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People can throw their money away on what they want and I don't feel sorry for them if they don't do their homework. The ignorance is the real sad part. Thinking that private land is immune from mining regulations is a common misconception and a selling point of many, many mining scams over the years. I have seen it over and over.
Tell potential investors that being on private land avoids the permitting issues and that gold production is just 3-4 months away. Seems too good to be true - and it is!
So much for transparency.
until then nobody knows anything on this board except for those close to the company.
No, I really don't think you are aware of all the costs. You seem unconcerned about permitting and environmental regulations because it is on private land. It sounds like you have not done your homework and have bought into something you don't really understand.
Perhaps a call to a real mining engineer would be a better use of your time and money. There is a list of them at the Arizona Geological Survey, or you can consult the yellow pages.
Tests were positive? How about some real results - how hard would it be for GDSM to post a few of the real results, not just BS like "tests were positive"? That means nothing. One can only conclude that tests were not positive enough to release, or even good enough to finish the testing. Or that WSRA didn't have enough funding to complete the work.
Do you really think GDSM will produce any gold, or is this simply a stock play for you? You really need to spend a few hours going over the regulations regarding mining in this state. You seem to have fallen for their hogwash that being on private land means they don't have to follow the rules.
That $50K will barely cover the cost for one monitoring well and they will surely need 3 or 4. Environmental engineers are $120/hr. and environmental attorneys start at $250/hr. The ADEQ charges something like $110/hr. for their engineeers just to review your submittals and they bill every month like clockwork! Hope your checkbook has some more checks in it.
Look, I posted the exploration permit that WSRA received back in May, and it is STILL labeled as unverified in the i-box. I am okay with that - there is always the possibility that I somehow fabricated it, although any intelligent person can see that it is extremely unlikely. So, you have to understand the context of my statement.
Maybe a little, but not much. It changes very little - whether the check existed or not is a sidebar and it is not your credibility that is important here - it is GDSM's lack of credibility. I do appreciate you posting it. Finally, someone on this board that is willing to post proof of something!
It does not change the environmental regulations that govern the disturbance of old tailings piles. It does not change the removal of the Azurite report off GDSM's website. It does not change the current investigations against the authors of that report (despite you saying you called the AZBOTR). It does not change the failed sampling at the Gold Crown. It does not change the complete failure to maintain the schedule put forth by GDSM for mining the Gold Star and Gold Crown. It does not change the failure to uplist or prepare a 43-101.
Who did you talk to at the AZBOTR? Why would the investigator on this case tell me (and several others who have called) one thing and tell you just the opposite? Makes no sense at all.
As for the check - now that wasn't so hard was it? It appears to be real, and has Western Sierra's stamp on the back. Assuming this is real, there is no telling what this money was really for, or what it is being used for. Obviously not for completing the sampling at the Gold Crown.
Who are you talking to? There is not only an investigator assigned to the case but a case number, which I believe was posted on this board before. I can't imagine why someone at the AZBOTR is telling you there is no investigation. Perhaps you didn't really call them? Hmmmmm?
Sure, facts are hard to come by on this board. But I have told you where to find regulatory information regarding mining in Arizona. I have also told you where to find confirmation of investigations concerning the author of those appraisals and technical reports used by GDSM to promote their "mining" operations. Those are facts.
Speaking of facts versus fiction - claims of having a cancelled check seem a bit far fetched. Post it - block out all the account numbers, etc. Until you do so, your claim of having a cancelled check for $50K is a bit tough to take.
You too can look up environmental regulations on-line - try it! Or call ADEQ and talk to someone in the Mining APP Section. And you can call the AZBOTR and confirm the investigation.
My credentials and qualifications are irrelevant - this is a chatboard and I am entitled to my opinion, just like you are.
Haven't we been through this before?
Private land does not mean you have the right to ignore ADEQ rules regarding mining. That is utter hogwash. The APP regulations apply equally to private, State, or Federal lands in Arizona and if you did your research, you'd know that.
The quality of material presented in the Jenkins report? You have got to be kidding! It paints a picture of incompetence and fraud. Jenkins is currently under investigation after multiple complaints to the AZBOTR. Call the AZBOTR and ask how the investigation is going.
In the real world, the reality of mining old tailings is that the tailings are extremely low grade and there are huge costs for environmental permitting and cleanups. There is a reason why tailings piles have been sitting all over the State for the last 100 years.
And then there is the GDSM world where it sounds great to say there are tens of thousands of tons of gold-bearing material just sitting there waiting to be processed. Too good to be true usually means one thing..... (it isn't).
I know that we sound repetitive with the same message over and over, but it apparently takes a while for the information to sink in.
You have a great weekend too!
In the end this will be just like 100's of other "Mining Company Claims" a GIGANTIC pile of dirt that is worhtless.
Nah, my bonus was just a sixpack of my favorite beer! You seriously think I am a paid basher, don't you? That is too funny........!
Not exactly sure what you mean by "to make it all look what you say accurate"? Are you saying that my research seems accurate, but is actually all lies? If so, I'd appreciate it if you could present some information to counter the "lies".
Didn't you hear, I am now working by the hour to bash stocks.....LOL!
Business is fine, thanks for asking.
Nice, exactly the same point I was trying to make about penny stocks. Thanks!
Hey Boxden, you post that this board is for discussion of stocks, then you spend your next half dozen posts slamming people, mostly me. Why don't you and $B_rich stick to stock discussions, and maybe folks like me would go back to ignoring you and not "messing up your board".
And don't think that you can say whatever you want here, there are still TOS to pay attention to.
You're kidding, right?
Well thanks, guess I am just a fast learner! If you haven't noticed, I rarely discuss financials - they are still a bit of a mystery to me. Especially in a mostly unregulated industry where it seems that anything goes.
No, and no.
Why would you have it? Post it.
I'd be the first to admit I am not entirely savvy with the penny stock market. But, I have sure received an education in the last year researching some of these mining stock scams. There seems to be a focus in two geographical locations - Boca Raton, Florida, and Henderson, NV.
Many of these scams even share the same attorney, and they seem to share BOD members (if they even have a BOD). You need a flow chart to sort out the whole WSRA/GDSM/GEAR/Gold Tech mess.
There is a huge difference between a bunch of guys in Florida who know nothing about mining running a penny stock, and a true start-up business. It seems obvious to me that guys like the Lovitos have no interest in ever mining gold or they would be talking to real geologists and engineers about doing real sampling programs on viable prospects. Their only intent appears to me to keep the game going long enough to have multiple rounds of dumping stock.
What percentage of pinkies do you think have real intentions of running a legitimate business and actually producing something other than selling stock?
You say "As a shareholder, you buy low and hope the heck they do right with the money they raise!"
I think it more likely that as a shareholder, you buy low and pray for enough gullible investors to join in after you, and drive up the price at which point you can dump. Am I close?
Don't give me self-righteous crap about helping poor little businesses get their start! You are a penny stock investor, and I suspect you know that most, if not all, are scams and you don't care. As long as you time things right, make a few dollars off a "run", you are happy.
My money is in my own company which was a startup from nothing, so don't tell me that I have not risked money.
What are you getting at? You can see the mining stocks that I usually post about - all scams. Are you saying that I am "bashing" them to lower the price so I can scoop up cheaper shares? I think you know better......
What have I lied about? Do tell......
Also, I am curious why you think I spend so much time on a stock like GDSM. I know why I spend so much time on GDSM (and a few other dubious Arizona penny stocks) and it has nothing to do with their stock price. But what do think?
I don't understand what you mean - that makes no sense. Are you saying that someone that posts negative opinions about a company like GDSM is exactly like GDSM? What?
I don't want to argue about it either, because there is no resolution. I guess you either have faith, and believe the money changed hands or you don't. Faith-based investing?
Too bad they are not a fully reporting company because that is one way it could be proven. Any financial disclosures by GDSM at this point are pure fantasy - they can say whatever they want.
Why would WSRA have any obligations to GDSM investors? The $50K payment by GDSM? If you assume the payment was made (which I doubt), how do you know what WSRA's obligations were for that cash? Maybe they have fulfilled their work that the money was for, and waiting on more cash to fund the next step?
Who knows for sure - these guys only dribble out a little information at a time, and none of it is to be believed based on past performance (or non-performance) at the Gold Star/Gold Crown.
You are seriously asking for proof that something hasn't happened?? Of course it is my opinion that no money has changed hands, but as I said before, almost everything on this board is opinion. Without opinions, it would be a pretty quiet chat board.
And you'd believe a pinkie PR over common sense?
Uuhhhh, okay....., thanks, I think.
I do find it interesting that the removal of information from a website could be construed as an "update". That is a bit perplexing...
I suspect the relationship has soured between WSRA and GDSM. The sampling at Gold Star/Gold Crown was done on a shoestring budget, and wasn't even finished. Exploration funding appeared to be a bit of a problem despite the PR's talking about $600K in funding.
Also, I do not believe that $50K actually changed hands between GDSM and WSRA for the "Azurite Mine" and I doubt that WSRA "owes" them any kind of updated report. Do you have any kind of evidence that the money actually changed hands?
DD? It is always amusing to see people use that term in regards to looking at a company website, PR, or pinkie financial disclosure. That isn't what I would consider DD. Although, seeing that a report is now gone from a website is significant in that someone is obviously getting nervous.
Real due diligence means checking CEO's history of failed businesses and their possible criminal pasts (not saying anything specific about the Lovitos, but just a general statement about due diligence). Also, checking for the status of permits, property ownership, regulatory requirements for mining, credibility of technical reports, etc.
I know all that kind of stuff is meaningless to most GDSM investors - it is all about the next PR and the next "run". But to people who are wondering if any gold will ever be produced by GDSM, it is important.
In my opinion, he was asked by their JV partner (WSRA) to remove the report because of concerns over the current AZBOTR investigations. Why else would he remove it?
I think it is obvious why the Azurite report was removed. GDSM can say that an "updated" report will be posted, but I suspect you will be waiting for a while. Just like the bucket sampling results - waiting, waiting some more, still waiting........
Yeah, possibly a new and improved report to be posted - can't wait to see it! But why remove the original report? What was wrong with it? Oh yeah, fake mining engineer credentials.
Just curious - Marc is CEO, and Ms. Driscoll-Hinton is the CFO, but who else is considered management of GDSM? Are any of the other Lovito brothers still connected to GDSM? Who sits on the BOD? Or is there a BOD?
Also, in reading through GDSM's December 2011 corporate update, what does this mean?
A tough economic environment for capital and strains on the Company’s resources caused Gold Coast to become delinquent on its disclosure and financial filings.
Of course it is my opinion. Everything posted on this board is opinion unless backed up by copies of something like permits (see the i-box). Two or three months since those permit documents for the bucket sampling program were posted on this board as "unverified". Plenty of time for someone to provide proof they were fabricated or altered in any way.
Maybe it is time to remove the word "unverified"? Or not, who cares? I think any intelligent person taking a look at the permit can decide if they are real or not.
Azurite report - gone....!! Gee, what happened to the Azurite report? Suddenly gone from GDSM's website. Maybe someone got nervous about unlicensed engineers (Jenkins and Stoddard) performing work for a property owner (the Whartons)? Maybe the current investigations by the AZBOTR are giving someone cold feet?
Removing it now - too late! It already prompted several complaints to the AZBOTR and their case file is now over an inch thick (according to the investigator assigned to the case).