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Makaya, How did you make out visiting, I'd love to know?
My understanding is that a press release is not far away at all, but they will not release any forward looking releases anymore, and heck, I certainly don't blame them. Everything forward looking has been wrong time-wise, though eventually most of what they have said has ultimately occurred, but so far off that it's embarrassing.
The good part about that is that the next time we hear news, it should be stuff that has already occurred or is occurring.
The BLM has the following on their site under FAQs, it may be slightly outdated, but its stuff we already know:
https://eplanning.blm.gov/epl-front-office/eplanning/planAndProjectSite.do?methodName=dispatchToPatternPage¤tPageId=55912
WHO: West Port Energy LLC (WPE) is a development company and operator for the West Port Gold project.
WHAT: The West Port Gold placer gold deposit is a gold bearing alluvial gravel deposit located in the historic Middle Camp Mining district West North West of Quartzsite, AZ.
WHERE: The West Port Gold placer deposit lies approximaelly 130 miles West of Phoenix, Arizona, in La Paz County.
The deposit lies within the 20 acre WPE#1 placer mining claim in the Middle Camp Mining district which lies West and Northwest of Quartzsite, AZ.
The legal description of the West Port Gold placer deposit is:
Gila and Salt River Meridian,
Township 4 North,
Range 20 West,
ection 28, NW 1/4.
WHY: Gold bearing quartz veins were discovered in this district in the 1860's.
Intermittent small placer gold prospects and mining operations have continued to the present.
Previous operators failed to develop the deeper placer gravels on the WPE#1 placer claim.
HOW: WPE will mine the gold bearing gravel deposit with an open pit mine plan.
They will use a bulldozer, an excavator, a loader and truck to mine and move the gravels.
The gravels will be processed in a wet process placer plant at the south end of the deposit.
WHEN: WPE is making their final evaluations of the deposit and have started with all the permits required for mining in Arizona.
The BLM has completed the NEPA document but have not authorized mining.
West Port Energy LLC (WPE) submitted a revised Mine Plan of Operation (MPO) in November, 2016.
WPE and the YFO completed the Environental Assessment in November, 2016 and it is posted on this website for your review.
I think I'm going to pull out Friday and then spend Saturday checking everything out. By this time they should be about up and ready to roll. I know there is gold. How many remember the boot of cortez.
Are you saying that you actually are going to do so, or you are thinking about doing so? If you do so, man, I'd love to see a couple pictures. It's easy to add graphics to these posts, so if you make the trip, then please post something. Personally my limit is about 5.5 - 6 hours, 8 hours is just too much to drive for me.
The pit area is a very short ways away from the highway. You get off the highway at an exit and there is a parallel access road if I recall that then bends away from the highway and heads perpendicularly away from the highway into the mountain.
I'm about 8 hours away and im about ready to head out there. I sure would like to see what my money is doing.
I care my man, I care. My understanding is that a potential press release could be in the works. What I wouldn't do to live out that way to be able to pay a passer-by visit to the site, oh well.
We have to be getting close on the start date for mining. It sure would be nice to hear something from the boss. They should be getting everything set up does anyone else care?
Yes I saw that, good deal for the buyer in my opinion.
200k traded today for .0171
Well here we are March 1. Hopefully they should have the occupancy permit so they can start drilling wells, putting up fencing, etc. When we get the updated schedule I'll breathe my final breath of relief, short of mining the actual gold.
I see a nice bid of half a million shares at 1.7 cents LOL.
I missed the press release from Friday, sorry.
https://www.otcmarkets.com/stock/ITEC/news/ITEC-Property-Receives-Signed-Decision-of-Record-From-BLM-Regarding-Westport-Energy-Placer-Gold-Operation-in-Southwestern-Arizona?id=150449&b=y
So things are progressing. I'd like to see if they will truly be able to start in the 90 - 120 days.
Would also like to see the financing deal.
The BLM continues to make new postings (public), evidence of movement forward:
https://eplanning.blm.gov/epl-front-office/eplanning/planAndProjectSite.do?methodName=dispatchToPatternPage¤tPageId=55905
The Environmental Assessment for the West Port Energy LLC placer gold mine has been approved with the signing of the Finding Of No Significant Impacts and Decision Record. The appeal period for this decision is open for 30 days starting 31 January 2017 until close of business 2 March 2017
Makaya, I'd like to think that they're close, real real close. At least I hope so. Not giving up here! Sometimes things go down in a way that is unexpected, in ways that force companies to go silent, and granted that is not what we are expecting, but there is no other explanation I can come up with. Hang tight (not that we have a choice). Yes I am more sure than ever that there is gold in the ground, enough gold that it will be worth the effort.
Here we are new year new president less regulations. I know there is gold in that ground. Has been for ever. What ever is stopping progress I sure would like to know. It sure would be nice to hear from management. We have been waiting for a long time with no word. Please guys give us something.
Agree about the point of their going silent. I had semi-regularly been in contact with them and now have not had any communications attempts returned
I sincerely believe that the owner is and has always been a person of his word and I am sticking with my guns in believing that even though that is tough to do right now. Others have written on this board that it is a desert dirt scam, but I wholeheartedly do NOT believe that to be the case, and I am also confident that there is gold in the ground.
Something has to be going on that they cannot communicate on and I for one have some suspicions that I will not state here, and so I am hoping that it's nothing more than an unexpected blindsided delay (it wouldn't be the first), b/c I sincerely believed and was told we would be mining a few months ago.
What can we do but wait. I don't think driving down there would help at all, it'll just be an abandoned site - both the gold mine site and Erinburg - though anything is possible, but I am too far away. But I have been to both sites before and it's been worth it for me to see for myself.
One positive is Donald Trump becoming president which is supposed to be positive for the mining industry.
Hang in there all!
I sure would like to know as well. I have made a few calls and nothing. I think I'm going to drive down and see what's going on. If anyone wants to help with gas and hotel I would appreciate it. Contact me privately. I check this hub every day. I am in Albuquerque nm.
I sure would like to know as well. I have made a few calls and nothing. I think I'm going to drive down and see what's going on. If anyone wants to help with gas and hotel I would appreciate it. Contact me privately. I check this hub every day. I am in Albuquerque nm.
Anybody know what is happening with ITEC?
It's been a long time.
We need some info. No news is bad news. Let's burry this sob or get it going. I know there is gold In the ground let's start pulling it up. Enough of the dragging the feet. I would love to hear from someone. I have made several call and no response back from anyone.
Pissed
As for me I don't see why the company, after being over two years behind schedule, would all of a sudden decide they want something different in a mineing permit. We're 60 days past the 90 to 120 days to begin mineing as stated in the last news release and the only news is the financial report that shows 0 revenue and only $165 dollars of operating capital. I don't see they have purchased any equipment either. I think the company may be closer to bankruptcy than mineing gold.
that sophisticated investors already know this
Sophisticated investors do not invest in desert dirt scams like ITEC.
Amwest Imaging mentioned on page 6.
https://www.sec.gov/litigation/admin/2016/34-79580.pdf
My understanding is that a slight change in plans still has them working on some sort of a permit to mine gold. Hopefully something in December but I can no longer hold my breadth or I'll suffocate. While I believe it will happen, I would not hazard to predict a date at this time. I expect the break in silence from the company will be an announcement of permit in hand.
My understanding is that we're real close, just hang tight. And while the details of how things end up working out on the permitting and mining operations may shift one way or another, my understanding is that they will be mining for gold, period.
What I have learned through all of this is that the entire process start to end should expect to take a long time, and that sophisticated investors already know this and are likely more patient than people like me who have defined the wait as forever. I'm less concerned than ever at this point. I'm closer to being more concerned about the concentration of the gold reserves vs. whether mining will ever get off the ground. LOL
I sure would like to see more of what's going on.we should be pulling gold by now. What's going on
Yes I just saw both of those pieces of information.
No fraud persay, thank God, just BAD business practices and not following the law. LOL. I am not happy about it but I consider this minor in the big picture of things.
The share count has ballooned for sure. My hope is that the stock can take a jump when they start mining and further when they starting announcing gold mined, BUT, there would be a cap on share price based on the outstanding shares. But as I have also mentioned, many people may take the gold delivery option, and if they do, that number could turn out to be a lot less. I talked to someone the other day who deals with a lot of the miners and knew about the ITEC deal and pointed out having never heard of such an opportunity of offering gold, which really is a cool idea and may even end up being the route or partially I take, I dont know yet.
O/S up to 654,307,307
A/S raised to 950,000,000 shares.
Got busted in Texas trying to sell shares with Kenneth Edward Shelton, Dale Treece Lindsay, and Glenn Joseph Story from D Back Capital. That filing is available on the Texas State Securities Board.
Look those three dudes up. Wow....
The Cease & Desist Order # is ENF-16-CDO-1749. John Morgan is the Securities Commissioner.
Not to sound like a broken tape recorder, but my understanding is that we are closer than one might think to starting to mine. I know that sounds hard to believe, but i believe it to be true. This should be interesting. Part of me is so anxious in waiting that I dont even care if there is gold or not, I just want to see that desert dirt dug up. Sounds crazy I know, but this is what happens when you feel like you've been waiting forever.
The stock is so dead, and this close, nobody appears to be paying any attention whatsoever. When they make their announcement, I cant help but imagine there will be at least some trading volume, irrespective of share price.
My understanding is that we should have news in October, hopefully better than what some of us might expect due to the lack of news. I believe they are working with the Army Core of Engineers on the wells. No formal news about the permit though, I'd like to see something with regards to that sooner than later. I just cant wait to see what they are able to mine - I am wondering if they will start off slow with existing processor or go direct to using Big Red or whatever processor they are settling on.
Say, your profile shows you joined iHub ten years ago but that this is your first post. Have you been patiently sitting on the sidelines watching for that whole time, or you finally decided to speak up? Welcome!
Does anyone know what is going on with ITEC?
honestly, I believe that that is correct, and I am leveraged heavily in the gold miner ETFs, BUT....
As I have mentioned before, while a high gold price is helpful for ITEC, MORE IMPORTANT is for ITEC to just mine some gold, period. We know their cost will be low, so whether gold is 1000 or 1500 an ounce, they should do well. But they have to actually mine gold, and that right now is my biggest concern. We're due for a press release, as they should have the main permit by now in my opinion.
Mining.com Aug,14 article states that gold should be over $1400 an oz by the end of the year and a Donald Trump presidency will really make things begin to explode with even better news for mining stocks. http://www.mining.com/rbc-adds-200-gold-price-forecast/
I can understand exactly what you are saying...you are right, and the press releases back up your concerns.
I have felt likewise, very frustrating.
As I have stated in previous posts, they were NOT realistic early on in how long it takes to get a permit through the entire process and what road blocks could be encountered. The (new) CEO and mine owner has taken the bull by the horns and pushed this through single-handedly almost to the point of being fully permitted, with mining to follow sometime in Q4 . As far as I am concerned, its more a matter now of whether there is gold or not, I am sticking with the former belief. You can contact the BLM if you want to confirm status, they will gladly talk to you, here's the link:
https://eplanning.blm.gov/epl-front-office/eplanning/planAndProjectSite.do?methodName=dispatchToPatternPage¤tPageId=55904
As far as not cashing in, actually it's a year, not 6 months, and that is very standard for these types of offers (I think its SEC Rule 144). BUT, what's unique about their offer is that you have the choice of either stock or gold (or a combination). The gold would offer you 4x your investment if it is selling at $1200/oz. (you get 2x your investment @600/oz), and it is above that right now. The stock offering well, is subject to the stock market and significant dilution, but, you can see what has happened to the mining stocks since January as the best asset to own, with GDXJ (junior minors) increasing already 3x+ from the bottom. If even a fraction of that irrational-ness (it was also irrationally oversold at the bottom since these stocks started trading in the 70s) spills over to these micro stocks, who knows what it could do, but it will do more than where it is now (hardly trading). Since most investors I am assuming have already met their 1 year hold and eligible to trade, and since we see almost no trading of this stock, I think we can safely assume one of two things - 1) people are in it for the gold (and I have a strong suspicion that is the case, and in fact I know that that is the case for an investor group with which I am part), and 2) those that are in it for the stock (I was leaning that way from the start) are not bothering to register their stock since they would be selling at low prices at this time and they want to see what happens and decide in the future (you can't go backwards once you register).
The good thing about the gold option is that it doesnt matter what your option price is, since the gold option is solely based on how much you invested, not the price of the stock. So, as long as gold is produced and made available, you're all set.
Finally, with hold periods greater than a year, your taxes are less, and in the case of gold, its not even clear to me how reportable it is (someone told me greater than 10 grand would be reported to IRS).
OK admittedly I have done what you said, saying its going to be any day now multiple times, b/c in fact I believed just that, and in fact for the most part was going off the press releases issued. So I'm pissed too, and I certainly wasn't trying to mislead anyone as I have been misled. But I do believe the end is in sight. If there is anything I have learned, some of these investments take a lot longer to come to fruition than originally expected, and this for sure is one of them.
So you decided not to invest and that's fine, you were able to make money on other ventures. You got to watch from the sidelines and observe second hand what can happen and got a free ride to learn and maybe you can apply that to a future venture in this very volatile space.
I was contacted by a person from this company a FEW years ago wanting me to invest. I was ready to invest 10,000 dollars until I did some research on the people running the company. I backed off(glad I did). I was told if I did invest I could not cash in until at least 6 months down the road. Still glad I didn't. Two years ago I was told they were ready to start mining within several months, here it is 2 years later and still no mining.
PennyStockTrader you sound like someone that is with this bogus company always trying to smooth things over telling everyone its going to be any day now. If I would have invested when I was approached I would be one pissed off SOB.
the site is back up and I cannot see how it is different (colors?) than what it was before. Now that is frustrating, indicating there's going to be a new site, getting some investors possibly excited (whomever even noticed), but not delivering on it.
Anyway better have the resources devoted to mining gold than a web site. Then again, maybe there will be a new site and they wanted to put it back up in the meantime since it is the primary means of communications. Who knows.
hmm, I did notice earlier today the site is under construction but didn't even consider to put the two and two together. For now I am going to assume what it says, a new site.
Yes ironically I did save onto the presentations and reports that were there, though having read through them before, I have no reason to revisit them.
You do realize they shut down the ITEC website, right? The same time the SEC starts sniffing around Mr Stack and PSNP. 'Site Under Construction'. Every single page. I'm sure it's just a coincidence.
www.itecgold.com
I hope you saved the 'official' 43-101 report and all other documents, projections, power points, etc they had posted on there.
All just a misunderstanding? Bring on the miners and start pouring gold ingots!!! Sheez....another bogus desert dirt scam bites the dust.
Actually, in re-reading press releases from ITEC and PSNP, ITEC reported receiving final approval of its mine plan of operations on 6/16 (which admittedly is not a permit), while PSNP reported on 6/17 as being full permitted which while it is not the same thing, it's not necessarily that far off for the casual observer reading these press releases and not understanding the complete process beginning to end, which is not trivial. In other words, while what PSNP reported may not have been correct, it's not completely inconsistent and one could even make the case it was a misunderstanding in terminology in writing the release.
Re-read for yourselves.
Hopefully we can move past this quickly and mine some gold already, I for one can't wait.
My understanding is that the permitting process is very close to finishing. And so as I read the PSNP September 1 release, everything seems to be in line as they attempt to qualify previous releases (with regards to permitting) and provide updated details. The only thing that has not been clear is where PSNP is getting the funding of 5 million to pay for the royalty (as I look at PSNP financials)
That said, PSNP's statements in June and August about permitting are, well, not true, but rather are forward-looking statements which ultimately will come to fruition (as far as getting permitted) but not true at the time the statements were made. Not sure why it was necessary for them to make those claims at those particular times (to lure investors, I don't know). They could have said what they just said yesterday - that the permits were in progress and just leave it at that. Now they need to get themselves cleaned up with the SEC - hopefully they'll be able to do so.
We have already argued on this board with regards to whether there is gold to be mined, and I look forward to proving that out one way or another, but snags like this are unnecessary and should be avoided.
Andrew Stack is also the legal counsel for one of Naylor's other gems, Paradise Ridge Hydrocarbons (PRGE), which is now trying to become a Texas Vineyard. LMAO
Good grief...
What a shocker......! Lying about the status of permitting.
The SEC did suspend Preston today for lying about the status of the West Port Gold Mine, which happens to be ITEC's mine, I believe.
"It appears to the Securities and Exchange Commission that the public interest and the protection of investors require a suspension of trading in the securities of Preston Corp. (a/k/a Preston Royalty Corp.) (CIK No. 0001594219) because of questions regarding the adequacy and accuracy of available information about Preston Corp. in light of a false statement about the permitting status of a mine in the company’s August 10, 2016 press release and questions regarding the adequacy and accuracy of clarifications Preston Corp. provided in a September 1, 2016, press release about the mining project."
https://www.sec.gov/litigation/suspensions/2016/34-78757-o.pdf
Looks like the SEC doesn't believe the claims about the permitting status are factual.
SEC just suspended Preston Corporation. Something about lying about permits.
Well all the permits should be done and the price of the stock should be moving. Can someone please explain to us what is the slow down. Can we expect some forward movement.
As a sidenote Market makers like to trade tiny numbers of shares, like 2 or 3 shares, which is very very very annoying. Twice in the past I have had to ask my broker to waive my commissions for tiny trades of a few shares since the exchange doesn't have a minimum share count to specify when putting in an order (maybe other brokers do allow it but mine does not for this specific stock). Why they play these silly games I have no idea, I could simply not get to the bottom of it via my broker but at least they honor my requests for refunds.
Extremely close to getting the main permit ...
There are no known issues in the way. There was nothing that came up in the 30 day public review.
They're working on the AT&T cable crossing that should be complete by Friday.
The Army Core of Engineers approval should come soon afterwards and they can start drilling the wells to supply the ponds.
Those in the private place who want the gold option may have to wait until 2nd half of 2017 before being able to take delivery as the company is probably going to need all the money they get to maintain financing in the early operations.
The stock actually increased the bid to .04 x .05 this week which is a start, but volume continues to be subdued as it has been since I got involved long ago.
I'm told "Vote Trump" for the benefit of all mining companies, otherwise there will be a much greater deterrent in getting permits for initial exploration and mining for the whole industry. I can't stand either candidate and was planning not to vote but for the benefit of this industry maybe I'd change my mind.
Call for comments for Environmental Assessment is over.
I'd like to see how quickly the permit can get issued. (Taking into consideration what Craig said in the youtube video about the process not being able to be rushed)
Actually, the current OS is 566 million or so, it's just not reflected in otc markets yet. Correct, the revenues are 0 and will remain at 0 until they start mining, and we are not that far out. I was not happy at all about the severe increase in shares and with no revenues they have had no choice. A lot of those shares will hopefully be retired for those choosing the gold delivery option with the private placement. Supposedly the float is 26 million shares, so most shares haven't hit the market. I hear ya, I am not happy either about the share count, but if they are successful in mining, things should work themselves out, especially with Gold on a tear as it is now. Check out the video link I posted from the CEO, so far only 40 counted views.
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ITEC Solutions Inc. is a fully integrated, project finance management and services consulting company. ITEC provides development capital, engineering, project
supervision and technical management to a variety of projects in the natural resources sector. ITEC’s business model is to identify, invest, and co-manage gold projects whose
mineral rights owners do not have the capacity to finance the development and expansion of their gold claims by means of typical bank financings, and are lacking
the management and technical expertise to develope profitable plans and ideas. The many placer and alluvial gold claims across the United States are mostly owned and
operated by small scale operators. These are the candidates for ITEC’s business model. ITEC’s approach is simple-to fund the capital requirements of these projects, along
with providing overall project management, engineering and geological consulting, accounting, security and all facets of what these projects are currently deficient in,
towards the goal of successful commercial gold production.
ITEC Security Details
Market Value1 | $57,159,472 | a/o Dec 05, 2014 |
Shares Outstanding | 119,082,234 | a/o Oct 06, 2014 |
Float | 25,480,657 | a/o Oct 06, 2014 |
Authorized Shares | 600,000,000 | a/o Aug 31, 2014 |
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Last Trade Time: |