Mining Company research board

[1manband]

SEC suspends Arizona Gold Scam.

Preston Corporation - PSNP. Preston claimed to be opening the West Port Gold Mine near Quartzsite, Arizona. A placer mine, of course. Yesterday they put out this release:

http://www.prnewswire.com/news-releases/preston-corporation-provides-clarification-on-arizona-gold-mine-royalty-acquisition-592036051.html

"To date the project has progressed more than half way through the permitting process with both the Mine Plan and Environmental Assessment approved. The reclamation bond has now been paid to the Bureau of Land Management (BLM). The production and recovery plant are in the final stages of construction at the plant manufacturer's facility and are scheduled to be delivered to Arizona within the next 60 days.

The West Port Mine is forecast to process at least 200,000 tons with a minimum value of $35 per ton gold bearing material per year resulting in the production 6,000 troy ounces of gold yielding over $7,000,000 per year, with a mine life of up to 10 years.

As previously announced, the West Port Mine is a low cost, high grade placer deposit meeting all of Preston's requirements for financing and acquisition. Preston anticipates recording revenue from this royalty in Q1 of 2017."

The SEC hammer came down on them the very next day. According to the SEC suspension notice:

"It appears to the Securities and Exchange Commission that the public interest and the protection of investors require a suspension of trading in the securities of Preston Corp. (a/k/a Preston Royalty Corp.) (CIK No. 0001594219) because of questions regarding the adequacy and accuracy of available information about Preston Corp. in light of a false statement about the permitting status of a mine in the company’s August 10, 2016 press release and questions regarding the adequacy and accuracy of clarifications Preston Corp. provided in a September 1, 2016, press release about the mining project."

https://www.sec.gov/litigation/suspensions/2016/34-78757-o.pdf

Naturally, Preston was also touting impossible "NI 43-101" reports, just like every good US mining scam.