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So, what are reasons to bring this history up?
Found 'em: 5,000-1 then 500-1, per the 10Q dated 01/31/2014:
Anyone remember what sequence of reverse splits CGFI pulled?
Surprised this isn't delisted yet.
Late on everything.
I'm sure you've never placed a foot on the POW mill property or talked personally with any of the principals, let alone ever been to Gladstone. Unfortunate that you haven't, but hey, it is what it is, no? Make them up and repeat them often enough until you believe them.........
And you would be wrong.
Wonder if there is anything left of the POW?
Lmao. R some of you still trying to promote this POS. If it would be legit I would still have my 20 million shares. I sure wish I had listened to Kitt P a long time ago.
King Zulu.
Yes, it would have.
AK
The Oversight and Reform Committee recently conducted a hearing about the spill. I'm posting a link to the first of two parts. These are really long, but interesting if you've followed this stock. All throughout the question of what is to be done with all these abandoned mines came up. The Animas River Stakeholders Group and Hennis are mentioned a few times. If the mill was running now it would have been a start.
Funny exchange. Ficose, I and others have actually visited, laid eyes upon and otherwise viewed facts. I'm sure you've never placed a foot on the POW mill property or talked personally with any of the principals, let alone ever been to Gladstone. Unfortunate that you haven't, but hey, it is what it is, no? Make them up and repeat them often enough until you believe them................
AK
You need a new map.
lol, I did read it, way back when, that's why I knew that guyer totally mastermined and wrote the whole thing...I guess you didn't read my post in answer to you... here's the relevant part about guyer.
Also, isn't it interesting that ALL the financial reports were written by guyer himself AFTER he got himself appointed as CFO in 2007 before that item you linked to in 2008? Yes, that's correct, guyer is the author and creator of all the stock games and the architect in the plan to remove Hennis and his employees as owners of cgfi, which cgfi was guyers idea as well. Guyer used a defunct shell Garpa to create his little enterprise and steal a mill and mine away from other owners.
Lol, the buildings are located at the Gold King. There are a lot of things in this world with the same name, doesn't mean they all occupy the same space and time - I'm in this dimension. The document I linked was Hennis - open it up and read it. I agree, it is very interesting.
There's Gladstone Colorado and there's Gladstone mine, not located in the same area of Gold King. That's pretty hard to confuse this.
Also, isn't it interesting that ALL the financial reports were written by guyer himself AFTER he got himself appointed as CFO in 2007 before that item you linked to in 2008? Yes, that's correct, guyer is the author and creator of all the stock games and the architect in the plan to remove Hennis and his employees as owners of cgfi, which cgfi was guyers idea as well. Guyer used a defunct shell Garpa to create his little enterprise and steal a mill and mine away from other owners.
And I'm fairly sure guyer DIDN'T make good on any of the 8,000 a month salary to Hennis because he had no intentions to pay Hennis, just take away the properties for himself and rice and fearn. It worked for quite a while.
I thought the little .org letter writing to cure the cease and desist was a complete farce and waste of anyone's time. It's still C&D.
Uh, isn't the Gold King located at Gladstone?
Think you might want to research a little more on those buildings. Hennis put another map of the area in this old 10K.
http://www.sec.gov/Archives/edgar/data/1344394/000095013408003886/d54537e10ksbza.htm
What's really interesting about this 10K is that it addresses the millions in private placement Hennis made - and the $8,000/mo salary he gave himself - this wasn't payable in locked up shares, like Guyer and Rice, but in cash.
I don't think you have the right location. From my research and Arial views, the Gold King doesn't have any buildings. Perhaps you're confused and are remembering the other mines like the Gladstone, which does have buildings and as a matter of fact, I recall from research back then that guyer and rice leased that complex for so-called mining and drilling operations and put up CGFI signs as well. In my opinion, guyer leased that location to put up phony drill core nonsense and have some physical location to fake his share dilution scam ripoff mining games.
I also remember some possible litigation against guyer for stiffing the owner of Gladstone and others.
guyer is a slime ball and always has been. I heard he's a lousy conductor and musical director as well. Only one person says he's any good with music, and that's guyer in his self written bios.
guyers narcissistic ego is almost as big as his forehead.
Not that impressive, but I have been in this thing since Hennis was CEO and I have done my DD. Maybe that gives me a more informed perspective and therefore an opinion satisfactory to myself.
Just one of the examples that helped form this opinion was my second trip to Silveton when I took the drive up to Hennis' Gold King. The PR's had listed the mine as a customer; however, what surprised me was the well maintained shape of the shop buildings at the mine. The county had recently landscaped the the whole area where these buildings sit, because of the county road intersection there - the land was freshly graded and well sloped, buildings freshly painted, all equipment and parts on the ground well organized, concrete pads swept and bright; impressive. What caused me pause was the sign on the main shop building - a very clean, new looking CGFI sign with letterhead. What the hell? The company didn't own this mine and where did the money come from to make things look this way? In contrast, other than the house that sits at the mill, (which Hennis spent shareholder dollars to have painted), the POW looked run down with weeds surrounding the buildings, sign faded and weather beaten. Rust and neglect.
Concerned me enough to go back to the motel and look up the Q's again on slow wifi. Could find no rhyme nor reason for Hennis to spend CGFI dollars on a non-CGFI asset. Of course, Hennis was not CEO at this time, but it was apparent the money at the mine had been spent while he was. What was he thinking spending shareholder dollars on a non-company asset, even if it was speculative? The fact that this property was personally owned by another of his non-public companies made the term "conflict of interest" an understatement.
This issue caused a lot of confusion for other shareholders that made the DD trip to Silverton. There were more than a couple that went to the mine instead of the mill, thinking that was company property. Who's to blame them? The sign was there. Think about it, taking the time and expense to make the DD trip to a remote location - and never actually seeing company assets.
I believe I tried contacting the company about this issue, but never received a response. In hindsight, the Hennis legal BS made response impossible. This is bared out in the Q's - hundreds of thousands in legal spent in regards to Hennis. Shareholder dollars spent and wasted on the decisions of a prior CEO and his "no money down" mentality.
I look at the stock compensation package of Guyer and the late Lee Rice as being pretty fair to shareholders. They didn't realize any gain until the stock sold. They didn't sell much. Rice's fingers are probably still clutching his shares - he was literally fighting for the company on his death bed. I don't care what anyone says about Rice, he wrote book on mining in Colorado, had integrity and tenacity - spent the last years of his life working for the company and shareholders for less than minimum wage. He didn't say much; talk is cheap and he put money on the line - his own name and his own money.
Comparing Hennis and Rice? A study in contrast - no doubt about it. Hardly off base.
You are way off base. Totally. Completely and blaming the wrong person instead of guyer and fearn and rice who raped the whole package.
There were no stock compensation packages before guyer stepped in. And his pals rice and fearn and the loser excavating dude. Then guyer with fearn and rice's blessing took the company out from under Hennis by giving themselves stock ownership. guyer is responsible for giving himself total control with super voting shares just as he has with 2 previous other companies he drove into the ground. fearn and rice were his partners somewhere along in the past as well.
It was guyer that knew the mine and mill won't be going anywhere and he knew this would be a stock selling bonanza scam mining story he could suck dry.
What's intriguing to me is, as the post I'm responding to, coming from a simple stock owner, the behind the scenes knowledge is impressive.
As a shareholder I blame Hennis. He knew what was in that mine before he bought it. That's why the purchase price was so low. Doesn't take much imagination to see the plan; buy a mine for a few grand, use hundreds of thousands of shareholder dollars from another company(cgfi) to develop the mine, while at the same time litigating yet another company(Sunnyside) to pay for the cleanup. In the end he would have personally owned a mine someone else paid for while the shareholders would gain basically zip. The mine wouldn't be in the company portfolio and the ore milled at that mine would have been processed at a discount. Factoring in the money spent - shareholders would have realized negative cash flow!
A good analogy would be a used car. It's like buying a 1976 Mustang for $50, with 250,000 on the clock and every body panel rusted to nothing, engine froze, that's been sitting in a field for 20 years. Hennis tows his car home and the first thing he does is sue all the prior owners for damages. While that's in the works he starts siphoning off a savings account he shares with his elderly Mom to install a windshield and put new tires on rusted rims. When the lawsuits fall through and his Mom takes his name off her account he jumps up and down, screaming like a little girl. Next day proceeds to sue his Mom until the legal fees put her on the street. The city gets tired of the eyesore of a car and has it towed, not knowing the frame is rusted through. When half the car falls off on the highway and takes out a school bus of preschoolers - first thing Hennis does is start blaming the prior owners again, thinking it'll help the new lawsuit.
Just for fun I'm envisioning the circumstances where I would agree with you - where Hennis would have shown good faith.
Let's say the hypothetical scenario was this: as CEO of CGFI, Hennis offered to sell the company his mine, at say, double what he paid for it. Can't remember what he paid - think it was something like $4 grand. So he offers to sell the mine to the company he heads for $8,000 while disclosing it's a toxic dump. After discussion with the officers he see's the liability involved and does a 180 - instead of sinking our money into a dead horse he uses the shareholder cash to complete the mill. He would have been my hero.
Again, he knew that mine was a toxic dump when he bought it. He knew there was no way of telling who was responsible for the flooded shafts when he bought it. Nothing more than an opportunity to use litigation to get something for nothing.
I do give him Kudos for his selfishness and greed though - without it it's possible the mine would be tied to shares I own.
Yes, it was EPA that screwed up the Gold king bulkhead. And it's a know fact that kinross, the company that skipped out on it's responsibilities of the Sunnyside mine that the Sunnyside is blowing the mine pools to hell.
I'm sure you're aware that Sunnyside busted into that glacier decades ago, probably killing the sunnyside mine?
Sure, who's blaming who?
That dream turned into a nightmare, but has nothing to do with CGFI, partly thanks to Guyer. Hennis is still trying to make a living off blaming others.
I think you have that backwards. guyer has bleed at least 2 other companies I'm aware of dry with his obscene self created stock compensation packages he always created out of thin air just weeks of taking over each one of these companies as cfo and then ran them into BK in short order. That's recorded at the SEC. guyer moved on to cgfi, with the same game plan and obscene, maybe even illegal stock enrichment plans, it was GUYER that gave himself ownership of cgfi, it was guyer who sucked the life out of the mill. And it's GUYER to this day, selling off the POW equipment illegally and pocketing the money. It's all recorded in Silverton.
No, Hennis isn't the bad guy here, guyer and fearn are the shady miners.
Yep, it's the EPA's fault on this one. Hennis knew what was in there and Fearn, (a member of the Animas river stakeholders), knew what was in there.
The article's timeline states in 2002 "Gold King #7 level begins to discharge significant amounts of acid mine drainage." Significant, but manageable. A few gallons a minute can be filtered with ponds. Many of the mines have runoff like this and are managed with ponds. The Silver wing is managed like this. However, when ten times the nominal amount started draining out - even ponds the size the POW had wouldn't have handled it. 3gpm maybe, 300gpm no way, 3,000,000gpm? Looks like only the EPA can mess things up to this scale.
Never know if it had anything to do with it - but the acceleration of runoff seemed to coincide with the company's disassociation with Hennis. In a way, Hennis' refusal to turn over control of the mine to the company was a good thing - just too bad he was able to bleed off so much company cash to fund his own private dream before the company put a stop to it. That dream turned into a nightmare, but has nothing to do with CGFI, partly thanks to Guyer. Hennis is still trying to make a living off blaming others.
Apparently it was the EPA who absolutely broke the bulkhead while investigating. Years of finger pointing and large corporate fighting costs and weaseling out of commitments and regulations while the Sunnyside mine flooded everyone, including gold king. I see a lot of corporate bait and switch doing smaller jobs for less costs than actually spending real money and solving the real sunnyside problem.
This has been historically what miners have done, basically chew up the environment without the cost or responsibility of their actions.
Not all, but most. sunnyside is owned by canadian giant kinross
I don't share or follow this author's views but a fairly unbiased timeline article here:
http://www.dailykos.com/story/2015/08/12/1411469/-Gold-King-A-long-history-of-public-risk-for-private-gain#
So Hennis is the fall guy, even for the Gold King?
Wow, that's really reaching. It's guyers fault, not anyone else.
You're a funny man, ficose. Trust all is well with you and yours. Been investing closer to home lately, enjoying the beautiful ups and downs of Hecla. Regards.
On the bright side - this doesn't seem to be affecting PPS one bit.
Hey AK, long time no see.
Yep, this is exactly what they didn't want to happen. I can't imagine what it was like when all that water shot down Cement Creek. That's the one from the mine that goes through town, right next to the museum. Hennis has always stated it's another mine's problem, but he's never been down there to see - speculation. I imagine Todd never took the CGFI sign off the maintenance building up there. Probably gave the Governor an eye full when he went to scope it out - we're probably off the Christmas list.
Gold King discharge - additional information:
http://www.durangoherald.com/article/20150806/NEWS01/150809765/River-users-warned-of-mine-waste-
GLTA
Bob
Hell, at this point I don't remember much about this stock. But the Gold King Mine hit a memory chip for me. For what it's worth. http://sjbhd.org/mine-waste-water-released-into-upper-portions-of-the-animas-river/
Dead stock dies, ihub boards live on.
Why is this board even here anymore?This is a dead stock!
Canadian companies that are both Canadian and US reporting issuers are permitted by the SEC to use NI 43-101 BUT ONLY with the inclusion of the SEC specified disclosure. Note I said "US Company", not "Canadian Company". Even US companies that are also Canadian reporting issuers are prohibited by the SEC of using the term "NI 43-101" in the US.
99.9% of Canadian NI 43-101 standards and US Industry Guide 7 standards are exactly the same because both are built upon industry standards which apply to all industry professionals. Exactly the same. The big difference is that NI 43-101 reports have to be filed with, and reviewed by, Canadian securities regulators and are only available to Canadian issuers. The belief that NI 43-101 standards are both different and somehow better is extremely common among investors and partially why US companies make such a claim, even though it is legally prohibited.
What if you have a mining company that trades on both the TSX and NYSE? Mining companies have NI-43-101 reports on mines all over the world. If someone was to look at the NI-43 as the main indicator of stocks not to watch - they would lose out.
Say you have an exploratory mining company with part of the goal being to develop and sell. A large part of your market is in Canada, and the chairman of your board just happens to live, and has influence in Canada. Wouldn't it add value to have a report done to NI-43-101 standards, even if it isn't an actual NI report? I mean, it's pretty common knowledge that a US based mining company doesn't file a NI report.
That's not all they do.
Maybe you should go to Colorado and see what they do
The drms is not in the real estate business, they oversee all types of mines and property and regulate owners to maintain their own property. If the owners fail to do so, the owners face fines and risk of license forfeiture. The drms does not reclaim mines themselves. The state takes the properties.
I could care less, unless it was Hennis doing the buying. Let me know if he ever starts a public company again and I'll teach you a thing or two about public indignation.
Maybe you should go to Colorado and see what they do. I'm no expert, but I try not to put out bad info to try and make myself look smart.
http://mining.state.co.us/Programs/Abandoned/Pages/impwelcomepage.aspx
The mill is never going to operate without millions of dollars, but I still say they should make it into a museum and tourist spot out of Silverton. They would have made money the last 5 years if they did.
Maybe someone is looking at buying out guyer.
I think all the money was divided up between guyer and his friends and fearn too. Guyer diluted the heck our of it and had to do 2 r/s's to keep going.
Yep. spreading the sales baloney even back in 2000 and 2001.
Always interesting to go back and see how the scam started.
Is another letter to whatever.org coming up?
The DRMS does not do that. They make the owners do the reclamation. And if the owners do not or do not comply, or wheedle out of it, you're left with dead companies like cgfi'Q'.
I think a majority of the money was divided between 3 groups: toxic funding, lawyers, and marketers, (well, the MM's, too, but that's a given). Investor awareness marketing can be put under Toxic funding I guess, since marketing is one requirement of the funding.
Early on, I think things like the comedy radio show promotion was a company decision. Things that were paid for with shares. Later on when the CD was full swing promotions were paid for with cash - something the company didn't have but if a requirement of taking a tranche is paid promotion the only way out of it is not taking the tranche.
These promotions could cost $20K+. There was a little transparency at the time that allowed me to see a bit about what was going on. That 3 minute Youtube chart video of some guy talking about the technicals cost something like $700.
This can all be seen in the Q's, but isn't broken down line item, so easy to overlook.
No, the toxic funders made a mint out of this. That's the other side of the story. Good intentions was just a mask for the fraud.
It all started by people trying to do right by the environment.
Here you have the Animas River Stakeholders Group trying to clean up a river, of which tailings are a real problem.
http://www.animasriverstakeholdersgroup.org/
One member of this group, Steve Fearn, has an idea how it could actually be done, and spends a million of his own to get it started.
http://drmsweblink.state.co.us/drmsweblink/0/doc/728497/Page1.aspx?searchid=a0d009e9-bbf6-4672-942a-3f51aa943ea5
Before it's all said and done, there's drama with the state, with other environmental groups, opportunists, and market - right back where they started. Too bad really.
I missed who you PMd about what? Can you tell me the context of who and what?
On another note, I wish we had more representatives like Jason in Congress trying to hold the idiots working for the government accountable.
True all this. Claiming of ownership is a problem, and if you get a volunteer group to try to clean it up, then suddenly they own it. Its a real sad catch 22. But the massive majority of tailings came about post-1858, until gold mining was severely restricted during WW II. You almost need to be made a Superfund site to get the money. Heck, there is a huge pile of tailings just outside of Central City. No one is touching it.
As a reply to the PM I received:
The DRMS reclamates old mines now. They perform a needed task in the area. One problem is the sheer number of mines in that state. They can seal them off and monitor, but trying to clean up all the tailings from thousands of operations? It's one of the reasons we petitioned the governor for POW in first place. That little mill wouldn't solve the whole problem - but it would have been a start. CGFI tried to be the ones to start. Didn't work out too well.
The EPA has issues of it's own. They regulate and enforce, they don't clean up themselves. The Oversight and Reform Committee has had hearings recently with the EPA that have shown just how political and inefficient they are.
Were you referring to Garpa Resources? There are a lot of mining concerns in Colorado and it's a small area - a small world. The history of the relationship between the stock market, miners, and shareholders is over a hundred years old. More shareholders have lost money on mining stock than ever made money. Sad, but true.
Who is to blame?
Well, the corporate officers have to shoulder quite a bit. They tripped over many hurdles when they could have just walked around them, but they aren't the only ones to blame.
It's the nature of penny stocks to see the L2 be manipulated by algorithms to paint an inaccurate picture. Also, convertible debt attached to a company should pop up a huge red flag when it comes to shareholder equity.
Using the NI-43-101 for a mine inside the states is a red flag for sure, but it's a minor red flag from a trading or short term investing standpoint. Looking through the Q's for any reference to CD is a much better indicator.
Any company that decides convertible debt is a good way to gain working capital is on a hail mary mission. Imagine going to the bank to get a 1 year term loan to buy a boat and using your pickup for collateral. The day after the loan closes the bank comes over and starts pulling parts of your pickup to sell at auction. Now you have a boat, but no way to pull it to the lake. CD is toxic financing.
Is it fraud? Nope. Trying to prove fraud against a company that publicly reports is like suing a state for losing money on the lottery. Best way to win is not to play.
Some traders made money over the years on CGFI. They didn't know anything about NI reports or CD or the emotions involved on either side; they just looked at volatility and spread. Should we blame them, too? I wasn't one of them. I did really in-depth research and every bit of it - every single bit - hinged on the price of gold. The company bet of the price going to $5k/oz, and so did I. Well, it didn't happen, so I've got 20 shares at a cost per basis of about $2450. Who to blame? I blame myself. I win some and I lose some. I've never won by thinking negative.
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Welcome to CGFI/Colorado Goldfields Inc.
THIS MISSION STATEMENT IS FROM 2009
There are many irregular and questionable statements from cgfi press releases since inception
investor due dilligence is required as cgfi has no signs of being a going concern
Colorado Goldfields Inc. is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discovery. Currently, our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern 500 to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame. We expect that this strategic plan will allow Colorado Goldfields to reach its goal of profitability, potentially within the next 18 months.
Recent publicly filed 8k
http://www.sec.gov/Archives/edgar/data/1344394/000135448814003468/cgfi_8k.htm
to be updated ...
A/S 1,000,000,000
O/S ~ 101,550,468
As of 2/27/13
Website Home:
http://www.cologold.com/index.htm
Colorado Goldfields Inc.
10920 West Alameda Avenue Suite 207
Lakewood, CO 80226
United States - Map
Phone: 303-984-5324
For the full list of PR's follow this link to the Colorado Goldfields Press Releases page*. Full list starting in Feb 2008 up through most recent:
Click here for PR's
*Note: To have CGFIA PR's delivered to your email account at time of release join the mailing list!, Follow the Colorado Goldfields Home link above and enter the email address you would like the PR's sent in the mailing list box provided..
Silverton Standard and Miner
Posted 2/17/2011 www.silvertonstandard.com/news.php
Posted 6/4/2010 www.silvertonstandard.com/news.php
Posted 5/7/2010 www.silvertonstandard.com/news.php
Live footage from Our Pride of the West Mill
#1 http://www.cologold.com/uploads/2009-05-04_PrideoftheWestMill.wmv
#2 http://www.cologold.com/uploads/2009-05-08_interviews.wmv
#3 http://www.cologold.com/uploads/2009-05-12_core_interview.wmv
#4 http://www.cologold.com/uploads/2009-05-14_Mill.wmv
Mill Renovation
http://www.cologold.com/uploads/Mill_Milestone_4.wmv
The Pride of the West Mill - 3D Animation
Link to Dec 2010 DRMS Hearing audio
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74678832
M1984049
P2011027
P2010020
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