Here's notes for cc. The call was just under a hour and fifty minutes and covered topics including both the mines, an emphasis on "NO" reverse split, a reduction of 2.5 billion shares in A/S effective by the end of the year, and others including the chill and the CTO in Canada effecting British Columbia only. Bear with me because I have a lot of notes.
The call focused at the beginning on weighing Joel's decision to either erase December's debt or do a share buyback. He stated that he'd have his decision this week one way or the other and would release a PR when his decision is made. He is waiting for legal advice first, but said one way or another, something would be done this week with the 70 thousand dollars. Personally, I like the idea of cancelling the debt and then using our future gold revenue and remaining 190 k from sale of PSRU towards share purchase over next couple of months.
He talked about the Keystone and Congress mines and stated that he will be concentrating on Congress because it has a higher concentrate of gold and it is easier for us to focus on one mine right now for permits and profits. He stated that the Keystone mine will not be touched for at least the next twelve months. Instead, we will be starting production at 200 to 250 tons a day when MSHA and ADEQ are completed at Congress mine only. He has a meeting with either MSHA or ADEQ on Wednesday 10/8 and again on Friday 10/10 to finish the steps needed.
His goals are to get everything back and running by beginning of November and have the cease trade order (CTO effecting our British Columbia) resolved in the same time frame. The "Chill" will take until end of year to be resolved.
He said that the Authorized shares will "NEVER" be raised again and he will bring down the A/S to the number of outstanding shares we have in December which he said is roughly "7.6 billion" and he intends to, "continuously knock it down." He stated that there is only 60-80 million left and an additional 100 million for a promotional group that specializes in connecting mining companies with investors. That will be the end of share increase forever. This 100 million shares to PR group will be locked for 2 years and will not cost us anything up front so I am pleased with this decision. He then plans an additional 2.5 billion share buyback from possibly this week, depending on his decision this week, until April or May thus bringing the Authorized down to 5.1 billion. Remember first decrease will be to the number outstanding at that time in December and will be from 10.1 b to approximately 7.6 b and THEN buyback would bring out other 2.5 b to get us to his 5.1 billion Authorized share count goal.
He cleared up who VFIN and VNDM are, a clearing house (the only clearing house that deals with sub-penny pinks mind you), and this place is in Alpine Utah. He said all brokerages use this place to buy and sell in one way or another since it is the only one to use.
He then went onto talk about his relationship with Discovery's "Jungle Gold" men and also Tony Beets leaving it open that our company may have a future with the Discover channel in some way. At the very least he said that Tony would help him with advice and be present for the "Open Mine" (my term), which will have a date set after we clear MSHA and ADEQ to get investors out to the mine for a visit. Personally, I am given confidence that he is more than just acquaintances with starred miners. Connections are everything in business and having them at your mine can only help our business.
I think that covers the gist of what was said, it was a long call with many more questions than the first cc. Joel concluded with stating that his main goal was to build our company up through the exchanges for the next five years with the first exchange upgrade coming possibly in beginning of Spring with Nasdaq being further out. He said that he'd like to sell MNGG to a "big miner" after the five yeard at no less than $4.00 a share. I like to dream, but I am much more in anticipation to get over a penny first.
Overall it was a very informative call and, though their were noise problems, Joel was very clear with his plans for our company. Hope that these notes help, I don't like to post normally, but something had to be said after such a good call. Have a good night all and GO MNGG.
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