Wednesday, December 22, 2010 1:22:49 PM
Titan Resources International Corp (TNRI) - another Karen Willoughby/Global Sentry Equity Transfer Inc/Bill Akrivos Gold Play?
------------------------------------------------------------------------------------
Titan Resources International Corporation (TNRI)
3 MAJOR RED FLAGS = Karen Willoughby, Bill Akrivos, Global Sentry Equity Transfer Inc
--------------------------------------------------------------------------------------
Bill Akrivos
Current CEO (since June 25, 2010)
His last Gold Mine company got suspended (Magellan Energy, Ltd.)(MGLG)
Turned out to be a hijacked shell with no real operations that got heavily diluted
http://www.sec.gov/litigation/suspensions/2009/34-60707.pdf
Other companies Bill Avrivos was involved with:
Alco Energy (ACOE) - formerly Startale Group Inc and currently A&J Venture Capital Group, Inc (AJVE)
Dunwynn Exploration Inc (DNXP)
--------------------------------------------------------------------------------
Karen Willoughby
Karen has been involved with Titan Resources since at least 2007
--------------------------
Karen Willoughby also worked for Brownstone Resources Inc (BWNR) a failed mining company (sounds like that company also dragged out the "progress" of it's operations for months just to end up never accomplishing anything) - now known as Pomsta Group, Inc (BWNR) - very limited information on the pink sheets
-------------------------
Karen Willoughby is also the long time IR person for Probe Mines Limited (since Nov 2006)
http://findarticles.com/p/articles/mi_pwwi/is_200611/ai_n16888104/
Karen Willoughby is also the Manager, Corporate Affairs for Canstar Resources Inc
Both trading on the TSX-V
---------------------------
Karen Willoughby is also the IR person for Magellan Energy Ltd (MGLG) - Grey Market Stock that was diluted to death.
The company phone number is/was a direct line to Karen Willoughby: (1-866-365-4724)
http://investorshub.advfn.com/boards/board.aspx?board_id=7326
Stock was suspended by the SEC on September 23, 2009
http://www.sec.gov/litigation/suspensions/2009/34-60707.pdf
Magellan Energy Ltd (MGLG) is named in current litigation with the Ontartio Securites Commision regarding highjacked Shell companies
This case involves a scheme effected between November 2003 through at least mid-2007 by Irwin Boock ("Boock"), Stanton B.J. DeFreitas ("DeFreitas"), Nicolette D. Loisel ("Loisel"), Roger L. Shoss ("Shoss"), and Jason C. Wong ("Wong") to hijack dozens of defunct publicly-traded corporations, or their identities, for use by private corporations passing themselves off as the defunct publicly-traded corporations, and to offer and sell their securities in violation of the antifraud and registration requirements of the federal securities laws
http://www.mediafire.com/file/z760zn6x590jq21/BOOCK%20et%20al%20SEC%20Case.doc
40. Magellan Energy Ltd. is a Delaware corporation formerly known as The Eastwind Group, Inc., which the hijackers incorporated on November 8, 2005 under the same name as a then-defunct company also incorporated in Delaware. As of September 1, 2009, the company's common stock was quoted on the Pink .OTC Markets (symbol "MGLG"), had market makers, and was eligible for the piggyback exemption of Exchange Act Rule 15c2-11(0(3).
More on that case: (currently adjourned until January 27, 2011 at 2 p.m.
http://www.osc.gov.on.ca/en/Proceedings_enr_20101206_boocki.htm?wloc=141NOEN&id=30053EN
Related links:
http://www.sec.gov/litigation/complaints/2009/comp21243.pdf
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:*SEC-1777342&symbol=*SEC&news_region=C
Jean-Francois Amyot of Hilbroy Advisory is mentioned in that article. Hilbroy Advisory did an alert for CNEX Cannon Explorations Inc:
http://www.itsallbull.net/report_load.php?id=934
Amyot, Hilbroy Advisory, and the promoters connected to them have quite the bad reputation in the stock scam world - too much bad stuff to go into in this report
---------------------------------------
Karen Willoughby was also the IR person for HouseRaising, Inc (HRAI) - labeled as NO INFORMATION on pink sheets - No filings in over 2 1/2 years
----------------------------------------
Karen Willoughby was also the IR person for China Jiangsu Golden Horse Steel Ball, Inc
(CJGH) Edwin Solano was also a Director of this company at this time
China Jiangsu Golden Horse Steel Ball, Inc (CJGH) later became a mining company - Santana Mining, Inc (SNTZ)
Santana Mining, Inc (SNTZ) is Cavaet Emptor - NO INFORMATION - there is NOTHING on file ever for this company under this name or any previous names with the OTC/SEC
----------------------------------------
Karen Willoughby was also the IR person for Infinity Medical Group Inc (IMGR) - another stock that was diluted to death. The OTC gives this stock a NO INFORMATION rating - last OTC/SEC filing was from 2002 and share count information isn't listed on the pink sheets
http://investorshub.advfn.com/boards/board.aspx?board_id=9467
Last share count given to Investors for this stock was from October of 2009
O/S on 10/20/09 - 4,295,175,569
Karen Willoughby's response to an investor when they showed concern about IMGR being dropped down to a NO INFORMATION listing on the pink sheets
------------------------------------
In Summary - Karen Willoughby seems to have a history of working for non-reporting, extremely limited information pink sheet companies that end up being diluted to death and accomplish very little to nothing that is published in their press releases
----------------------------------------------------------------------------------
Transfer Agent = Global Sentry Equity Transfer Inc
This Canadian Transfer Agent has a disturbing record of working for companies with heavy dilution that never follow through with their press releases more than half of their companies are on the grey sheets or pink sheets - no information. Including working for 6 of the 7 Karen Willoughby pink sheet companies. Research the following companies to learn more:
Cannon Exploration, Inc (CNEX)
Magellan Energy Ltd, (MGLG)
Brownstone Resources (BWNR)
Santana Mining, Inc (SNTZ)
China Jiangsu Golden Horse Steel Ball, Inc (CJGH)
Infinity Medical Group, Inc (IMGR)
Unique Transportation Solutions, Inc (UGTR)
Paco Integrated Energy, Inc. (PACO)
D Mecatronics, Inc. (DMTA)
---------------------------------------------------------------------------------------
Other Red Flags:
No 8K or 10K filings to support any of the press release claims
Virtual Office
300 International Drive Suite 100 (this place offers virtual offices)
Williamsville Buffalo, NY 14221
Phone: 716-626-3035
Titan Resources has a history of heavy dilusion
List of securities offerings and shares issued since inception
In 2008, the Company issued an aggregate of 335,858,585 shares of common stock via 504 funding.
In 2009, the Company issued an aggregate of 1,544,444,444 shares of common stock via 504 funding.
Ending June 30th, 2010, the company issued an aggregate 5,625,000,000 shares of common stock via 504 funding
On 5/25/2010 The company filed an amendment for a 2000-1 Reverse Split
Previously the company had done a 1000-1 Reverse Split on 8/14/06
Most Current Share Count:
O/S - 28,987,414 (Sept 30, 2010)
A/S - N/A
-----------------------------------------------------------------------------------
Other Company Information:
Rowensie Felicilda Director
Wyoming Business Entity
https://wyobiz.wy.gov/Business/FilingDetails.aspx?FilingNum=2006-000521702
Company Website:
http://www.titan-resource.com
Titan Claims to Own a Mining Property in the Sault Ste. Marie mining division of Northern Ontario, Canada just outside of Dryden in the "Napanee Lake" area - “Norgold” Property
63 Titan Resources International Corp. (Norgold Property) Melgund Township - LC (linecutting) GM (ground magnetic survey) SAMP (Sampling - other than bulk)
http://exploredryden.ca/photos/custom/Exploration%20activity%20for%202008%20and%20until%20Aug%2001%202009.pdf%20-%20Adobe%20Acrobat%20Professional.pdf
I cannot find this mine listed any where on the Ontario Ministry of Northern Development, Mines and Forestry. Could be because it is a claim only and was never an active mine:
http://www.geologyontario.mndmf.gov.on.ca/
http://www.mci.mndm.gov.on.ca/claims/clm_mmen.cfm
---------------------------------
Titan first did a Press Release about developing the mine back in October and November of 2008 (over 2 years ago) and very typically of other Karen Willoughby linked mining companies very little progress has been done over a long period of time.
http://www.miningtopnews.com/search/norgold+dryden
Oct 23, 2008 - Titan announces that exploration work has begun on the Norgold property
Oct 25, 2008 - Titan announces that the property next to Norgold was an active mine from 1897-1902
Oct 27, 2008 - Titan announces that initial work on the Norgold property has been completed
Nov 18, 2008 - Titan announces that the "next stage" of development of the Norgold property has begun
on Jan 11, 2010 Titan PRed that they had completed additional work on the Norgold property; Assay Results Pending but no Assay Results were ever published except for the following pitiful data in a Jan 27, 2010 press release:
The following values selected by the company represent the best of the assay results;
Sample # Au g/t
87402 30.80
87403 23.70
87410 6.48
87412 97.60
709255 4.66
709258 14.47
709260 32.44
The Norgold property was mentioned one more time in a Nov 22, 2010 press release which stated that Titan completed the Geological Assessment of the property
Titan Resources offers limited information about the mine. The information listed on their website is about the adjacent claim to the "Norgold" property which leaves me with the impression that there is nothing good they can state about the "Norgold" property
Titan Resources offers no actual reports to it's shareholders. Nothing listing any surveying results or sampling results of the property. No contracts for the property are on file. Nothing. Only press releases.
-------------------------------------------
Other Press Releases:
On January 12, 2010 Titan claims to have entered into a letter of intent to acquire another mine - the "Coopers" property located in Val-d'or Quebec, Canada
On Feb 10, 2010 Titan announces that it plans to explore this Val-d'or Property - the area has a rich history of mining exploration/production
No Filings are ever done for this property to make anything official. No contracts are ever filed. And this property drops out of the press releases
--------------------------------------------
On November 18, 2010 Titan announces another letter of intent to acquire another property this time a silver bearing property in British Columbia - this time the property is not even named.
On December 17, 2010 Titan follows up the letter of intent PR with another PR about the silver bearing property this time saying they signed a Mining Option Agreement for the property. The property again is not named, but more details about the area are given - in the Slocan Area of BC, Canada, halfway between Zincton and Retallack, an abandoned mining community 18 km northeast of New Denver.
So far no mining titles show up for Titan Resources International Inc in British Columbia:
https://www.mtonline.gov.bc.ca/mtov/jsp/searchTenures.jsp
And so far no filings exist with the OTC/SEC to make any of these agreements official. No copies of contract. Nothing.
-------------------------------------------------------------------------------------------------------------------------------------
TNRI had no OTC/SEC filings prior to Sept 17, 2010 - not even an 8K for the change in directors
Financials:
In 2008 Titan's unaudited financials showed $0 in revenues and a net loss for the year of $55,484 and a total balance of $224 going into 2009
In 2009 Titan's unaudited financials showed $0 in revenues and a net loss for the year of $118,526 (for a total net loss of $200,945) and a total balance of $1,790 going into 2010
From Oct 2008 - Feb 2009 almost 8 BILLION shares (7,853,000,000) were issued for Director Compensation
The most Recent Quarterly Report shows absolutely no operations going on with the company. The company states it has no funds to sustain any operations and will need to raise additional funds to continue its business model.
Titan lists no research or development plans.
Titan shows a net loss of $447,642 for the 9 months so far of 2010 and an accumulated debt of $648,587 and a total of $1,243 cash in the budget
Going Concern:
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, during the six month period ended September 30, 2010, the Company incurred a loss of $447,642. In addition, the Company has an accumulated deficit of $648,587. It is the intention of the Company's stockholders to fund capital shortfalls for the foreseeable future.
----------------------------------------------------------------------------------
Similarities to Canon Exploration, Inc (CNEX)
-Same IR - Karen Willoughby
-Same TA - Global Sentry Equity Transfer Inc
-Property in the same area - Northern Ontario (Kenora District)
-Property under the same name - International Precious Metals Group
-Same Press Release patterns - months and months and months of slow progress on the mines with no actual current reports or flings being provided to back up the press release claims
-Company is operating with no money and a large deficit
-Company has a history of tons of dilution
DD on CNEX:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58047751
Other Gold plays linked to Karen Willoughby and Global Sentry Equity Transfer Inc that show the same patterns and histories :
Magellan Energy Ltd, (MGLG)
Brownstone Resources (BWNR)
Santana Mining, Inc (SNTZ)
China Jiangsu Golden Horse Steel Ball, Inc (CJGH)
-----------------------------------------------------------------------------------
CONCLUSION
Based on my research, my opinion is that Titan Resources is a nearly identical replay of the Cannon Exploration, Inc (CNEX) gold play. CNEX dipped down to $.0001 today.
I feel that regardless of whether Titan Resources owns the rights to obtain revenue from the Norgold Property or not is irrelevant at this point. The company has made if very clear in its filings that it lacks the funding to move forward with any operations. Doing a 43-101 and making the mine into a producing mine costs lots and lots of money. Money they do not have.
Researching this company and taking into consideration the history of other companies linked to the individuals involved in Titan Resources gives me the impression that the company is basically dragging out the progress of it's mining operations for the mere purpose of selling as many shares into the market as possible. I am under the impression that the company is making no real viable attempt to achieve anything with the Norgold property except to use it to sell stock with total disregard for the shareholders.
I predict that Titan Resources International Corporation will continue to drag out progress of the Norgold property never actually conducting a real geologist report or using the property for actual gold exploration/production. The company will continue it's pattern of not filing anything with the OTC/SEC to back up any of it's press release claims and over time will repeat it's process from the past of diluting large amounts of shares into the market. Titan Resources has potential for investors to make short term gains on the stock if they play it properly, but most investors will get suckered by the misleading press releases and promotional/dilution games of the people running the company and lose in the long run if they decide to use Titan Resources as a long term hold.
Be very cautious if you choose to invest in this gold play. Don't do it because you believe anything that is being said in the press releases.
------------------------------------------------------------------------------------
Titan Resources International Corporation (TNRI)
3 MAJOR RED FLAGS = Karen Willoughby, Bill Akrivos, Global Sentry Equity Transfer Inc
--------------------------------------------------------------------------------------
Bill Akrivos
Current CEO (since June 25, 2010)
His last Gold Mine company got suspended (Magellan Energy, Ltd.)(MGLG)
Turned out to be a hijacked shell with no real operations that got heavily diluted
http://www.sec.gov/litigation/suspensions/2009/34-60707.pdf
Other companies Bill Avrivos was involved with:
Alco Energy (ACOE) - formerly Startale Group Inc and currently A&J Venture Capital Group, Inc (AJVE)
Dunwynn Exploration Inc (DNXP)
--------------------------------------------------------------------------------
Karen Willoughby
Karen has been involved with Titan Resources since at least 2007
--------------------------
Karen Willoughby also worked for Brownstone Resources Inc (BWNR) a failed mining company (sounds like that company also dragged out the "progress" of it's operations for months just to end up never accomplishing anything) - now known as Pomsta Group, Inc (BWNR) - very limited information on the pink sheets
-------------------------
Karen Willoughby is also the long time IR person for Probe Mines Limited (since Nov 2006)
http://findarticles.com/p/articles/mi_pwwi/is_200611/ai_n16888104/
Karen Willoughby is also the Manager, Corporate Affairs for Canstar Resources Inc
Both trading on the TSX-V
---------------------------
Karen Willoughby is also the IR person for Magellan Energy Ltd (MGLG) - Grey Market Stock that was diluted to death.
The company phone number is/was a direct line to Karen Willoughby: (1-866-365-4724)
http://investorshub.advfn.com/boards/board.aspx?board_id=7326
Stock was suspended by the SEC on September 23, 2009
http://www.sec.gov/litigation/suspensions/2009/34-60707.pdf
Magellan Energy Ltd (MGLG) is named in current litigation with the Ontartio Securites Commision regarding highjacked Shell companies
This case involves a scheme effected between November 2003 through at least mid-2007 by Irwin Boock ("Boock"), Stanton B.J. DeFreitas ("DeFreitas"), Nicolette D. Loisel ("Loisel"), Roger L. Shoss ("Shoss"), and Jason C. Wong ("Wong") to hijack dozens of defunct publicly-traded corporations, or their identities, for use by private corporations passing themselves off as the defunct publicly-traded corporations, and to offer and sell their securities in violation of the antifraud and registration requirements of the federal securities laws
http://www.mediafire.com/file/z760zn6x590jq21/BOOCK%20et%20al%20SEC%20Case.doc
40. Magellan Energy Ltd. is a Delaware corporation formerly known as The Eastwind Group, Inc., which the hijackers incorporated on November 8, 2005 under the same name as a then-defunct company also incorporated in Delaware. As of September 1, 2009, the company's common stock was quoted on the Pink .OTC Markets (symbol "MGLG"), had market makers, and was eligible for the piggyback exemption of Exchange Act Rule 15c2-11(0(3).
More on that case: (currently adjourned until January 27, 2011 at 2 p.m.
http://www.osc.gov.on.ca/en/Proceedings_enr_20101206_boocki.htm?wloc=141NOEN&id=30053EN
Related links:
http://www.sec.gov/litigation/complaints/2009/comp21243.pdf
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:*SEC-1777342&symbol=*SEC&news_region=C
Jean-Francois Amyot of Hilbroy Advisory is mentioned in that article. Hilbroy Advisory did an alert for CNEX Cannon Explorations Inc:
http://www.itsallbull.net/report_load.php?id=934
Amyot, Hilbroy Advisory, and the promoters connected to them have quite the bad reputation in the stock scam world - too much bad stuff to go into in this report
---------------------------------------
Karen Willoughby was also the IR person for HouseRaising, Inc (HRAI) - labeled as NO INFORMATION on pink sheets - No filings in over 2 1/2 years
----------------------------------------
Karen Willoughby was also the IR person for China Jiangsu Golden Horse Steel Ball, Inc
(CJGH) Edwin Solano was also a Director of this company at this time
China Jiangsu Golden Horse Steel Ball, Inc (CJGH) later became a mining company - Santana Mining, Inc (SNTZ)
Santana Mining, Inc (SNTZ) is Cavaet Emptor - NO INFORMATION - there is NOTHING on file ever for this company under this name or any previous names with the OTC/SEC
----------------------------------------
Karen Willoughby was also the IR person for Infinity Medical Group Inc (IMGR) - another stock that was diluted to death. The OTC gives this stock a NO INFORMATION rating - last OTC/SEC filing was from 2002 and share count information isn't listed on the pink sheets
http://investorshub.advfn.com/boards/board.aspx?board_id=9467
Last share count given to Investors for this stock was from October of 2009
O/S on 10/20/09 - 4,295,175,569
Karen Willoughby's response to an investor when they showed concern about IMGR being dropped down to a NO INFORMATION listing on the pink sheets
------------------------------------
In Summary - Karen Willoughby seems to have a history of working for non-reporting, extremely limited information pink sheet companies that end up being diluted to death and accomplish very little to nothing that is published in their press releases
----------------------------------------------------------------------------------
Transfer Agent = Global Sentry Equity Transfer Inc
This Canadian Transfer Agent has a disturbing record of working for companies with heavy dilution that never follow through with their press releases more than half of their companies are on the grey sheets or pink sheets - no information. Including working for 6 of the 7 Karen Willoughby pink sheet companies. Research the following companies to learn more:
Cannon Exploration, Inc (CNEX)
Magellan Energy Ltd, (MGLG)
Brownstone Resources (BWNR)
Santana Mining, Inc (SNTZ)
China Jiangsu Golden Horse Steel Ball, Inc (CJGH)
Infinity Medical Group, Inc (IMGR)
Unique Transportation Solutions, Inc (UGTR)
Paco Integrated Energy, Inc. (PACO)
D Mecatronics, Inc. (DMTA)
---------------------------------------------------------------------------------------
Other Red Flags:
No 8K or 10K filings to support any of the press release claims
Virtual Office
300 International Drive Suite 100 (this place offers virtual offices)
Williamsville Buffalo, NY 14221
Phone: 716-626-3035
Titan Resources has a history of heavy dilusion
List of securities offerings and shares issued since inception
In 2008, the Company issued an aggregate of 335,858,585 shares of common stock via 504 funding.
In 2009, the Company issued an aggregate of 1,544,444,444 shares of common stock via 504 funding.
Ending June 30th, 2010, the company issued an aggregate 5,625,000,000 shares of common stock via 504 funding
On 5/25/2010 The company filed an amendment for a 2000-1 Reverse Split
Previously the company had done a 1000-1 Reverse Split on 8/14/06
Most Current Share Count:
O/S - 28,987,414 (Sept 30, 2010)
A/S - N/A
-----------------------------------------------------------------------------------
Other Company Information:
Rowensie Felicilda Director
Wyoming Business Entity
https://wyobiz.wy.gov/Business/FilingDetails.aspx?FilingNum=2006-000521702
Company Website:
http://www.titan-resource.com
Titan Claims to Own a Mining Property in the Sault Ste. Marie mining division of Northern Ontario, Canada just outside of Dryden in the "Napanee Lake" area - “Norgold” Property
63 Titan Resources International Corp. (Norgold Property) Melgund Township - LC (linecutting) GM (ground magnetic survey) SAMP (Sampling - other than bulk)
http://exploredryden.ca/photos/custom/Exploration%20activity%20for%202008%20and%20until%20Aug%2001%202009.pdf%20-%20Adobe%20Acrobat%20Professional.pdf
I cannot find this mine listed any where on the Ontario Ministry of Northern Development, Mines and Forestry. Could be because it is a claim only and was never an active mine:
http://www.geologyontario.mndmf.gov.on.ca/
http://www.mci.mndm.gov.on.ca/claims/clm_mmen.cfm
---------------------------------
Titan first did a Press Release about developing the mine back in October and November of 2008 (over 2 years ago) and very typically of other Karen Willoughby linked mining companies very little progress has been done over a long period of time.
http://www.miningtopnews.com/search/norgold+dryden
Oct 23, 2008 - Titan announces that exploration work has begun on the Norgold property
Oct 25, 2008 - Titan announces that the property next to Norgold was an active mine from 1897-1902
Oct 27, 2008 - Titan announces that initial work on the Norgold property has been completed
Nov 18, 2008 - Titan announces that the "next stage" of development of the Norgold property has begun
on Jan 11, 2010 Titan PRed that they had completed additional work on the Norgold property; Assay Results Pending but no Assay Results were ever published except for the following pitiful data in a Jan 27, 2010 press release:
The following values selected by the company represent the best of the assay results;
Sample # Au g/t
87402 30.80
87403 23.70
87410 6.48
87412 97.60
709255 4.66
709258 14.47
709260 32.44
The Norgold property was mentioned one more time in a Nov 22, 2010 press release which stated that Titan completed the Geological Assessment of the property
Titan Resources offers limited information about the mine. The information listed on their website is about the adjacent claim to the "Norgold" property which leaves me with the impression that there is nothing good they can state about the "Norgold" property
Titan Resources offers no actual reports to it's shareholders. Nothing listing any surveying results or sampling results of the property. No contracts for the property are on file. Nothing. Only press releases.
-------------------------------------------
Other Press Releases:
On January 12, 2010 Titan claims to have entered into a letter of intent to acquire another mine - the "Coopers" property located in Val-d'or Quebec, Canada
On Feb 10, 2010 Titan announces that it plans to explore this Val-d'or Property - the area has a rich history of mining exploration/production
No Filings are ever done for this property to make anything official. No contracts are ever filed. And this property drops out of the press releases
--------------------------------------------
On November 18, 2010 Titan announces another letter of intent to acquire another property this time a silver bearing property in British Columbia - this time the property is not even named.
On December 17, 2010 Titan follows up the letter of intent PR with another PR about the silver bearing property this time saying they signed a Mining Option Agreement for the property. The property again is not named, but more details about the area are given - in the Slocan Area of BC, Canada, halfway between Zincton and Retallack, an abandoned mining community 18 km northeast of New Denver.
So far no mining titles show up for Titan Resources International Inc in British Columbia:
https://www.mtonline.gov.bc.ca/mtov/jsp/searchTenures.jsp
And so far no filings exist with the OTC/SEC to make any of these agreements official. No copies of contract. Nothing.
-------------------------------------------------------------------------------------------------------------------------------------
TNRI had no OTC/SEC filings prior to Sept 17, 2010 - not even an 8K for the change in directors
Financials:
In 2008 Titan's unaudited financials showed $0 in revenues and a net loss for the year of $55,484 and a total balance of $224 going into 2009
In 2009 Titan's unaudited financials showed $0 in revenues and a net loss for the year of $118,526 (for a total net loss of $200,945) and a total balance of $1,790 going into 2010
From Oct 2008 - Feb 2009 almost 8 BILLION shares (7,853,000,000) were issued for Director Compensation
The most Recent Quarterly Report shows absolutely no operations going on with the company. The company states it has no funds to sustain any operations and will need to raise additional funds to continue its business model.
Titan lists no research or development plans.
Titan shows a net loss of $447,642 for the 9 months so far of 2010 and an accumulated debt of $648,587 and a total of $1,243 cash in the budget
Going Concern:
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, during the six month period ended September 30, 2010, the Company incurred a loss of $447,642. In addition, the Company has an accumulated deficit of $648,587. It is the intention of the Company's stockholders to fund capital shortfalls for the foreseeable future.
----------------------------------------------------------------------------------
Similarities to Canon Exploration, Inc (CNEX)
-Same IR - Karen Willoughby
-Same TA - Global Sentry Equity Transfer Inc
-Property in the same area - Northern Ontario (Kenora District)
-Property under the same name - International Precious Metals Group
-Same Press Release patterns - months and months and months of slow progress on the mines with no actual current reports or flings being provided to back up the press release claims
-Company is operating with no money and a large deficit
-Company has a history of tons of dilution
DD on CNEX:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58047751
Other Gold plays linked to Karen Willoughby and Global Sentry Equity Transfer Inc that show the same patterns and histories :
Magellan Energy Ltd, (MGLG)
Brownstone Resources (BWNR)
Santana Mining, Inc (SNTZ)
China Jiangsu Golden Horse Steel Ball, Inc (CJGH)
-----------------------------------------------------------------------------------
CONCLUSION
Based on my research, my opinion is that Titan Resources is a nearly identical replay of the Cannon Exploration, Inc (CNEX) gold play. CNEX dipped down to $.0001 today.
I feel that regardless of whether Titan Resources owns the rights to obtain revenue from the Norgold Property or not is irrelevant at this point. The company has made if very clear in its filings that it lacks the funding to move forward with any operations. Doing a 43-101 and making the mine into a producing mine costs lots and lots of money. Money they do not have.
Researching this company and taking into consideration the history of other companies linked to the individuals involved in Titan Resources gives me the impression that the company is basically dragging out the progress of it's mining operations for the mere purpose of selling as many shares into the market as possible. I am under the impression that the company is making no real viable attempt to achieve anything with the Norgold property except to use it to sell stock with total disregard for the shareholders.
I predict that Titan Resources International Corporation will continue to drag out progress of the Norgold property never actually conducting a real geologist report or using the property for actual gold exploration/production. The company will continue it's pattern of not filing anything with the OTC/SEC to back up any of it's press release claims and over time will repeat it's process from the past of diluting large amounts of shares into the market. Titan Resources has potential for investors to make short term gains on the stock if they play it properly, but most investors will get suckered by the misleading press releases and promotional/dilution games of the people running the company and lose in the long run if they decide to use Titan Resources as a long term hold.
Be very cautious if you choose to invest in this gold play. Don't do it because you believe anything that is being said in the press releases.
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