I own $1041 worth at BE of $0.10 in 4 purchases from 4/7/2011 to 6/6/2011. Looks like there was some serious shorting going on in this stock during that time frame and later according to: http://www.otcmarkets.com/stock/TUFFE/short-sales
Wish I knew that at the time. I doubt this will ever go anywhere significant, but hey it's only $1k in my IRA.
Check out this article from June 8 2012.
http://alfidicapitalblog.blogspot.com/2012/06/tuffnell-exploration-tuff-has-tough.html
Friday, June 08, 2012
Tuffnell Exploration (TUFF) Has Tough Time Exploring
Digging in my old mail file from 2011 reveals a teaser from Tim Cole's Secret Gold Stocks. This one was pumping Tuffnell Exploration (TUFF), a gold explorer in Arizona currently trading at a fraction of a cent. You read that correctly. It hasn't closed above a penny in months.
It doesn't surprise me that the CEO is not a geologist. It doesn't surprise me that their primary property has a history of exploratory work from major producers who couldn't make it viable. It doesn't surprise me that their 10-K from Jan. 2012 admits in the Risk Factors section that their auditor doubts their ability to continue as a going concern; that the probability of commercial reserves in their claims is unlikely; and that funds spent on exploration will probably be lost. The principals have other business activities which preclude them from devoting more than a fraction of their time to Tuffnell. It says so right there in the 10-K on page 6 if you read it.
BTW, the disclaimer from Tim Cole's teaser says Tuffnell's publicity campaign cost $600,000. Their 10-K says they lost $769,890 in 2011. Their media budget should have been spent on exploration. The company's focus is obviously publicity, not exploration.
This company has no revenues, no viable ore reserves, and no experience. I have no further comment.
Full disclosure: No position in TUFF, ever.
Posted by Anthony Alfidi at 9:43 PM
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