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If the profit was based upon a false analysis of the samplings, the profit projection would also be false.Duh. Remember, this is just speculation on my part. There may be nothing wrong and the Pulacayo project may be proceeding with MiramonteMining still builing the plant.
I am not an apologist for the company but I do not feel that the company lies and strings investors along as you apparently do. IN business as in life , as Forest Gump would say, s##t happens. Since the company is obviously undercapitalized, they appear to try to be sure that any capital investment to make money on the projects would not be illusory since they can ill afford a mistake. I would rhater see a project cancelled than see a half a million dollar investment go down the drain. Once Escala Mining commences we should get a better idea of the reserves at the mine and expected cash flow. I am willing to give them a chance to see if they can build a mining company and perhaps get some lucre for the contracts they generated to build the GTL plants in Bolivia and Argentina.
Hopefully the company will fulfill its prediction to commence production at the Escala Mine by months end. The lack of news on the Miramonte assay of the tailings sample is troubling. It is possible that the sample did not show sufficient quantities of ore to make the processing economically viable. The industry as a whole is moving up nicely in line with increases in the gold and silver market which may make this company attractive to new investors. Maybe the monthly news letter, if Jaime writes one, will clear up some of the questions about the status of the three projects to mine in Bolivia. Nepotism is not always a bad thing. Daddy's influence sure helped George W.
Ya gotta believe as the late Tug Mcgraw use to say. The fact that Jamie is heading home to help supervise is encouraging. The end of month timeframe is also a hopeful sign. Will be interesting to see how the stock reacts once the company is ACTUALLY a mining company.
The MM maneuvering here is indicative of a move by the company to distribute shares out of treasury. Shorting by MMs can lead to a squeeze if the company comes out with any real news as to the projects they are working on. Volume here shows a lsck of interest and the stochastics look horrible. The throw in the towel mentality is often indicative of a bottom. In this case lets hope it is not a bottonless pit.
good freudian slip. I am not selling them "short", they are selling fmnj short since that is in effect what a sale of stock is. A bet that the stock is going down. If you look at the action today you will see that most sales were at the .07 level and the rest was probably MMs prints to show a weak close.Too much activity among the principals for me to believe that this is not a steal at these prices. The caveat is that perhaps the tailings analysis by Miramonte shows that the recavery of the tailings is not economically viable. The low volume of 2-4 million shares per day indicates that most investors are sitting this one out. Time will tell. TRhe holidays are over and I would expect that we will hear some sort of announcement.
I agree with you. The big spread in bid/ask is often set up to scare out weak hands and accommodate a big buyer.If the news is favorable, these trades will make the insider buyer a bundle.
Having not heard from NYBOb on this board since mid August, I decided to check out where he was posting. To my amazement , I noticed that Bob has been suspended until September 8, 2007. Hmm. I miss him and hope he returns to lend his insight and research here. About time for the company to give us an update on the projects. The stock is reflecting a general malaise about the future.
Good analogy. Stock action today looks like another big cross of 2 million shares. Still think it is the company selling shares to a new investor prior to news. Would not be surprised to see a major announcement next week and an interesting newsletter on the web site for September. I hope the Miramonte project is still viable. It has been very quiet lately as to their position here.
Realistically if you do the numbers, the dividend, based on the o/s would not be b very large even for an investor who holds the large amount of shares that you have. The company would be much better off investing the money in its future. I apprecaite your exasperation as you have refused to take more than a little money off the table. Greed is not good. Actually greed kills. Its been a long long time, from May 1 to September. And the days get short as you reach December. Good night Mrs. Calabash wherever you are.Good luck to all. And to all a good night.
Whatever they decide to do, it appesars to be on a fast track with the review of the proposal expected to be completed "quickly". I think this proposal was initiated during the Gregoire visit and it is probably a done deal to be announced in early September with hopefully an update on the mining projects.
Deep Down you know I am right:)
Merry August to all and happy September. It better than a stick in the eye.
My personal opinion is that the company should use the money they receive from the sale of the division for the Escala, Pulacayo and Cerro Rico projects. I calculate that a $ million or so should be enough to get the first two up and running and their cash flow could be used to build the Cerro Rico infrastructure. Unless the recent earthquake activity opened up the veins and all the cmpnay needs to do is scoop up the silver and Zinc :) What do you zinc about dat.
I agree that it is possible that Gregoire and Jaime formulated a plan to divest Franklin of its oil and gas division to concentrate on the 3 mining projects during the recent visit. Maybe Gregoire then returned to the US and spoke to some of the investment bankers or Oil and gas players that he knows. I also note that the release states the company has received a Proposal rather than using the term Offer to buy. It is also possible that the Proposal may be a hybrid involving the purchasing of Franklin's rights to build the two gtl plants and perhaps a kicker on the profits once the plants are generating income for the builder. In any event, it is nice to see that the company is still working on developing a viable business plan. If there is a dividend involved, there may be a time frame for purchase before the company announces its decision to own the shares before the X dividend date. All speculation on my part so don't go to the bank yet.
one of your better posts. Your tag is a oxymoron. What is happening with Escala Jaime?? Is Miramonte ready with the tailings assay?? Has Tony been permanently banned for dating Maria.
The only truck he loaded was probably fertizer. The problem with a truck filled with fertizer is that it can blow up in your face. Thank goodness there is an ignore button on this site. Mine has just been activated.
I am concerned that the company has not given us a status of the tailings amalysis of the samplings gathered by MIramonte to determine the type of processing plant to be erected. Likewise, the company should update the progerss in restarting the Escal mine. They announced that miners would soon be hired. Some news on both of these projects would be welcome by the faithful and non faithful alike.
Your suggestion that the company should put out an intentionally false news story to permit you to sell at your 3 cent purchase price is remarkable. This logic is that it is ok to deceive as long as it helps you. And you are the one who claims management is dishonarable, or to use your word, Mutants. It would be refreshing if you had any thing positive or better yet informative in your posts. When do you see your parole officer?? BTW I hear that Bubba misses you!!!
This is the first business week that I can remember that NYBOB has not made a single post. The stochastics and bollinger bands are bearish. Also the volume this week is also at a 52 week low. It would appear that the stock is totally washed out. Btw the Frankfort exchange showed a 150% upmove on friday from .002 euros !!! to .005 for a close of approximtely .007 US. Stock is mired at a 52 week low. All the technical analysis is bearish. The week before Labor Day is usually one of the dullest weeks of the year. The company has been silent as to its relationship with Miramonte and no news on Escala. Rothschild may have taken a pass as the company suggests it is thinking about selling its rights to gtl plants in Bolivia and Argentina. Even the bashers have seen to have gone on hiatus. What to do??? As a confirmed contrarian, to me its time to BUY big time. In horse racing parlance, this is called a dirty shirt. LOngshots are so much fun.
Trading is kind of treacherous here. Printed 100 shares before the close at .008 followed by a 250,000 share trade after the bell at .007 which is either a late print of a true after hour trade. Some news on the status of Escala startup would be nice to hear.
Bid/Ask spread at .002-.008 euros and volume of 900,000 about $6,000 US makes it difficult to draw any conclusions. That being said it is not fun to see.
zzzzzzzzzzzzzzzzzz....Looks like siesta time in Bolivia. $15,000 in total trades for the day. Boring is the double entendre for the day.
The Bolivian GTL plant was always a long shot since it requires a commitment of in excess of $300 million, a figure obviously out of FMNJ's reach. The gtl plant in Argentina is more modest and has a better chance of being financed especially since the political situation there is perceived as being more stable. I believe that the company retained GDR Privee for a search for a financing partner for this partner. The last announcement may be suggesting that the investor wants to buy Fmnj's rights to Argentina GTL project so they will have total control after completion of the plant. Fmnj can use the money for financing the 3 bolivian mining projects. This seems to be a synergistic plan. The next news should update the Miramonte review of tailings sample for the processing plant decision.
I agree that the money from a sale should be used to capitalize the company's Cerro Rico, Escala, and pulacayo projects.
Oops. Since Gdr priveee and gregoire were brought in to arrange for the financing of gtl in Argentina, I wonder if this new business plan to sell off the O&G interests was recommended by Rothchild since his connections are interested in owning the plant rather than being an investor in a Franklin project. If so, I wonder what the value of asssigning Franlin's contract to another company wopuld be worth. A sale would definitely help th3e company capitalize for the mining projects. This would als satisfy those who believe the company should stay focused in one area.
Since
Interesting article and your somewhat callous view point on the plight of the miners. I wonder how the company is progressing in hiring the miners for the Escala Mine which was scheduled to start August 16 if the company meets it 10 day time line set foth in the announcement. I also hope we receive a report on the Miramonte assay on the tailings test and view of the type of processing plant they will erect.After a good close last week, the stock seems to be in a malaise. Given the turmoil in the global markets, I guess this is somewhat expected.
That news story was deleted from a service I use. You may recall that story came out before Jaime fired the attorney, and two another managers in fmnj Bolivia. I think it weas a non starter.
Is trueheartioire in the photo. Good find. They all look happy and a little high. Maybe the had come leafs to chew on before the shot.
I reread the newletter this morning and I now agree with the posters who advised that the tailings ore is being evaluated my Miramonte to determine the best processing method to determine the best type of plant to be erected . I guess that means that the flotation plant originally visualized to be built as the pilot may in fact be modified. I believe that until the company knows the type of plant to be built, they will not be able to estimate as to when actual processing can begin. The name flotation plant seems to suggest that this type is portable and easy to erect but who knows. Also the cost will be a factor since a different type may cost more than the 200k identified as the floating plant cost. It was good to see that reps from Rolando Mining, the original mine owners who put the 4 million tons of tailings in place , were at the meeting to lend their imput as partners in the deal. The next few news events regarding type of plant and status of Escala startup should be very informative.
be careful where you put your toir. I think longhorn can give you the definition of a abbatoir.... Generally that has what has happened to investoirs since Gregoire has been involved. R I think Cerro Rico is still the big daddy ,but to build the infrastructure to mine is a costly and lenghy process, as can be seen by the Apex Mining experience. I believe the company could speed up the process if they received financing from the Zurich bankers or brokerage connections instead of relying solely on the cash flow from Escala and Pulacayo.Rotchild seems to be mainly interested in financing the gtl plant in Argentina. It seems they are crying for Franklin.
The newsletter was disappointing in that it seems the screw up by the companies original appraisers has caused Miramonte to do their own study of the the tailings to determine if processing to seperate the ores is economically feasible. I am a bit confused since I thought that Miramonte was only a contractor to build the plants at 200,000 a pop.Now it seems the agreement may be more of an partnership. The Escala project on the other hand seems to be a go for August and septmber startup. GO figure.
Disappointing day. Perhaps Jaime and company were too hung over from partying to announce update on Pulacayo. The translation of the anniversary celebration was interesting in that it mentioned Gregoire de Royhschild as a partner rather than a business advisor. Where I come from a partner is a serious term but perhaps that is a loose trnaslation. Hmmmm.
Perseid meteor shower tonite and fmnj.f at .012 ask in Frankfort with no trades yet. That calculates to .0164 US. Bid at .007 or .097 US. What are the odds of getting hit by a meteor?
Down by the old mill stream, thats where we first got cash flow. For those who know Brooklynese, if they don't get something up and running soon, we should make them play a game of Under the Mill. Every shareholder gets a wooden paddle.The Boys of Summer are getting anxious. For the techiies out there, check out the latest MACD indicator. First bullish sign seen here in a looong time.
The Utah mining cave in makes it clear that the mining industry is very dangerous for the miners who work in often unbearable conditions. The three Bolivian projects represent three different types of mines that the company is trying to fund. My understanding is that the tailings project is to process tailings that have previouly been mined. There is no shovel to stick in the ground since it requires the construction of a processing plant. I think we will have an update this week on the on site survey, findings and plans of Miramonte to construct the processing plant. Likewise the Escala Mine is a mine that was mothballed in the 90s when zinc prices collapsed. The company claims it is in the process of retooling, cleaning the facility and hiring a workforce since this is a existing mine. The elephant in the room is Cerro Rico which is a mountain where the company has been given the right to mine 5 rich veins. This will take the most time since the company will have to build the infrastructure. I think the company has raised the needed capital for Pulacayo but hopes to get help from GDR Privee to capitallize the other projects. The news this week should clarify the current status of theses projects. The promised newsletter should also help clarify what is going on. Being the eternal optimist I am keepig the faith.
LIke most here and the late great Will Rogers, all I really know is what I read in the newspaper. With fmnj I can only add info from the two moderators and the company website and press releases. A few years ago, before Austin became the PR guy, Jaime would talk to investors. I had the privilege of speaking with him once and I was convinced that he was a man of integrity and lack of spin. He actually stated that his company was a very risky investment with great potential if things workrd out. He refrained from touting his company and that impressed me. He stated he was going to lay out a business plan publicly and he and Petty decided to give the same info required of a nasdq company even tough they were on the pink sheets. I do not believe the company has intentionally misled investors since as Forest Gump says, S###t happens. Like most here I was disappointed that the first cash flow project, the Pulacayo tailings,were delayed and the plan for erecting the processing plant was nixed.That failure of delay, as pointed out numerous times by True and others, is a primary reason the stock faltered in the first quarter. I am now encouraged that the company has turned to professional mining people, and investment bankers.