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You seem to have a lot of knowledge about the Ruby. Are you in the Downieville area?
Things are about to take off for this company. Low float + lots of money directly invested by the principles = a solid company. Once the movement starts, the sky is the limit. I heard a rumor that next week will be a big week for the company.
You better buy now while it is still cheap!!
The Discovery Day mine was in full scale operations in early 2010. All mining, exploration and development work was suspended on May 28, 2010 due to a tragic mining accident which resulted in the death of the mining supervisor and the injury of another miner. The issues resulting from the incident have been addressed and the mine, while presently idle, is well positioned to re-commence operations. Del Toro plans to hire a new operator to run the mine which protects the new operation from any of the liabilities of the past operator. I was told this was turn key and the last time I spoke with Greg he said they were thinking about sale for DD I will say Greg knows what it takes wish he was calling all the shots he seems to be very smart and a nice man that's all I can say for mangament.
$ 85,000
In addition to the above expense items, as we proceed with the Discovery Day Property, we shall incur the following additional costs:
On or before date of closing of the asset sale agreement with Bowerman on November 31, 2013, our company will pay Bowerman $25,000 pursuant to the current agreement. Additionally, during the subsequent 12 months from the closing, we anticipate spending an aggregate of $270,000 in the associated categories for operations at the Discovery Day property:
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?
$50,000 for Mine Safety and Health Administration (MSHA) and Cal-OSHA safety compliance;
?
$75,000 for underground rehabilitation;
?
$15,000 for environmental permitting compliance;
?
$35,000 for equipment costs;
?
$25,000 for fuel;
?
$20,000 for supplies; and
?
$50,000 for general and administrative items.
Trinity Alps, the parent company to Bowerman, has spent in excess of $130,000 since June 10, 2013, to prepare the Discovery Day mine for operations.
As of July 31, 2013 we had cash of $7,999.
Based on the above estimate of $380,000 for our expenses for the next twelve months we do not have enough funds to proceed with our plan of operation over the next twelve months. Note that this amount does not include any funds that may be required under the terms of our agreement regarding the Discovery Day Property. We plan to rely on equity financing in order to raise any additional funds necessary to pursue our plan of operation and to fund our working capital deficit in order to enable us to pay our accounts payable and accrued liabilities. We currently do not have any arrangements in place for the completion of any equity financings and there is no assurance that we will be successful in completing any equity financings.
Results of Operations
The following discussion of our results of operations should be read in conjunction with our unaudited consolidated financial statements for the three and nine month periods ended July 31, 2013 which are included herein.
Our operating results for the three and nine month periods ended July 31, 2013 and 2012 are summarized as follows:
Three Months Ended
July 31,
Nine Months Ended
July 31,
2013
2012
2013
2012
Revenue
$
Nil
$
Nil
$
Nil
$
Nil
Operating Expenses
108,847
88,318
347,927
196,615
Other Expenses
19,291
3,030
78,520
3,115
Net Loss
$
(128,138
)
$
(91,348
)
$
(426,447
)
$
(199,730
)
Revenues
We have not earned any revenues to date. We do not anticipate earning revenues from our planned mineral operations until such time as we enter into commercial production of mineral properties we may acquire from time to time, and of which there are no assurances.
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Expenses
Our expenses for the three and nine months ended July 31, 2013 and 2012 are outlined in the table below:
Three Months Ended
July 31,
Nine Months Ended
July 31,
2013
2012
2013
2012
Consulting
$
75,399
$
Nil
$
226,196
$
Nil
Foreign exchange loss (gain)
(78
)
81
(163
)
400
General and administrative
11,719
13,723
35,803
52,217
Mineral property expense
5,664
54,208
24,414
89,837
Professional fees
16,143
20,306
61,677
54,161
Interest expense
60,156
3,030
119,385
3,115
Gain on termination of partial purchase option agreement
(40,865)
Nil
(40,865)
Nil
Total
$
128,138
$
91,348
$
426,447
$
199,730
General and Administrative
For this discussion we have defined general and administrative costs to also include mineral property costs and professional fees. The $20,529 increase in our general and administrative expenses for the three month period ended July 31, 2013 compared to the three month period ended July 31, 2012 was primarily due to consulting fees incurred with our officers and directors, stock based compensation incurred in 2013 and not in 2012 and a decrease in mineral property expenses. The $151,312 increase in our general and administrative expenses for the nine month period ended July 31, 2013 compared to the nine month period ended July 31, 2012 was primarily due to the same factors.
Other Income/ Expenses
We had $60,156 of interest expense on convertible debt for the three month period ended July 31, 2013. There was $3,030 of interest expense on convertible debt for the same three month period ended July 31, 2012. We had $119,385 of interest expense on convertible debt for the nine month period ended July 31, 2013. There was $3,115 of interest expense on convertible debt for the same nine month period ended July 31, 2012. During the period ended July 31, 2013 we were released from the partial purchase option agreement with Natchez Pass that resulted in other income of $40,865 reported as other income.
Liquidity and Capital Resources
Working Capital
As of
July 31,
2013
As of
October 31,
2012
Percentage
Increase /
(Decrease)
Current Assets
$ 10,499 $ 18,343 $ (42.8 )%
Current Liabilities
$ 845,365 $ 549,097 $ 54.0 %
Working Deficit
$ (834,866 )
$ (530,754 )
$ 57.3 %
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Cash Flows
Nine Month Period Ended
July 31,
2013
Nine Month Period Ended
July 31,
2012
Percentage
Increase /
(Decrease)
Cash used for Operating Activities
$
157,280
$
(194,903
)
$
(19.3)
%
Cash provided by Financing Activities
$
150,689
$
191,054
$
(21.2)
%
Cash provided by (used in) Investing Activities
$
Nil
$
Nil
$
Nil
%
Net increase (decrease) in Cash
$
(6,591
)
$
(3,849
)
$
71.2
%
We anticipate that we will incur approximately $85,000 for operating expenses, including professional, legal and accounting expenses associated with our reporting requirements under the Exchange Act during the next twelve months. We also expect to incur $295,000 over the next 12 months pursuant to our obligations on the Discovery Day Property. As of July 31, 2013 we had cash of $7,999, accordingly, we will need to obtain additional financing in order to complete our business plan.
On July 16, 2012, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company, for the sum of $50,000, which was advanced to our company on July 16, 2012. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.08 per share. The loan shall bear interest at a rate of 8% per annum. As of the date of this report, the principle and accrued interest remains unpaid.
On September 21, 2012, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company, for the sum of $15,000, which was advanced to our company on September 21, 2012. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.
On April 2, 2013, we entered into a securities purchase agreement with Asher. Under the terms of the agreement our company issued an 8% convertible promissory note, in the principal amount of $32,500, which note matures on January 4, 2014 and may be converted into shares of our company’s common stock at any time after 180 days from April 2, 2013, subject to adjustments as further set out in the note. The conversion price shall be at a variable conversion rate of 50% multiplied by the market price, being the average of the lowest three trading prices for our company’s common stock during the 10 trading day period ended on the latest complete trading day prior to the conversion date, subject to adjustments as further set out in the note. Our company has the right to prepay the note within 30 days of April 2, 2013, in consideration of the payment of an amount equal to 120%, multiplied by the sum of the then outstanding principal amount of the note plus accrued and unpaid interest on the unpaid principal. Our company received the sum of $31,000 principal under the note on April 2, 2013.
On May 6, 2013, we entered into a convertible loan agreement with Greg Painter, a director and officer of our company for the sum of $20,000, which was advanced to our company on May 6, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. Our company fully repaid the note without any conversions.
On May 24, 2013, we entered into a convertible loan agreement with Arnold Fagen, a shareholder of our company, for the sum of $40,000, which was advanced to our company on May 24, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. Our company fully repaid the note without any conversions.
On June 14, 2013, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company, for the sum of $35,000, which was advanced to our company on June 14, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of US$0.10 per share. The loan shall bear interest at a rate of 8% per annum.
On July 19, 2013, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company for the sum of $60,000, which was advanced to our company on July 19, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date at the conversion price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.
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On August 26, 2013, we entered into a convertible loan agreement with Patrick Fagen, a director and officer of our company. Under the terms of the convertible loan agreement, Mr. Fagen had agreed to loan the company $60,000, which was advanced on August 26, 2013. The principal amount of the loan plus any accrued and unpaid interest shall be due and payable in full one year from the advancement date. Mr. Fagen may provide the company with written notice of conversion at any time to exercise his rights of conversion in respect of either a portion of or the total outstanding amount of the loan plus accrued interest as of that date into shares of the company, at the price of $0.10 per share. The loan shall bear interest at a rate of 8% per annum.
Cash Used for Operating Activities
We used cash in operating activities in the amount of $157,280 during the nine month period ended July 31, 2013 and $194,903 during the nine month period ended July 31, 2012. Cash used in operating activities for both periods was funded by cash from financing activities, and a $43,012 decrease in cash used compared to the nine month period end July 31, 2012 was primarily due to more cash expensed on mineral property costs.
Cash Provided by Financing Activities
We generated cash of $150,689 from financing activities during the nine month period ended July 31, 2013 compared to cash generated of $191,054 by financing activities during the nine month period ended July 31, 2012. There was $40,365 more cash received in the prior year. This was primarily due to $50,311 more related party funding in the prior year, less a net advance of $7,000 from third parties.
Going Concern
The financial statements accompanying this report have been prepared on a going concern basis, which implies that our company will continue to realize our assets and discharge our liabilities and commitments in the normal course of business. Our company has not generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of our company as a going concern is dependent upon the continued financial support from our shareholders, the ability of our company to obtain necessary equity financing to achieve our operating objectives, and the attainment of profitable operations. As of July 31, 2013, our company has accumulated losses of $2,263,926 since inception. We do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.
Due to the uncertainty of our ability to meet our current operating expenses and the capital expenses noted above in their report on the financial statements for the year ended October 31, 2012, our independent auditors included an explanatory paragraph regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.
The continuation of our business is dependent upon us raising additional financial support. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.
26
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Critical Accounting Policies
Basis of Presentation
The financial statements and the related notes of our company are prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. Our company’s fiscal year end is October 31.
Interim Financial Statements
These interim unaudited financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with our company’s audited financial statements and notes thereto for the year ended October 31, 2012.
The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly our company’s financial position at July 31, 2013, and the results of its operations and cash flows for the three and nine month periods ended July 31, 2013 and 2012. The results of operations for the period ended July 31, 2013 is not necessarily indicative of the results to be expected for future quarters or the full year.
Reclassification
The cash flow statement for accumulated amounts from inception to July 31, 2013 has been reclassified to conform to the current quarter presentation.
Mineral Property Exploration and Development
Our company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized. Our company assesses the carrying costs for impairment under ASC 360 “Property, Plant and Equipment” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.
Due to Related Parties
Due to related parties consist principally of amounts due to officers and directors of our company, in respect of expenditures paid by officers and directors on behalf of our company.
Recent Accounting Pronouncements
Our company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a “smaller reporting company”, we are not required to provide the information required by this Item.
27
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Del Toro plans to re-commence mining in these two headings immediately after addressing the pending MSHA issues??
Wish you the best Goldbug.
Look back at thier 8k's and see who has been PUTTING MONEY INTO Del Toro - Patrick. Why such a negative opinion on him? I see Patrick and Greg personally investing thier own money into this company and NOT TAKING any salary....I also see a very low float. If you know ANYTHING about investing, these factors add up to a company with future potential. Why do you have such an issue with them? It almost seems personal....
I know one of thier consultants and there has been a lot of work going on to behind the scenes to put several mines that Patrick controls into the company. Once this happens, all of the shareholders will be satisfied.
Why do you say that is Patrick? What logical reason would he have to tank the price with a $12.50 purchase of 500 shares. Probably you.
0.025 bid and that is Patrick LMAO.
Be carefull they like to flip claims never recover any gold to many other miners that really mine. they cant even hire a decent promoter LOL no money.
Good things are about to happen with DTOR.
Hello Goldbug - I finally made it to this group. There seems to be some discontent with the Del Toro stock by a few. I would just say to all of you, just hold on a bit longer. I am a consultant that has worked with Del Toro evaluating properties for the last 16 months. I can tell you first hand that there is a lot of work going on behind the scenes, and we are positioning the company right now to explode when the time is right.
If anyone has any questions, post them here and I will try to make it a habit to check in regularly.
Thanks - DP
24k, I met these guys last year in San Fran at the Hard Assets investment conference. They didn't have a booth, we just met incidentally. I really liked their MO. They have become experts in dealing with California/Federal regulations for mining, and go after the historical past producers. There is still A LOT of gold left in California, and these guys have spent the last two years researching it and finding these dormant properties.
I was excited to read the news release about Discovery Day, because once that property goes into production (or they sell it), they will have funding to act on all of the properties that they have in their quiver right now. I can see this stock being north of $1.00 when things break loose. I talk with one of their main consultants on a weekly basis, and he keeps me up to date on what they are doing. I keep trying to get him on-line here, but no luck so far. The stock looks as if there is no activity, but I can tell you that behind the scenes, these guys have been very busy. They are holding properties in private companies, and when the time is right(and money available), they intend to vend them into Del Toro.
Goldbug, you seem to have a lot of information on Del Toro. What’s your deal?
Del Toro extended their option at Discovery Day last week. Looks like the funding is in place to get underground and possibly get some production started. The stock is holding steady with some pretty impressive volume. Once the DD project goes online, this stock should skyrocket.
I doubt that. More buying today. I've started to watch this stock over the last few weeks and there has been a lot of volume lately. I have been talking to one of thier consultants I met in San Francisco last year and they have several mining properties that they are lining up to put into the Del Toro portfolio. They have also partnered up with Jason Otteson's ("Gold Rush Alaska") group. I guess Otteson likes the team the they have put together. Are you a stockholder?
I just checked the quote and it's up to .07 now with a volume of 416,500. Glad I bought in when it was down. I really believe you guys are building the foundation for a great company.
What type of properties have you been evaluating for them? Can you give out any information?
Revenues
We have not earned any revenues to date. We do not anticipate earning revenues from our planned mineral operations until such time as we enter into commercial production of the Doc Naciones Property, or other mineral properties we may acquire from time to time, and of which there are no assurances.
These financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of January 31, 2013, the Company has not earned any revenue, has a working capital deficit of $ 635,596, and an accumulated deficit of $1,966,720. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company be unable to continue as a going concern.
HANG in there you will learn.
Here is a link to the news release:
http://www.deltorosilver.com/news/del-toro-signs-letter-intent-toll-milling-facility-joint-venture-noble-mining-discovery-channel
I met Patrick Fagen and one of his team members at Hard Assets last year in San Fran. These guys impressed me, so I bought a modest amount of Del Toro. I saw a news release today where they have partnered up with Jason Otteson from the Gold Rush show on a new mill. Looks like things may be happening with the stock sooner rather than later. Maybe we will see some real gains. These guys seemed to have a great plan, and it looks as if its coming together. Lots of negative vibes here from 007. Lots of talk from a guy with 1000 shares of a company worth .08 - an $80 investment? Get real.
Yale done the test drills a while back we need a date when mining would start i got in Dtor when they put out news of a promo that never happened and was lead to belive Dday was turn key and ready to mine but this is a step in the right direction but with out any time frame i dont look for much volume IMHO. AND YES WITH THE FLOAT THIS COULD BE A MONSTER IF IT EVER GETS GOING.
DTOR News out looks great low floater deal with YALE http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8713542
The last i talked to them they were still paying for the D day mine and that worker got killed there there are things to clear up from that acident before mining could be done there i think they want to sale it they dont have the money to mine it without a jv partner all that onsite eqipment is old and will need repairs but somthing could be going on in mexico are they could have got a buyer for the D day mine if you contact them talk to Greg he is nice guy and very infromitive Pat not so much he is a waste of time to talk to good luck i still have a few thousand shares,
maybe but highest PPS seen in quite awhile maybe they got mining actually running just watching for now thou DTOR
I think it is just pat playing games tryin to get some interest IMO.
will look in to it thanks
DTOR bidding .15 and not getting filled on high watch ask .27
Looks like DTOR is making Pat and Greg a pretty good CD eight percent, I lost all hope here JMO.
another 50k @ .05 by CEO http://www.otcmarkets.com/stock/DTOR/financials
If they dont get off there ass and inform investors they could buy at a penny this summer jmo. Marketing is going to start but it could be a while and there is still one issue to clear up related to the death of the miner that happened all permit was susposed to be in place and then i learn this, I think they would rather sale discovery day then mine it or if they they mine it it will most likeiy be throug JV they say there looking at a better claim in the state off washington, we need mining and gold production IMO.
yea saw that myself maybe updates comming real soon
Nice I see insiders buying up at .05 form 4 P
thanks for update only have a small starter here but it keeps me checking in for when it is ready to go
Update there could be a JV with the discovery day or a stright sale they say they are working on a better claim in the state of washington, there waiting to get the ducks in a row before the marketing starts we should hear somthing soon per Greg painter this is a long term play I am in touch with them often will have more later they seem to be the real deal so far later.
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Del Toro Silver Corp. is a Nevada-incorporated mining exploration company focused on base and precious metals deposit acquisition and
exploration in Sonora, Mexico. We have a regional office in Hermosillo, Mexico, and our projects are 43-101 compliant.
Director, President, CEO, Secretary & Treasurer
Mr. Painter has a Masters in Education from Stanford University as well as a BA in English Literature from Stanford. Mr. Painter also received his General Contractor designation from the State of Nevada. Mr. Painter has been self-employed since 1983 in various construction and development businesses.
Patrick Fagen, LLM, MBA
Director, CFO
Patrick Fagen has been the owner/operator of several successful mining projects with a particular focus on the organization and management of high grade underground mines. He specializes in California and USFS mine permitting and serves as a consultant to other mining companies in this capacity. In the past 10 years he has served as chief executive officer and been responsible for the development of several natural resource companies including Tahoe Resources LLC, Lazarus Mining LLC, Trinity Alps Resources Inc. and Tahoe Gold LLC
The Dos Naciones Property is an early stage exploration project with small scale historic production in numerous areas
of skarn mineralization and silver-lead veins.
Copper-silver-zinc-gold skarns have been the focus of most exploration work to date however;
low sulphidation silver-lead veins have seen historic production in two locations.
In addition there is the potential for the property to host a porphyry.
The property is host to multiple skarn bodies that occur on the eastern and southern margins of a regional low magnetic anomaly that measures 2 km in diameter.
The anomaly coincides with an intrusive body with multiple strongly altered exposures that contain disseminated pyrite and local galena.
In addition there are several areas with historical mines that exploited high grade silver-lead veins.
The Josefina silver-lead target, located at the geographic centre of the property, consists of a series of sub-parallel veins ranging from 0.5 to 3.0 metres in width.
The veins have been traced over a strike length of at least 250 metres and the target remains open in all directions.
A total of six reconnaissance samples were taken with three of them being from vein, one from the dump (quoted above) and two from altered host rocks.
One of the outcrop samples returned 111.0 g/t silver over 1.9 metres.
However, a sample from the nearby mineralized dump returned 591 g/t silver and 12.60% lead, indicative of the material that was being mined.
The second new target area within the property is located two kilometres to the southwest. A set of silver-lead veins occur within intrusive host rocks over an area
that measures approximately 100 metres wide. There are numerous historic mines on at least two levels with a majority of these workings having collapsed over time.
Two samples were taken from the mineralized dumps at the mouths of these workings: one returned 256.0 g/t silver and 4.45 % lead while the second
returned 182.0 g/t silver and 3.29 % lead as well as 0.61 g/t gold. The eastern skarn forms a hill measuring 200 by 150 metres and is 50 metres high.
This hill has several workings around its edges as well as several small open cuts throughout.
Peñoles worked in the area in the 1990's performing mapping, geophysics and limited drilling.
Address: | Rutledge Law Center Ltd. 318 North Carson Street, Suite 103 Carson City, Nevada 89701-4597 |
Telephone: | +1 775-885-7005 |
Fax: | +1 775-885-7018 |
Bank:
Address: | Nevada State Bank 1656 Hwy. 395 Minden, Nevada 89423 |
Transfer Agent:
Address: | Valiant Trust 600-750 Cambie Street Vancouver, B.C. V6B 0A2, Canada |
INVESTOR RELATIONS
Share Structure as of: June 23, 2010 | |
Outstanding: | 9,835,135 |
Escrowed: | 4,950,000 - Rule 144 |
Restricted: | 1,055,135 - Due July 6, 2010 |
Shareholder Warrants: | 1,055,135 @ $0.30 ($USD) - Expires July 6, 2011 |
Float: | 3,800,000 |
Address: | 1066 West Hastings Street, Suite 1250 Vancouver, B.C. V6E 3X1, Canada |
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