Firstgold Corp (fka FGOCQ)

[tvmetguy]

FGOCQ- Working on Safe Commons DD MUST READ

In reverse chronological order.

1) FGOCQ ordered a fully complient report on the mineralizations at the Relief Caynon on June 7, 2010 which would set this up for investors and a merger to take place. Here is the report, which was completed after the voluntary bk.

http://reliefcanyon.com/uploads/MDA_Relief_Cyn_43-101_2010_Final__2_.pdf

2) Then, we learned that the former CEO of FGOC, Mark Dockter, formed Dura Rock and became the CEO of SELR. SELR was set up 2 weeks before on May 27th, 2010 as a mining exploration company focusing on merging with Nevada based mines who are awaiting full production! Some amalgam of Dura Rock/SELR could be the merger!

http://www.durarockresources.com
Key Executives
Mr. A. Scott Dockter

SELR

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7409342

Excerpt from page 8 from the above link:

Steele Resource, Inc. was incorporated on May 27, 2010 as an exploration and mining company which will focus on identifying and developing advanced stage precious metal exploration projects which show potential to achieve full production. The overall business strategy is to identify, develop and operate mineral exploration properties and to provide mine development and operations services to mining properties located initially in the Western United States and Nevada in particular. The initial business strategy is to service the niche market between speculative exploration and large scale production. (That's FGOC!)

3) It all starts with the court proceedings on April 27th, 2010 that FGOC is trying to merge with Dura Rock and PRESERVE the COMMONS Since the merger was not ready yet (read the full document) the secured creditors were given the rights to liquidate the assets while awaiting the merger process. The creditors have not sold anything yet, merger pending. Here is a link to what the assets are, its huge (read the disclaimer, its run by Firstgold, not Platinum who are the creditors!)

http://reliefcanyon.com/Home_Page.html

Here is a link to the court documents from April 27th.

http://www.sidedraught.com/stocks/FGOCQ/04202010%20Hearing/Transcript-%5BCourtesy%20Iggles2009%5D-Reno_Firstgold%20Corp_042010.pdf

Read pages 14 and 15!

MR. HARRIS: Because we want to propose a plan of
7 reorganization with Dura Rock -- with Dura Rock -- which is not
8 involved in this bankruptcy yet. We want to propose a plan
9 that has nothing to do with the real and personal property
10 collateral belonging to Platinum. We want to do something for
11 the creditors and the shareholders. And there is --
12 THE COURT: Explain to me -- I mean, this is totally
13 new to me. I don’t remember reading anything about Dura Rock.
14 MR. HARRIS: No.
15 THE COURT: I don’t know what you’re talking --
16 MR. HARRIS: Your Honor, I mean, as of yesterday we
17 were hoping to do a deal. We were hoping that we could
18 avoid --
19 THE COURT: Well, if they’re -- they had a -- “they,”
20 these two secured creditors, have, seem to me, very inclusive
21 deeds of trust and other security agreements.
22 MR. HARRIS: UCC’s and deeds of trusts. We agree.
23 THE COURT: What’s left?
24 MR. HARRIS: We’re not going to reorganize around the
25 real and personal property collateral of Platinum.
EXCEPTIONAL REPORTING SERVICES, INC
15
1 THE COURT: What’s left?
2 MR. HARRIS: Your Honor, we have approximately 40,
3 50-million-dollar NOL that we want to preserve, and there is
4 benefit for the creditors as far as money --5 THE COURT: So, you’re going to use their net
6 operating losses?
7 MR. HARRIS: No, no. We’re going to -- we’re going
8 to merge -- our goal is to merge with Dura Rock or have Dura
9 Rock acquire us or we’ll acquire Dura Rock, which will then
10 infuse --11 THE COURT: The successor gets to utilize the NOL’s.
12 MR. HARRIS: Right. And then we’ll have some
13 infusion of monies so we can -- you know, the goal is to pay
14 the employee wage claims, to issue stock to the other accounts
15 payable creditors, and to have something in it for shareholders
16 if the code allows for it. But it’s --

4) Lasty, on April 27th, 2010 we learned that the secured creditors are allowing the sales of the property to result in a dividend for the commons. The creditors are owed around 22 million dollars, of which they have 22 mil worth of equipment they could sell. The mining assets are 113,000 oz of gold in the ground, or 152 mil! As gold goes up in price FGOCQ becomes more valuable by the day.

http://www.sidedraught.com/stocks/FGOCQ/04202010%20Hearing/Transcript-%5BCourtesy%20Iggles2009%5D-Reno_Firstgold%20Corp_042010.pdf

Read page 18

Mr. Reiss is the lawyer for the secured creditors.


22 THE COURT: Mr. Reiss, that gives you some time to
23 adequately prepare a written memorialization of what’s been
24 agreed to. And, from what I understand, it’s going to give
25 your clients full relief, probably as full as you would have
1 received from me based upon the motion that was pending, while
2 at the same time perhaps providing an avenue for unsecured
3 creditors to obtain some kind of dividend in this case. So, I
4 don’t -- do you have any --
5 MR. REISS: That’s fine, your Honor.

5) We are awaiting a merger or a liquidation of all assets, which is valued at over 100 million USD>