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Sure does look like the same company as FFGO, etc pumping and fraudulently scamming shareholders on valueless property!
Jee, wonder I've been saying that about this whole deal this whole time...
Probably 'cause they're not related at all.
Would be funny if they totally were, in time, though. Wouldn't it?
Too bad FFGO will never have anything to do with profitable business around metals.
For it's shareholders.
And as long as you only care what one person says, and you don't care about accuracy ... keep on following this guy!
Equally baseless as your last post.
You can talk about these valueless, useless properties all you want generating millions of dollars...
Until they do it, it's just TALK. Like it always has been.
Just wait until this happens with FFGO.
That garbage you post over there will actually be proven false!
Empty statement.
Wont happen.
I'd leave that to a professional who can provide assay reports...
Aww..
Yeah there's no reports proving this land is worth my spare time, much less millions of dollars.
Good like with the pipe dream.
Got any new material....?
And what would happen IF pigs flew?
What matters is what WILL happen and what HAS,
That said, no FFGO shareholder stands a chance.
If you paid a dollar a share for FFGO, I'd pay at least a dollar to see you waste that kind of money.
How about finding a hedge fund that will tell you they own any FFGO....
LOL
Gonna give us the scoop?
Or when the real questions come your way are you just going to duck and dodge, while throwing another set of useless "Short Volume" numbers at us?
So you think being a shareholder of NMGL at today's prices will benefit in the future?
And what reasons do you have to support that?
Ah ... no defense of this unmitigated hot air then?
If NMGL is going to make bocoup $$ from these ultra high gold prices and short covering, why not pay a little premium to the price now?
Why isn't anyone advocating this crap buying it...?
Call your broker.
So what did you add at what price...?
Do let us know when you actually add!
How could that in any way benefit NMGL?
Oh yeah... they don't have those things to make the deal possible!
Which is why you will never see it go through!
Didn't say they had control. I just said "No deflation in sight" is kinda off base right about now.
No deflation in sight?
Fed meeting tuesday kinda said the opposite!
So you're a shareholder in NMGL?
Which purchases were yours...?
What's your long term outlook?
Has anyone even analyzed that this BLM-Unconfirmed claim is capable of producing positive revenue, after getting whatever the hell shareholders think this claim is out of the ground?
They already stated the price of metals will not affect the payout of cash divi or preferreds.
Infact, the only thing governing your receipt of those is the company handling and filing the necessary paperwork and paying the fees.
Wonder why that hasn't happened yet!
They're gonna have to get some more action in the market (like over $500 in equity a day, LOL) before you start jumping the profit margins.
Again, if investors or corporate investors saw this as an opportunity, they'd already be in it.
Hence why you play a real mining play, not some shell that shifts around NON BLM confirmed assets, in fractional pump and dump plays on a retardedly bloated share structure.
Here's some real mining stocks that might make you some money. I'll even throw in a penny for good measure, incase those big money stocks scare ya too much.
SRSR
DROOY
EXK
HL
NG
Not this garbage.
Yeah!
Wait, what are we waiting for again?
Why doesn't anyone have preferreds or cash divi yet?
Why isn't FFGO delivering? Communicating? BS'ing their way through PRs full of excuses?
Sounds about right.
So there's a lot of suckers out there.
Doesn't make it a good idea.
The last statement they supposedly legitimately filed (in multitudes of the time necessary to provide said figures) left FFGO essentially destitute.
How they're going to multiply your and everyone elses money 34 times and have any left to do business, much less net positive business, is beyond me!
As I said, they will not complete this paperwork! Preferreds and cash divi are as dead as Johnny Cash. I imagine people will be banging this drum until the cows come home...
Care to speculate why such a "Large Market Cap" company as NMGL only has $309 worth of takers in the market today?
Hey, at least it's above the average volume... haha
NMGL: 100 Shares Volume!
Get preffered shares or a cash divi.
Because FFGO has no money to pay for filling the required paperwork.
And when it's taken FFGO 8 months in the past to come up with their filings, to show ~$400 cash on balance, how do you think they'll economically come up with what they need to complete the deal's filings and get you those preffered shares or cash divi?
Oh wait, that's right, you don't!
Well, I don't know.
If you're all in, what's the point?
In fact, what's the point of this whole thing?
If you're all in on this, please do let us know when you get out ...
Hahaha....
Breaking .004 today was not good no matter how you cut it...
Responding to confirm your own wild speculation?
That's a good one...
Errrr. The trader in me feels it testing .002, but is conflicted with doing anything with any shares, given the long term consequences.
With the ask falling and this heavy volume... eh.
Did I understand correctly from someone else that anyone in the EHC cannot add or sell shares? Or was that only the people elected to certain positions in the EHC?
Once again, thank you and good luck.
[Quarterly Report, Sept 10]
http://biz.yahoo.com/e/100909/elrae.ob10-q.html
[8k, change in accountant]
http://biz.yahoo.com/e/100901/elrae.ob8-k.html
Does not read very good to me, at least there was some [marginal?] reduction in operating expenses.
Form 10-Q for ELRAY RESOURCES, INC.
9-Sep-2010
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Forward-looking statements
This quarterly report on Form 10-Q contains "forward-looking statements" relating to the registrant which represent the registrant's current expectations or beliefs, including statements concerning registrant's operations, performance, financial condition and growth. For this purpose, any statement contained in this quarterly report on Form 10-Q that are not statements of historical fact are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "anticipation", "intend", "could", "estimate", or "continue" or the negative or other comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, such as credit losses, dependence on management and key personnel and variability of quarterly results, ability of registrant to continue its growth strategy and competition, certain of which are beyond the registrant's control. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual outcomes and results could differ materially from those indicated in the forward-looking statements.
The following discussion and analysis should be read in conjunction with the information set forth in the Company's audited financial statements for the year ended December 31, 2009.
Overview
Elray Resource, Inc. was incorporated in Nevada on December 13, 2006. Its wholly owned subsidiary, Angkor Wat Minerals Ltd. was incorporated in Cambodia on June 26, 2006.
The Company is in the business of base metal and energy exploration and development and currently owns a 100% interest in Porphyry Creek, a 90 square kilometer gold and copper claim located in Cambodia and a Letter of Intent to acquire 99% of Minera Monteverde SA, comprising a 99% interest in the assets of Monteverde's "Picacho" gold property code 300869 located in the El Oro Province, Canton Atahualpa, Ecuador.
Plan of Operation
The Company has commenced a two year program to run from August 2010 to August 2012 with the aim of advancing the projects to a stage where they are ready for early resource definition drilling. Porphyry Creek is slated to be progressed to early completion of initial exploration drilling of defined drill targets.
The Works Program is divided into two stages as follows:
Stage 1
? data compilation and assessment
? surface and underground geological mapping
? surface and underground geochemical sampling
? geophysics
? definition of drill targets
? Sinking of an exploration shaft
Stage 2
? exploration drilling (selective)
? preliminary metallurgical test work
? scoping studies (comprehensive)
The Porphyry Creek project is being worked with geological mapping and surface geochemical sampling continuing to locate the hydrothermal system that is indicated from previous reconnaissance mapping. After the Stage 1 program is well advanced, plans are for 1,500 meters of diamond core and reverse circulation exploration drilling to follow the sinking of an exploration shaft.
With the Picacho concession, prospecting work being done during the due diligence process included geological recognition and sampling of the current sediment and litogeochemical sampling. Samples were collected and tagged and will be tested for gold by way of fire assay testing, with AA or final gravimetric testing. In addition, other elements will be analysed in series for 35 elements by induced plasma gathered (ICP-MS) to determine the presence of sulphide, hallo effects, standards of alteration and indicating elements.
Prospecting works to be done include air photographs to be examined to draft the outline of structures and to project the continuity of known mineralized zones. The present and past underground mining work has to be projected, examined and sampled (material of the walls from the vein) in order to have an idea of the zones of enrichment of gold. Samples will be taken every 3m along each of the cuttings where there are veins. The testing of these samples for gold is through fire assay and other elements by ICP-MS.
Results of Operations
Three Months Ended June 30, 2010 compared to the Three Months Ended June 30, 2009
Revenues
We did not generate any revenues during the reporting periods.
Expenses
During the three months ended June 30, 2010 and 2009, general and administrative expenses were $21,000 and $31,000, respectively, and exploration expenses were $2,000 and $61,000, respectively. The decrease in exploration expenses was a result of the early arrival of the southwest monsoon and concentration of due diligence on the Ecuador concession.
Net Loss
We incurred net losses from operations of $30,000 and $99,000 for the three months ended June 30, 2010 and 2009, respectively.
Six Months Ended June 30, 2010 compared to the Six Months Ended June 30, 2009
Revenues
We did not generate any revenues during the reporting periods.
Expenses
During the six months ended June 30, 2010 and 2009, general and administrative expenses were $36,000 and $48,000, respectively, and exploration expenses were $8,000 and $82,000, respectively. Expenditure was reduced due to a concentration on due diligence on the Ecuador concession opportunity.
Net Loss
We incurred net losses from operations of $58,000 and $144,000 for the six months ended June 30, 2010 and 2009, respectively.
Liquidity and Capital Resources
Since its inception, the Company has financed its cash requirements from the sale of common stock and shareholder loans. Uses of funds have included activities to establish our business, professional fees, exploration expenses and other general and administrative expenses.
Due to our lack of operating history and present inability to generate revenues, there is substantial doubt about our ability to continue as a going concern.
Material Events and Uncertainties
Our operating results are difficult to forecast. Our prospects should be evaluated in light of the risks, expenses and difficulties commonly encountered by comparable exploration stage companies.
There can be no assurance that we will successfully address such risks, expenses and difficulties.