issued an order instituting public administrative proceedings against the registrant pursuant to Section 12(j) of the Securities Exchange Act of 1934 (the “Exchange Act”) to suspend for a period not exceeding twelve months or revoke the registration of the registrant’s common stock under Section 12 of the Exchange Act. A copy of the SEC’s order is publicly available at www.sec.gov under Litigation – Administrative Proceedings.

Item 9.01. Financial Statements and Exhibits


Regulation
S-K Number Document

16.1 Letter from Eide Bailly LLP dated March 1, 2011


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CALAIS RESOURCES, INC.


March 2, 2011

By: /s/ David K. Young
David K. Young
President

Exhibit

Regulation
S-K Number Document

16.1 Letter from Eide Bailly dated March 1, 2011

EXHIBIT 16.1

LETTER FROM EIDE BAILLY
DATED MARCH 1, 2011

March 1, 2011

United States Securities and Exchange Commission
Washington, DC 20549

Ladies and Gentlemen:

On February 28, 2011, we were notified of our dismissal as the independent registered public accountants for Calais Resources, Inc.

We have been furnished with a copy of the disclosures included in Item 4.01 of the Form 8-K to be filed by Calais Resources, Inc., and we agree with the statements made in those disclosures insofar as they relate to our Firm. We have not been requested to, nor are providing any representations related to the other disclosures included in this Form 8-K.

/s/ Eide Bailly LLP

Eide Bailly LLP

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7768246

------------------------------------------------------------------

Second 8 K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report : March 10, 2011

Calais Resources, Inc.

British Columbia 000-29392 98-0434111
(State or other jurisdiction
of incorporation) (Commission File Number) (IRS Employer Identification No.)


4415 Caribou Road, P.O. Box 653, Nederland, CO 80466-0653
(Address of principal executive offices) (Zip Code)


Registrant’s telephone number, including area code: [phone]


Item 4.01 Changes in Registrant’s Certifying Accountant.


On March 10, 2011 (the “Engagement Date”), the registrant engaged StarkSchenkein, LLP as its independent registered public accounting firm.


During the registrant’s two most recent fiscal years and the subsequent interim period preceding the Engagement Date, neither the registrant nor anyone on its behalf consulted StarkSchenkein regarding either (1) the application of accounting principles to a specified transaction regarding the registrant, either completed or proposed, or the type of audit opinion that might be rendered on the registrant’s financial statements; or (2) any matter regarding the registrant that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) or a reportable event (as defined Item 304(a)(1)(v) of Regulation S-K).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CALAIS RESOURCES, INC.


March 10, 2011

By: /s/ David K. Young
David K. Young
President

[Stock]

trading?

Prices
Date Open High Low Close Volume Adj Close*
Mar 23, 2011 0.18 0.25 0.15 0.22 239,000 0.22
Mar 22, 2011 0.14 0.17 0.11 0.17 169,000 0.17
Mar 21, 2011 0.11 0.15 0.11 0.14 411,700 0.14
Mar 18, 2011 0.11 0.17 0.11 0.17 75,000 0.17
Mar 17, 2011 0.14 0.18 0.11 0.15 482,500 0.15
Mar 16, 2011 0.15 0.18 0.12 0.16 421,900 0.16
Mar 15, 2011 0.14 0.22 0.10 0.17 670,800 0.17
Mar 14, 2011 0.19 0.22 0.05 0.15 777,200 0.15
Mar 11, 2011 0.24 0.26 0.20 0.21 343,000 0.21
Mar 10, 2011 0.30 0.30 0.23 0.23 45,800 0.23

http://finance.yahoo.com/q/hp?s=CAAUF.PK+Historical+Prices

[Renee]

CAAUF revoked :

http://www.sec.gov/litigation/admin/2011/34-64093.pdf

[Renee]

SEC Suspension for CAAUF :

http://www.sec.gov/litigation/suspensions/2011/34-63951.pdf

Administrative Proceeding :

http://www.sec.gov/litigation/admin/2011/34-63952.pdf

[HighPriestess]

Let's see if we break .40 today, if we do we could see .45. That would be fun.

[HighPriestess]

Yes I did and I like what I see and I know a couple of other people were buying today. I think if this breaks .40 we will GAP up to .51 quickly since there is a GAP down from .51 to .40. And that would be fun.

Also I saw that Dex showed where there is a GAP down from $1.14 to .40. Maybe we could run even faster up. Could it happen? Thank you.

[vinnybotz]

its on fire!!! the completion of canadian NI 43-101 technical reports was great news. did you see the updated shareholder on the website? they have some nice things lined up. now is a great time to be a shareholder here.

[HighPriestess]

Hi Vinny, I bought in at .32 on a pure speculation and some merger rumors and look where it is now. I think that they may be coming out with some news soon the way it is trading and all the buying activity. A lot of buying going on and volume over 2M at 2,097,451. This is looking great!

[vinnybotz]

letter from ceo and a new website...

http://www.calaisresources.com/en/investors/shareholderletter1b.pdf

http://www.calaisresources.com/

[vinnybotz]

looks good.

[bbking2003]

Trying to get some info this stock is moving up.

[jamon1]

I will go ahead & get the ball rolling with making the 1st post to say that I am looking forward to investing long-term into this stock.

I like the fact that this is a very low price still to invest in a stock especially, one is investing in a gold &/or silver mining.

Not to mention that this company is mining in the same state where I presently reside-Colorado!

Look forward to reading other individuals that will find themselves on to this post!

Can't wait to start making money!