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Wasn't Ken the head of Aztec?
Was San Felix a leaching operation or placer mining operation when Aztec ran it?
My reference to leach pads was in regards to San Felix. If it last ran in 2012 or so.
A. In 2011 Mexus reported gold sales as revenue in the 10-K. In 2019 & 2020 the company claims they sold gold, but can not claim gold sales as revenue.
B. The Company claims it can get a ball mill up and running with minimal work becasue it's been sitting around in the dessert sun and that doesn't effect equipment that much. However, the company claims the ramp up to restart the equipment at the San Felix mine (a mine that has allegedly produce many gold bars that the previous JV stole) would be much more difficult and expensive. So much so that the company is better off trying to continue to sink money into an unproven process to build and and attempt to process gold the Santa Elana mine.
C. In a PR the company claims "An average cutoff grade of 10 g/t Au will be milled and recovered by the gravity system with lower grades continuing to be placed on the heap leach pad." While the drill results the company previously published stated an average of 1.3 g/t for that same area. (Additionally none of the drilled areas shows a value of 10 g/t or higher.
D. September of 2019 Mexus claims sale of gold in PR. No sales (or expense offsets) was reported in the subsequent 10-Q.
How many times can a company contradict itself before folks realize it's no longer a conspiracy theory?
Remember how the talk of Mexus secretly funding Mar Mar was a consiparcy theroy... until it wasn't?
Talking about those grasping at many conspiracy theories woven with carefully chosen fabrications to expand the support of the tangled web.
Interesting... I took a look back into 2011 & 2012 to see if the gold pictured was sold and reported. The 2012 10-K said this..
Revenue
For the year ended March 31, 2012, we had revenues of $239,911 compared to $21,000 for the year ended March 31, 2011. We recorded revenues of $260,911 for the cumulative period from September 18, 2009 (Exploration Stage Entry) through March 31, 2012. The revenues of $239,911 for the year ended March 31, 2012, are from our mining and salvage operations.
Revenue Recognition
The Company recognizes revenue on an accrual basis. Revenue is generally realized or realizable and earned when all of the following criteria are met: 1) persuasive evidence of an arrangement exists between the Company and our customer(s); 2) services have been rendered; 3) our price to our customer is fixed or determinable; and 4) collectability is reasonably assured.
Mexus lost how many millions trying to mine that overburden? So ya, I do think it would have been a good idea to throw that away and get to the supposed higher grade vein.
Like Dino stated, do you through that top level of overburden gold away? That would be a waste...of needed cash in Mexus’ pockets. Now THAT waste would have been a half a$$ idea.
If that's the case, then why not just walk over to the San Felix claim and fire up the equipment Ken was using to produce the hundreds of gold bars he was hiding under his bed?
All the equipment has just been sitting there. Should be a turn key operation now wholly 100% owned by Mexus. Fire it up and make that easy cash that can then be used to buid out Elana.
Ask self why USAF maintains thousands of salvaged and long term stored aircraft at Davis-Monthan USAF Air Force Base boneyard in same dry Tuscon desert for decades like new? Perfect spot to keep ball mill like new at Elena maintained by the same "silly hobby equipment restorer and builder". I've flown B-52's into D-M, world's greated parts store and then flown combat using parts from the salvage yard saving billions in costs for decades since WW 2. It's an amazing place stretching miles around along I-10. If was flown in? Kept in condition to be fly away if needed.
Yep. If 2 amateur mine tourist uncoverd 3 gold nuggets during their visit, surely Paul has found hundreds more nuggets in that overburden before getting to the main vein. I mean, otherwise it would be a strange illogical coincidence if no other nuggets were found.
Hard to beleive this company is still in debt with all them gold nuggets to be found.
Those buyout offers will only come if there is either:
A. Credible proven and probable mineral (gold and silver) reserves. This cost money and requires much more drilling than has already been done.
or
B. Proof of consistent profitable production.
Mexus doesn't have the money to do A and is nowhere close to accomplishing B, in spite of what the company has claimed for the last 5 years. At this point any attempts at failed profitable production probably hurt Mexus case in the eyes of potential acquisitions.
Mexus already has a 43-101 on a few of their properties, BTW, but I am sure you already knew that. Doesn’t seem to make a difference.
No way! You mean it’s not a 43-101?!?
I didn’t say it was. I was referring to Mabel and Ures.
Whatever happened with the San Marco mine? Do we no longer own that? It's not listed in the "Mexus Properties and Future Plans" or "Other Operations" sections of the company's most recent 10-k.
I'm sure a material event like foregoing ownership of a mine would have been mentiond in an 8-k, 10-k or 10-q.
In that case, shouldn't Mexus just be able to fire up the whole operation Ken was running in San Felix and start spouting out gold bars by the end of the week?
Naaa...down in the farm land of the outer banks, Lake Mattamuskeet area you maybe driving route 264 and look out yonder in a field and see a tractor, drag-line or dozer that hatn't bin run fer years...but it doesn't mean it can't be start...just that it ain't bin needed. When you do..its good as new. Fire it up boy, there's work to be done- that's all!
I know. But yet there are still people who think the nuggets weren't planted.
Those folks probably don't believe the glove was planted either, but you and I know differently.
LMAO! Do you know how idiotic that sounds? I can’t believe the conversations have evolved to the chances of planting nuggets
Which scenario is more likely?
By pure coicidence potential investors touring the mine site just happened to find the only 3 nuggets to be seen on the mine site.
or
The nuggets were planted in an area then the potential investors were taken to that area for a tour while the nuggets were "discovered" during a dig.
If it wasn't staged, why haven't there been more nuggets found laying around that can be smelted into sellable gold?
Why is it on the investor to prove or disprove the ability to produce gold?
That burden falls exclusively on the company to prove. The company is doing such a poor job of providing supporting documentation that even those accused of the onset of dementia can poke major holes through the company claims from home. There's no need to make the trip to the mine.
The walls are falling in on PT and Mexus and it's nobodys fault but PT's.
An average cutoff grade of 10 Gpt Au will be milled and recovered by the gravity system with lower grades continuing to be placed on the heap leach pad.
CABORCA, Mexico, Jan 18th, 2019 (GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) today announced that the 1st phase of drilling is now complete at its Santa Elena mine. The company is awaiting assay results which will be plotted and produce a 3D Model used for interpretation. The final results are expected in February 2019. The company has received results for holes 6 thru 9 which aimed to intercept the Julio vein at depths between 60 to 100 meters. The Julio structure is consistent at depth with mineralized widths of 2 to 5 meters. All quartz vein intercepts had gold and silver noticeable with .1 to .3 g/t Au as the tracing values and 2 to 10 g/t Au as the high values. Hole 7 is the best evidence of high-grade gold at 9.89 g/t Au with an attractive width of 5.3 meters and an overall average of 3.12 g/t Au.
Hole Intercept (M) Au (g/t) Ag (g/t)
1 1 .19 .75
2 1 6.28 21.3
3 1 .27 .38
4 3 .7 .5
5 2 .79 5
6 1 .31 .5
7 5.3 3.12 9
8 1.5 .22 .5
9 .5 .1 .5
Average 1.8 1.3 4.3
Heck it's getting close to Halloween. Why go with the ball mill? I say we pull out the VATs again and start a Witches Brew of some kind.
Claiming $10 million in assets is absolutely laughable. Jump the shark much?
And what do you think that means?
Probably means sonething all can easily see
They also added that in better economic times the company would have exercised the JV option.
Not at this point.
Look I undsertand many folks are trying to remian optomisitc about the company. Don't fault anyone for that.
When you still see full-throated, "MXSG is a slam dunk" and/or "I've done my DD I know what I own" and ignore or are dismisive of any flaws or red flags and pretend like all is exactly how a start-up mine should be working, that's a pretty good indicator there is some kind of agenda at play.
Not saying one side is right or wrong, but to not even acknowledge this thing looks like it going sideways, or worse, is very telling.
I recall being told by my magic 8ball if I don't sell, then it's not a loss....
But then later it told me, any fool should have known to sell and buy back in at lower rate.
Responses appear to be getting more aggitated. Naysayers must be getting closer to the truth than would like us to know.
Anybody that had "enormous amounts of understanding/investigative knowledge of precious metal properties" would have seen and understood how PT manipulated the drill data and walked away.
Yep.. the timeliness of that news says everything you need to know about Mexus.
Can't wait for those forward looking quarterly reports. If they're as accurate as all the other forward looking statments put in previous PRs, they only thing they'll be good for is toilet paper.
First, I'm sorry to hear about the passing of your mother to breast cancer.
Next, very well written statement about caution. I haven't been around this stock for quite as long as you, but also got in at an okay time. Made a little money initially. Sold when it was close to the highs around 2016. My mistake was I came back to this stock knowing the red flags existed. Ended up losing what I made on it during the 2016 run up.
I tried one more time with a relative small amount at the begining of the year thinking I'd catch a quick run while the company was doing one of its pump jobs. Ended up holding the bag on a few hundred thousand shares at .015.
I'm holding these shares. Mainly as a reminder and lesson not to buy any more. If it hits, great, then I walk away with a little money. If it doesn't then its a small amount of insurance to make sure I'm not tempted to try and dump more money into this farse.
Long term bullish.
Sorry, this is where our opinions part ways. "Behave like a stock trader"...???
This is all on a CEO who has routinely misrepresented - (and at this point I feel comfortable saying, lied) to shareholders via PRs.
This is about warning others of buyer beware. If other investors want to hold on and "behave like a stock trader", and give full throated support of this company then that is absolutely thier right.
I won't sit by quietly and let others be duped into a stock by a lying CEO and a small band of devotees blindly accepting and justifying those lies. When credit is deserved it will be given, when BS is spewed by the company it will be called out.
As I understand it the 10-q's do not need to be audited. Only the 10-k. I don't anticipate an udited 10-q to be released.
Can we expect the change in oversight and addition of a board to happen before or after we get Lemas' 43-101 (or Guide 7) report and Paul's call with Shareholders?
You do realize, Paul's word doesn't mean $h!t to anyone right now?
The bigger hauler and loader is nice, but since when has the bottle-neck of production been on the company's ability to move material?
The weak link that needs addressed has been the ability to extract and refine the material into sellable gold (i.e crushing, elctrowining and Merrill Crowe etc..).
Let's see what the June quarterly reports. There should be substantially more gold sold in Q2.
Glad to see the statement on gold sales. That was the biggest deal for me. Hopefully there is a significant increase in that amount on the upcoming 10-Q.
Still not 100% on PT's trustworthiness. Mexus is considered to be in exploratory mining company, not producer as inferred in the previous PR.
All in all, a big postive step forward.
The delay notice also states there is no anticipated significant change in results of operations.
(3)Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof: [ ] Yes [X] No
I'm completely speculating, but my guess is PT will skirt that issue by putting out some sob story about how after further consultation with the auditors it was determined Mexus could not declare itself to be in production.
That would seem to fit why the audit is taking longer than expected and why the auditors have been asking so many questions.
If the audit was completed and reflected any kind of revenue from gold sales, I have no doubt it would have been immediately released. This is a company that routinely releases PR's speculating about the mere possibility of "imminent" production. If it were able to actually establish proof of production, there's no way they sit on that information for a week or longer.
In that case, the financials should show gold sales as revenue unless they just completely lied in their press release from just a month ago - these are their exact words -
" The auditors required additional information concerning the sales of gold and the accounting procedures put in place as required by Mexican law. "
Thats literally saying there were sales of sold.
so by SEC rule cannot call gold sales as revenue or infrastructue as an asset. May be used to expense cost as they occur such as audit cost and shipping a big truck if any READ the rules.
or the 10-K is so bad that PT is delaying its release as long as possible to keep the stock price up.
The groundwork is being laid for a disappointing 10K...
Simply can't grasp test mining of PM you may process as claim allows but can't use as asset gain with no approved resource.
There is no expense in updating the website with PRs or information. The expense is in paying for the host site, domain and page designs - assuming the design part is outsourced and not a boiler plate HTML.
You can brag about a triple, but that's really misleading. Going from $.015 -$.02 range, down to $.0015, then back up to $.005 within the last 6 months is not considered a win in anyone's book.
When you take the full context of the lifespan of the minning part of Mexus, starting at $.10 an now being at $.005 it's even worse.
So yes the past matters. Does the company appear to have some momentum currently? Yes, but when you look at the past, this pattern has played out before only for price to end up lower and lower.
Sure this time might be different, but that was said the last 2 or 3 times things started to look up and every time it turned out there was less than accurate statements and/or assumptions made by the company.
There's a pattern of behavior and it shouldn't be ignored or disregarded simply becasue it's in the past.
With all them nuggets washing over the knuckles it makes you wonder why it its taking Mexus so long to produce or sell any gold.
On the other hand, if Mexus keeps giving them out as trinkets and souvenirs for visitors it isn't any wonder.
The words and the actions aren't lining up.
Words are saying expansion and equipment updates are happeing as part of the increase in production. Actions are saying production isn't happening becasue we don't have enough money for auditors to compelte the 10-k.
Fluffy PRs are nice, but the 10-K is what folks are waiting for.