Successful Businessman unlike FLPC
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REAL Facts:
FACT: No sales since inception.
FACT: No Profit since inception.
FACT: No cash flow to the account since inception.
FACT: No active Milling Terminal ever used by FLPC.
FACT: $1.3M Debt since last Filings released.
FACT: Near-insolvency last year. Verified.
FACT: Proof of No money available at that time.
FACT: No evidence of a "Restructure", only a statement but no
obvious difference in the business since it was supposed to
have been started. Nothing of significance has changed!
FACT: A Two and a half year farce with no evidence of change except
one less Director.
FACT: Share graph shows an overall STEEP decline due to no
business trading.
Stop wasting our time. These are NOT ALL clear FACTS without full supporting PROOF and EVIDENCE.
FACT: FLPC has kept it's permits intact. CHECK.
UNSUPPORTED EVIDENCE: FLPC has 1000 tons of ore at a milling facility. NOT QUITE: IT HAS BECOME REDUCED DUE TO WASTAGE WHEN MOVING IT.
FACT: Even if that ore is only 5% Antimony it is worth $1.1 million at current prices. IF THEY EVER PROCESSES IT, THEN IT'S DOWN TO QUANTIFYING THE END RESULT. Insufficient evidence to qualify the figure is valid against their current stock.
UNSUPPORTED EVIDENCE. HEAR-SAY: FLPC has said that management is investing $300K. NO PROOF, THEY 'SAID'.
FACT: FLPC has a mine with antimony in it. FACT: YES, BUT They cannot afford to Mine it, so it's currently of little use.
FACT: The price of antimony has sky rocketed over the past few years.
WRONG: Antimony prices have plummeted by comparison to the first half of 2013 & 2014 by a significant percentage. All the prices have done is partially recovered, but NOT 'Rocketed' Only a small increase over a year or so. FACT.
FACT: Demand for a US source of antimony is very high. In which case, after a number of years, why are they or anyone not Mining Fencemaker?
FACT: FLPC has indicated they are getting financials in order. INDICATED.
FACT: The SEC has NOT indicated that FLPC is being investigated for breaking any SEC rules or regulations. NOWHERE DOES IT STATE THEY WERE.
FACT: The SEC has NOT indicated that FLPC is being investigated for "conning" investors. THAT'S BECAUSE FLPC IS COVERED BY THEIR DISCLAIMER WHICH MAKES AMBIGUOUS AND UNSUPPORTED INFORMATION WITHOUT FACTS, LEGAL.
FACT: The SEC has NOT indicated that FLPC is being investigated for "lying" to investors. SEE ABOVE. SAME STATEMENT, DIFFERENT WORDING.
Unfortunately, ECHO, many Investor's are clutching at Straws on making a profit in the near future with this Pile of Ore. If it were than good, it would have been done ages ago, but they just don't have the spare cash. You all have to do is await the Filings to see the true picture. After that, you will know which way they are heading...probably.
ECHO: Bob actually put that in one of his e-mail's to me some time back. It was due to the Low percentage of Antimony in the tested Ore. Although ALL the Ore wasn't tested, they would have taken random samples from many bags to get some idea of the over all value.
At present, it is not economical. There IS value there, but I think in total it could be good but not yet worth the risk. With fluctuating prices at between $7-8000 per Tonne, they would have to process the lot to get the true value. Bearing that in mind, costs MAY outweigh return, but I don't know for sure. It may all end up in Land fill as a bad job, and remembering why it's not been Mined since 1985 due to low yield, hence it's been left. I thought maybe the present batch may be of higher value but doesn't look like it?
Not sure how RJB arrived at the $1M Value though?
The current value of Antimony is about $8300 per Tonne, less anything between $2500 - $4000 to process it from start to finish. That could mean a Net Profit of at least $3 - 4,000 per Tonne at today's prices, so why aren't they doing it? With the cash they say they have, they could process 120 Tonnes with a Sale Value of c$8300 +/- per Tonne.
I would assume they are not allowed to use the cash until the Filings are complete. However, at a guess, they don't actually have $300K in Liquid Cash at all! It may be in Shares or it could be in Material objects or even their own property. I think that $300K isn't accessible. If it is, they need to spend it on processing and turn that $300K into some decent cash...and then spend some of that profit to process more Ore until it's all been done and they would then be able to pay off some or all the debt.
I wonder what Bob would say to that. Anyone care to ask him...ECHO, RJB, IKGW, see if he can come up with a satisfactory answer or just an excuse for not doing it? Go on...I dare anyone to ask and put his reply on the Forum!!
The last Filings showed a $1.3M deficit. Depending on the Lenders. The Interest rate from a Bank for UNARRANGED Borrowing depending on their agreement with the Bank and whether or not they've exceeded the arranged overdraft limit, could be in double figures. That's if they pay quarterly. Old Filings will show this as an 'Output' as hopefully it will...if the books have been properly completed?
The other issue is the Creditors. Under their Terms & Conditions, they may charge upward of 8% PA Interest on late payments with Outstanding debt unless other arrangements have been made. I also believe they have paid some or at least one Creditor with shares but that was ages ago because two or three years ago, they were worth more. If that company didn't sell, they would be worse off with a lower value share than the original debt!! Bet they are pretty Miffed if they didn't sell up?
They paid them is Shares simply because they didn't have enough cash, so more evidence of the reason why they nearly went under. If Interest payments ARE quarterly, with no actual cash input into the company, those payments are going to get harder and harder, so they may have no choice other than to call it a day?
They are obviously in it up to their necks and with their £$300,000 they claim to have, they won't get away with hanging on to it as they would be demanded to pay of some off their outstanding debt. BY LAW. Maybe they will? These guys don't part with cash easily. Look at the saga of Jerry and Lynda Whyte and that wasn't that much cash by comparrison to what they owe.
Shocking situation. I amazed they are still going!!
WRONG!!
"They had problems with finding a mill close enough and decided to build their own"
Misleading info.!
FLPC NEVER decided to build their own Mill. First, if they did, the expenditure would have shown up on the Filings. All FLPC had was a Letter of Intent to acquire a 50% Interest in LIBERTY MILL which was owned by CORONET Metals and already built. Coronet sold the business a little while ago. Not one Cent was paid to Coronet because FLPC never go that far and never put any ORE in the Mill. It was never active for FLPC and they never used it because the paperwork was only a letter to INTEND to take 50% Interest in, but they never got it.
The deal collapsed and it became void.
There has NEVER been any other Mill, only Liberty Mill by name but not one rivet was owned by FLPC!
"READ THIS, LAB'
FLPC Failed to meet the purchase price to Coronet, so they had no Money even then. The deal FAILED!!
"During the commissioning phase of the Liberty Processing Facility, the Company (Coronet) was unable to achieve commercial recovery of gold from the feed material. The Company suspended operations in April 2014 to preserve cash and then evaluated other options for the project, including alternative sources of feed material, partnering with operating mines or a sale of the Lease and operating agreement. Funding of the ongoing commitments to preserve the asset was provided by loans from Directors. On October 27, 2014 Coronet completed a share purchase agreement to sell a 50% operational interest in Coronet Metals US Inc. which operates the Liberty Precious Metals Processing Facility to First Liberty Power Corp. (“FLPC”) for US $200,000. The planned use of the sale proceeds was to pay accounts payable, fund ongoing operational costs associated with Coronet US , return the facility to full operational status and process feed material from FLPC’s projects. FLPC failed to meet purchase price obligations as required by the share purchase agreement, requiring the Company to seek alternative funding to maintain the lease in good standing. On January 13, 2015 Coronet formally terminated the FPLC agreement. Upon the collapse of the FLPC deal, management determined that it had exhausted its options to salvage the Liberty Liberty Processing Facility as a viable business and that there was no alternative but to divest Coronet US in order to enable the continuation of the Company."
*You need to brush up on your Homework before you put 'Fake News' on the Forum!! LOL
ECHO:
Here is a load of text about what FLPC proposed three years ago.
If you read it, there's not a single shred of evidence that anything remotely connected with the content of this notice has ever been achieved. After this, they went in to "Restructure". It just goes to show that this BoD are full of Hot Air with no action.
If you can find anything at all connected with progress on each point mentioned, it may prove they mean business. I bet there's no evidence of follow through on any of this. Just the usual old 'Sprat'?
Looks good on paper and that's as far as it ever gets. It's just that people still don't seem to be wise to what these guys are up to!
https://globenewswire.com/news-release/2014/08/25/661074/10095939/en/First-Liberty-Power-Announces-Mining-Lease-Agreements.html
It's all guesswork. There are no serious FACTS that FLPC is going anywhere. It's all cheap talk without EVIDENCE of any any Strategy. All FLPC keeps going on about is the Filings, after that, it's anyone's guess.
When the Filings appear...if they do, the debt will STILL be Toxic and it can only have increased after two years because there has been no input to reduce it by. What the management have done is keep the Office running because they won't have $1.5M to wipe out the debt and neither will any Money Lender without massive security which they don't have.
It's touch & go if they continue trading much longer after the Filings are released.
The Ore is still sitting somewhere, untouched because they don't have the spare cash to deal with it. Even after the Filings, the situation is unlikely to be any different. No spare cash AND they will have an accountancy Bill of at least $2k after months of fiddling with the books. Note I said 'with'! The Fog is getting thicker!
1kgw
I never claimed to be right. It is all about speculation and opinion which are based on guesswork. With what little evidence you have that FLPC are 'moving on', except the word of the BoD which over the years has been considerably unreliable.
In my previous post, which was an e-mail from Bob from May 2016, he claimed 25% Concentrated Antimony (predicted...GUESSED) in that Mined Ore. In the last e-mail (Yesterday) he now claims 35% Concentrate. That's 10% more than last time without further testing... FACT! It's there in black & white!! That's unreliable speculation direct from the a Director!! with no evidence to back up his claim. If he was that accurate, he would have posted an amendment on this site. Don't you think that would be encouraging?
Waxy writes: "Easy to cut through the fog with a little research. If you do research on FLPC online, you will come up with virtually nothing except old posts. Try it, there's nothing out there!
It's very clear to smart investors where FLPC is headed."
Yes, the Fog is very thick and a sharp knife may not be enough to cut through it! Yes, we all know where FLPC is heading, don't we Echo?
Tripe!
Whilst the fig's are correct, FLPC hasn't said or guaranteed that your supposed quantity of measure of Antimony is even likely to be available as it hasn't all been processed yet! Don't use the old speculation 'Chestnut' without it being based on FACTS. FLPC only has Tonnes of Ore...Little else, not even potentially until a full assessment has been completed. Once that happens, you may be able to hazard a guess, but only the Pro's will give you the true figure's. Nobody has a clue what value is really there. It's not even worth a guess because there's 100% chance that you are wrong.
UPDATE!!
Here is a bang up-to-date e-mail from Bob so you can all take a look. It is only a hour or two old and was in my Spam Folder.
Good afternoon XXXXX,
Thank you for your email and everyone's patience as the company continues to move the “Restructuring Operation” forward.
As the company has openly stated, the company hired a new independent auditor.
Currently, the company accountant and the new independent auditor are in communications and doing financial exchanges on the filing.
As this is a new independent filing review, it requires many types of additional documentations and questions to be answered.
Therefore, the first filing has been extensive in time, however the company does expect to get that first updated filing done in the near future.
XXXXX, as you may know, the previous mined ore was moved from Lovelock and is now in storage on a mill site in Northern NV.
The test previous done on that ore, had a Stibnite (Antimony material) around 5% out of the mine
The expectations are to get that ore process at this company.
That process would take the concentration level to 35% or higher is the company’s expectations.
This mill process is one of the final steps in the “Restructuring Operation”.
The SEC filings is the company’s top priority at this time.
Finally, XXXXX, the company continues to review and follow any possible new investment prospects for additional new financial support.
The company expects to move this financial issue more, once the filings begin to occur.
Since the “Restructuring Operation” has been financed so far by the management team; the company appreciates the patience and understanding that our shareholders have provided in this mining venture.
Have a good work week.
Best Regards,
Bob
Correct on all counts. Thank Bob, 'He da man!' We know there's Antimony in Fencemaker. It's all down to basic economics as to whether or not it's economical to get it out. It's a Catch 22 issue: It's there, but is it top quality and sufficient to make it worth mining? Nobody really know's until they have another crack at it. If they do, will they be wasting money? That's the risk. If it's very good and a success, then it's high $$$ rewards all round, if not well...bad luck. It's learning to be patient.
I waited 10 long years to lose $5-6k. The company I am in has now delisted pending an RTO and shares/trading are suspended. It may work, it may fail, but they claim they will re-list again in due course, so I wait. This is why I never buy Penny shares any more. The risk is far to high. Losses are more likely than gains.
Hardly ridiculous, I was asked for proof and provided it. RJB if you think that back & forth is so ridiculous, why bother to respond?
If there was adequate evidence that FLPC will come good, why not provide all shareholder's with proof that what you think that is going to cause a stir on the Forum. So far, you have only words only from the BoD, but other than that, 1000 Tonnes of Ore sitting, languishing in storage. Having done loads of research into this company, I have read nothing that would encourage me to buy into FLPC. Words are not enough, actions would, along with tangible evidence such as a date to start Fencemaker and it actually happening. Now THAT would make this SP fly! All you guys have had is ONE Public Notice in two years. The other was about their so-called "Restructure" .
Hardly bubbling with excitement and anticipation! Oh well, maybe it'll happen when those elusive Filings appear?
You want proof? OK here it is!!
As I said a single figure percentage. If you process loads of it, they will get a higher percentage 'concentration', but that will be a relatively small amount out of that 1000 Tonnes.
Better than nothing, but the costs to get it will outweigh any sales value otherwise it would have been done by now.
Note that Bob states "The Previous Mining operation that was done". May be by FLPC or may be by the last effort by someone else, so we assume it was FLPC, he wasn't specific.
***************
Good morning XXXXX (MAY 2016)
The 1000 tons of ore that is in storage area, is raw ore from the previous mining operation that was done.
That storage raw ore is generally between 2 to 5 percent SB grade.
The testing and production process the company is working on is expected to bring the SB concentration level up to greater than 25% where there are prospective buyers.
The 43-101 Technical Report on the Phase 1 Drilling Fencemaker Antimony Project, that was completed in September of 2012 also verifies the antimony finding in the mine site.
**********
He says, ..."the company is working on". we don't hear much about that, so may be they're NOT working on it now? Any questions, ask Bob!
ECHO: The reply I had many months ago was that the Yield of the tested Ore was too low (on average) to justify the cost of Milling and processing the entire stock. It was overall, just a few percent. Bob will back this up if you care to ask for some figures?
Neither Bob nor Don will spend their Vacation Money on that 1000 Tonnes of low value Ore until the price rises sufficiently to justify the cost. 'Waxy' before you lead off about 'vacation' Money, don't forget they are funding the company from their own pockets and not directly from the business, so this 'continuous personal funding' will certainly dent their own private Bank Accounts!
These guys either have vast amounts of cash to continue funding the company for almost two years, or the running costs are so low as to be hardly significant. With no sales of anything, their private cash won't last forever, so my guess is that running costs are sooo low, it rather proves they are not 'moving on' to risk their personal cash on anything costly that won't get their money back again. Unless they are both Multi Millionaires, which I very much doubt, they will drizzle money into to it via what Investment comes in. It's what it's for!! Private cash? LOL,
Labrdaorite:
WRONG!! In general, Insolvent companies WOULD be updating their Websites and going about their normal business within the parameters of 'Chapter 11 Insolvency'. Both Polaroid and Kodak are allowed to continue trading as set out by the US Government, to help pay off their debts which is why Kodak Sold off many of their Patents in order to try to satisfy creditor's and to get Millions of Dollars cash to go towards their survival and debt.
It is unlikely this ruling would hold for FLPC though because they have nothing worth selling that would even make a small dent in their current debt. They would simply make an announcement (or not), that it would be no longer viable under present conditions to continue trading and all shares would go into suspension, never to be seen again. You cannot trade or access your shares which would be a 100% loss to the Investor AND all Creditors... which could be FLPC's best option if the company fails. The BoD won't fund they company indefinitely...assuming they really are?
From 2013:
Lovelock, NV, Sept. 25, 2013 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (OTCQB: FLPC), an innovative and diversified mine exploration and development company focused on "Mined in America" strategic industrial minerals, recently brought their management team together in Lovelock, Nevada to review final Fencemaker mining preparations. According to FLPC CEO, Don Nicholson, the meeting included board members as well as strategic partners.
"For the last two years First Liberty Power has developed and advanced though the efforts of a management team and strategic partners located around the world," Nicholson said. "With Fencemaker close to production, it was important that we all came together in Lovelock and at the mine location, for the purpose of an on-site, step by step review of Fencemaker progress to date as well as the timeline to mining, milling and sales." Oh really...when?
James Vogan, of Stockpile Reserves, LLC is the operational director of the Fencemaker project. From his perspective, bringing a small mine all the way through from exploration to production is a challenge not met by many companies. "There are few small mining ventures still operating in the United States, and none of those are producing antimony," Vogan said. "The work we have done to bring Fencemaker into a mine that will soon be producing and selling a strategic industrial metal is a testament to the foresight, integrity and strategic planning of SRL, First Liberty Power and Small Mine Development, LLC."
The timetable for Fencemaker mining is contingent upon the installation of culvert drainage pipes and water management tanks, already underway, and a final operational site inspection. In addition, First Liberty CFO Mario Beckles addressed revenue and inventory cycles. "As First Liberty Power moves toward mining we are developing and implementing financial controls around revenue and inventory," Beckles said. That way, from day one of actual mining, we are fully prepared to monitor all production, costs and sales." (Will they pay using shirt buttons?)
FLPC will continue to use Pathways of Progress announcements to inform and update all interested parties of advancements in our mining and financial operations.
The FLPC corporate philosophy is driven by a dedication to Pathways of Progress (POP). It is a program of best corporate practices designed to rapidly drive the company towards mine production/milling, benefitting FLPC shareholders, investors and mining partners and ensuring safety, environmental integrity, and good governance. Presently, FLPC has interests in four properties: the Fencemaker antimony project in Nevada, the Lida Valley and Smoky Valley lithium brine projects in Nevada, and the San Juan vanadium/uranium project in Utah.
(So, why haven't they told the Shareholder's about what's going on there. There's not an recent references with regard to the 'Interest' in these areas!! bs)
There's no visible evidence that 'good old FLPC' is actually doing anything useful to help these poor long suffering Shareholders. OK, so they paid $1500 for permits. Wow! I use to pay to get fishing permits but doesn't mean to say I have to go fishing.
I am seriously wondering whether or not they really have got a new accountant on the Filings, or even whether there was a significant "Restructure" for everyone's benefit? They have used years of stalling tactics to buy time, but are happy to receive investor's cash! They said a year ago they would 'sell' the processed Ore. It didn't happen, PLUS they were very very slow paying Jerry Whyte his Land rental Fees until it was made public in 'Nevada4news' which made FLPC pay up AND they left a lot of mess.
I doubt very much whether they are even remotely close to completing the Filings, so ECHO, why not e-mail Bob and ask him if they're nearly done and you all probably receive all sorts of excuses?!
If they are going to Mine at all, why don't they say so, not wait 7 years and talk 'Permits'. A simple question: Will they Mine or not...Yes or No. When and how will they fund it, who will the contractor's be. A PROPER Mining company would be able to answer those questions honestly and without innuendo. They will also have Publicly visible records of accounts for all to see as proof.
" You will twist even the best information to try to bring doubt into the equation"
Do be aware that the best Twisters are those who own the business!
What I added in brackets were in fact perfectly reasonable mooted points. You will always try to re-twist it to try to cover up areas that need to have some form of logical answer, so perhaps doubt can be offered on both sides as an equation requires at least two components to create a result!!
D+B=FLPC D+0 = D, B+0 = B. In fact D+B also = <0 lol!
The Stockpile Reserves is actually quite old news now. I thought everyone new about it? It wasn't made Public by Bob by issuing a Notice here on the Website. If it was, it is/was 'hidden away' when it should have been a highlighted. Such a 'significant' purchase would have raised the profile of Fencemaker a little, although not a by much.
FLPC should have tried to Capitalise on that news! I stumbled across sometime back when doing a little research. Greater Public visibility should have been made to encourage further investment but it seemed to go relatively unnoticed although some Investor's were aware of it. The purchase price should crop up in the Filings....as and when. Probably just a token payment for a few thousand Dollars to release the papers only? I expect Bob may tell you how much they paid. I think Stockpile Reserves was probably more a company name with a holding Interest and 'quote' 'Many Shareholders' which I could find nothing about, so I would guess it was purely private, more than a Mining business...a bit like buying the name for a 'Shell' Co.
Reading further, there are actually quite a number of Company's with association's with FLPC, or some sort of link with FLPC, maybe by name only with an 'interest' in this business, but may not be an active interest. Can't for the life of me recall where I saw it, and it was only a couple of days ago trawling about. Nevertheless, there were at least ten named business who are aware of FLPC for whatever reason....NOT Creditor's!!
If you dig really deep into search engine's, you may find more, but you need to mix words to include FLPC. Don't get confused with First Liberty Power....that was a bad un so I read? Nothing to do with this company.
Cheers! It's 7.15pm I am still working. Must press on. If I find anything else which is of interest, I will post it in due time ;)
ECHO (and all)
This is the full reply from Bob back in September 2016, so you can see I wasn't making it up.
Good day XXXXX
Thank you for your email and your analyses on the “Restructuring Operation”.
The company was about to go insolvency in January of 2015, however CEO Nicholson and VP Reynolds decided to further invest additional funds in to the venture.
They still are investing into the venture on a monthly and project basis.( Cash injections MUST show up on the Filings!!)
The projected outline of the “Restructuring Operation” was put into phases that required several important matters to be resolved before the next phase could begin.
Currently, the company has completed two important phases, the first was the legitimate buyout of Stock Pile Reserves LLC and their many shareholders. (Wonder how much he paid. This MUST appear on the next Filings...note it. We know this is a fact.)
This was done to give FLPC complete control over the Fencemaker mine operation.
This involved numerous months of negotiations and legal reviews to complete.
Once that was accomplished, the next phase was getting all permitting operations of the mine, stored ore and other business requirements up to date and transferred to FLPC.
This also included the land claims around the mine site.
As result of step one, the company also absorbed several compliance violations left by the SRL management team that needed to be addressed and resolved so FLPC could move forward onto the next action.
The next plan of action expectation is locating and negotiating a tolling mill agreement to process the current stored antimony ore which needs to be concentrated at 40% or higher level.
Once this expectation has been completed, all the stored ore will have been processed and ready for sale. (Really, that's a year ago! Just shows how much waffle they give!)
This phase addresses the incomplete processing operation that SRL, the company originally providing all the management of Fencemaker Mine, failed to achieve.
Upon completion of this matter, the company expectation would be to fully address the financial filings and debt load. (NOTE. Debt load)
Expectations here are with a proven operation; this would be a better time to finalize the numerous conversations that have occurred in the area over the past year.
xxxxx if you would like to speak to a VP Reynolds to further answer your questions, please feel free to call the company phone on Monday.
If your call is not answered, please leave a contact number, and the company will return your call.
Best Regards,
Bob
It's nearly all 'talk' to make it appear good at the time.
Any REAL progress would have been offered to shareholder'as as 'good news' via a Public Notice. If that had happened, the SP would have continues to rise on news....not go down to next to nothing. The Markets are wise to these guys!! Cue 1KGW lol. Now, watch the Hype based on this old news!
Hi ECHO
Yup, that GAs price was about 20% CHEAPER than what it was a few years ago!! This is what I meant by another UK Rip-off (Re Labrodorite's comment about UK/US!
I have a couple of Bob's e-mail's here. Make of it what you will. The first one is from April 2016. It just goes to show how slow they are in getting things done...if at all:
**************
Dear XXXXX
The company management team that remained has made monthly progress on items that we are putting as critical for the company to move forward.
Those items are being totally funded by personal contributions from management.
As per your email, yes management has invested thousands of dollars of the since 2014. (Yeah, but where?)
Currently, I am in Lovelock working on those items and more, hence my delay in responding to your email.
It has been indispensable that management continued to monthly fund the “Restructuring Operation” and the core operations.
As for length of time of the “Restructuring Operation” that will be determined if and when an outside investor/and/or a joint venture agreement is concluded.
Otherwise, the monthly management contributions which is a slow but steady procedure is the only existing alternative.
An example is our yearly renewal of our business license with the State of Nevada was just renew for 2016-17, cost approximately $1500.
We are working closely with NDEP on our current permit requirements for keeping the Fencemaker Mine in a “stand by status” Operation as well.
This does include regular reports and testing.
The company is also updating our Water Pollution Control Permit with the State of Nevada.
Furthermore, the company has many other monthly requirements that are also being funded.
The company recognize SEC filings are needed, conversely this will require considerable funds to fully complete and will be addressed as quickly as possible. (This implies they are strapped for cash)
Thank you for your email and if you would like to speak to please let me know.
Best Regards,
Bob
Bob Reynolds
FLPC - VP Administration
The 'Flimsy' piece of evidence was written by the Bob himself, not me. Basically, FLPC in itself is worse than Flimsy, not only that, if you care to read all the recent posts, just about everyone on this Forum is pushing and promoting FLPC every day. Fair enough, but to what avail. I can understand it if the board had cash and I could see evidence of REAL Mining and an in-depth business plan under execution just to prove it is worth ramping for....but it hasn't!
I know it's hard to grasp for most people here, I can understand this, (lol) but you STILL have no hard & fast evidence that FLPC is proceeding in a satisfactory and business like manner at a pace that will soon show results (ie Filings) that is even remotely likely to offer any significant value. Those Filings won't show this side of Xmas although Bob 'hoped' they'd be finished 'long before' this. Bet they won't show up?
I find it laughable that the 'serious' investor hasn't twigged that this Board is about a straight as a piece of Spaghetti in a bowel of Bolognese. If that is not the case, where's all the Millions of Dollars investment gone with no results to prove the money was well spent. You cannot have Millions of Dollars against a small Office, no Mining and a vast amount of Toxic debt. No wonder Bob's all nice and friendly. He's alright Jack along with 'Don the Con'!
I actually put part of the copy of the e-mail on this Forum in case nobody believed me. Initially, they thought I was making it up, but to qualify my comment, I put his comment on here along with his signature.
If it weren't fact, that's something I would never have done.
It would be interesting to see why people are trying to ramp up FLPC and the reason's why they think it's so worth while making a 'big thing' out of it. A long time back, I was seriously going buy a couple of hundred Dollars worth but once I'd watched it for some time, I'm glad I didn't! That's a lot of Beer money and over here, it would be a few tanks of Gas.
Incidentally, 1x US gallon of Gas in the UK is (in USD ) is $7.51 85% of that is TAX!!! Another UK Rip-off.
Put it into perspective. This is something you cannot appear to do, nor apply any logic to your comments.
You say there's no hype. The Forum is rife with it, but perhaps you are just oblivious to this FACT? I think you need to re-read all the posts over the last few weeks to try to differentiate the HYPE apart from the 'Normal' posts. For your benefit, here is the Dictionary meaning of the word 'Hype'.
To: Promote or publicize (a product or idea) intensively, often exaggerating its benefits.
You will find 'Hype' all over this Forum for the last couple of months. Naturally, all this rather over zealous 'hype' is misleading other investors into thinking that FLPC is about to 'fall on it's feet' and come up with some miraculous recovery after the Filings have (if ever) been released. They won't fall on their feet but flat on their face.
It is very clear that you cannot accept that FLPC is playing games with the Shareholder's. This has been happening for years. You also cannot accept that FLPC will have NO MONEY TO MINE. You are in denial to the most obvious FACTS that FLPC has so much Toxic debt, they will NEVER recover and drag all investors down as and when the company announces they have no cash....IF they announce it. My guess is they will just vanish, having blown the Shareholder's investment cash on everything else EXCEPT MINING and Paying their Creditor's what they owe.
Sadly, 1kgw, you appear oblivious to HARD AND OBVIOUS FACTS that FLPC has done NOTHING WHATSOEVER to improve the Shareholder's Investment in any shape, form or size, with any material advances to justify their existence, yet you all keep piling cash into this Money Pit and giving the Bod the opportunity of 'Living the life or Riley' . One day soon, you will find them gone having 'removed' what they can...just like they did with PPA having spun the yarn about a ten year aggregate's deal to supply 50,000 tonnes of Aggregate per year for Ten years. That deal never existed as it was all BS , as is what they have been spouting here for about 7 years. You'll see. It's all VERY relevant with misconceptions about the Board's intention.
You state: WHO CARES ABOUT LAST YEAR? Well, you should because the situation will only be worse as Debt Interest accrues and Creditor's will be ever more pressurizing FLPC to settle the bills before they consider taken legal action to recover money's owed. This is standard business format.
FACT.
Exactly right! Too many ruses here, too much hype which in the end will only end in disappointment.
RJB. It's not because he agrees with me and vice versa, it just so happens that equally so, everyone here agrees with everyone else and dishing out false hopes simply by creating the artificial hype and people chasing Rainbows!
It's only started since the BoD sent you all the last update. If you re-read the last FLPC statement, it neither suggests or implies anything whatsoever about actually doing any Mining! All it says is 'moving on' and getting the Filings dealt with, whenever that will be?
So many say, "Looking good here"....but it isn't...nothing's happening. I mean, what's looking good. A few Greens and a few Reds? All you are viewing is a few more trade fluctuations, it's nothing at all to do with any performance change by FLPC. Those who keep buying are simply affecting the Share price through the usual trading channels It's nothing at all to do with potential. They haven't done anything except write a few words.
The company remains the same as it has been for years. No physical action and no Mining. Just whopping great debt. They haven't even sold a single piece of rock and have No significant funds.
Get real, the FLPC Board are playing games at your expense. Why do you think that Bob said to me they were considering filing for Insolvency last year. At least he admitted that in writing, so this MUST tell you something?
On my usual site, we have poster's on there who are not invested and offer their opinion. Being a Public Domain, we either accept or reject opinion's, or simply ignore them. No motive necessary, they post because they want to. As long as it doesn't contain profanity's, etc. they can come and go as they choose.
One of the only guys on here who offer's a realistic opinion is Echo 115 who is not deluded about the way this company has or is being run and a BoD who are stringing their Investor's along with nothing more than words without actions. It is so obvious!
Have a great day!
There is nothing to suggest my post contained misleading content.
You post also only had PARTIAL Facts and insufficient information.
Yes, we all know FM was Mined in the 20s AND the 80s using up to date equipment. However, it was Mined in the 1880s. 1920s.1940s and 1980s, so this has been well Mined and will cost a fortune to go down further. It will cost too much. In addition, the Mining permit only runs until 3rd October 2019 when they will have to pay to renew it.
The last yield was 2-3%, not even 5% of the required amount to make it worth while assaying. That was 1000 Tonnes of Ore which turned out to be almost worthless. So, would FLPC waste tens of thousands more $ knowing full well that the next quantity of Ore would probably yield the same amount of value. I very much doubt it. This is probably why it was abandoned.
In the last 40 years, nobody else has wanted to touch it. Think of the cost of Hiring Modern day Plant to go down many hundreds of feet, even a few thousand feet at the cost of around $100,000 a DAY with Modern Day equipment. It has to be extracted, loaded, shipped, and processed....MORE costs.
the main FACT is, that FLPC will unlikely ever to Mine FM as they would have just enough cash for maybe a weeks mining.
IT WON'T HAPPEN! People here just cannot get their heads around the fact there is insufficient funds to barely scratch the surface of that layer. With FLPC, Mining Fencemaker will be impossible under present financial conditions...which you all know is not good. A Pipe Dream.
ECHO: Fencemaker was Mined in the Twenties and then 1985. It has been Mined 'three time's' if you think that FLPC's effort constitutes proper Mining. I think they did that to justify the company title! The 1000 Tonnes of Ore would have been better being Horse Manure as they would have been able to smell a small profit rather than what's being dealt at the moment. lol.
The yield was only single figure % on quality for the tested Ore...about 2-3% and to get a good return per Tonne, it needed to be upward of 80% per tonne. There IS value there, but pointless in burning the cash as the return would clearly outweigh the cost. Even modern day tech. to dig way down would cost a mint, so again it's cash that's the serious issue.
If they did get down into it, they may find the Bones of 'Big John' at the bottom of the mine, if you recall the song by Jimmy Dean?! Early 60s
This one's not going anywhere. No working capital to sustain any Mining program. It's been obvious for years, all the bod is doing is using stalling tactics to try to keep the interest going.
A fool and their money....
ECHO115
You are 99% correct in what you say. FLPC is a Legitimate company though, the way it being and has been run is something to be desired. Yes, they are taking everyone for a ride, just as they did with their previous business, PPA which was a scam. FLPC is being run purely for a money making exercise (a legitimate one, but not a fair one).
They have no cash to Mine with, and as you say, if they have been alleged to fund the company from their own pockets, any good accountant will show 'Input's on the Filings as a 'Cash injection into the business' and they MUST show the source of where the cash came from. If it doesn't, there could be an inquiry as the funder (the BoD) MUST show where that cash came from too!
If the Filings don't show ALL inputs, then the BoD are not being straight with the Shareholder's, but I doubt whether these Filings will ever appear, let alone this side of Xmas!
People rely too much on 'Hear-say' with FLPC. If they were going to do anything worth while, they would have done it by now. NINE LONG YEARS! All they have done is managed to turn several Million Dollars of Toxic Debt into a Credit Balance! Aha, but...there is now $300,000 'Credit' which means that by some extraordinary stroke of luck, $1.6M Dollars has found it's way into the FLPC Coffers! Abracadabra!
By the time their Filings has been completed, I wouldn't mind betting all that Credit Balance (as implied, because during the accounting period, as NOBODY except the BoD will have access to the FLPC Accounts during Auditing), all that alleged Credit Balance will most probably have been 'Creatively Accounted' for!
So, when the Filings are complete and if that Cr Balance still exists, the Movement of cash will be allowed which means a few of those Creditor's may get some money back as owed, but I very much doubt it because it will be 'absorbed' in to company 'expenses' ;)
They won't be able to afford to process it. 'If the time comes', and they were able to afford to process all this Ore, it would mean they would have cash flow. To get cash flow they need to sell, to sell they need to Mine, to Mine, they need cash...lot's of it. To get Funding they need proof of figures to support a loan. They have no Figures to justify a loan, so it will continue in in ever decreasing circles until FLPC disappears up their own Toxic debt!
ECHO115:
Your words will fall on stony ground, but they are factual. Probably the only other person on this Forum that can actually see through what these guys are up to. Many here are blinkered to the real world of FLPC. It's a name, nothing more. The last cash count was about $50K, and you are right about the Capital Lending.
Putting it into context:
1. No profit since inception.
2. No sales AT ALL.
3. Millions of £ investment cash gone...on what? They achieved
nothing except a couple of detonations and 1000 Tonnes of Ore
done to justify them being called a Junior 'Mining' Company.
4. IF the Mine was full of Antimony, why aren't other Mining
company's swarming all over it? Because it's been Mined TWICE
and it would cost a a fortune to get out the small value it
contains. It's almost certainly not viable. It hasn't been
touched since c1985!
5. They simply DON'T have enough spare cash to maintain ANY
Mining Program at all, and they MUST have cash flow to prove to
ANY Lender they can service the debt. With no Profit figures
available, they are on 100% hiding to nothing. It will NEVER
happen and NO BANK will lend them any money. I bet they wouldn't
put their property's up as Security as sure-fire proof they
intend to Mine!!
6. If they had ANY significant cash, the Law would almost
certainly demand they use some to settle their debts. Sadly, it
appears that FLPC is simply a Scam and a lot of people have
fallen for it.
The Board realise they have been taking a long time for the Filings, but they MUST get it right. Any anomaly's can be picked up and questions could be asked by Government agencies which could be very embarrassing.
The Filings (according to Bob) and whilst NOT guaranteed, will hopefully be ready before this year end, he said. It depends if they find any issues that need addressing. Bob also understands that the process is albeit, rather slow, but they need to be professional about it. Once the Filings are sorted, they can move on to the next stage and that could mean anything.
Forget Mining this year...NO chance, and being a tiny company, consider the Logistics along with funding to bring it all together!!
The Bags of Ore which has been around since 2013 has already been poked and prodded and the yield of potential Antimony is too low to make it viable to process. I'm sure you can work out how long this may take to even get remotely close to being a profit making business, and without major Debt, if ever?
Even if they did Mine, they need to maintain ongoing consistency with cash flow to offset the output. If they don't get ahead on cash flow, the whole thing will grind to an abrupt halt within months. I doubt they will do it. All you need to do is check out their track record and you will find the answers without looking too hard.
$$$$ is what they owe, not what they own.
It's not MY BS, it's Bob Reynold's... he's the professional! It's Bob that wrote that lot and sent it to me yesterday!
Last paragraph:
.......It is important that this filing be completed and filed before the company issues any public statements on the venture moving forward.
Thank you for your email and interest in FLPC.
Best Regards,
Bob
Robert Reynolds
FLPC - VP Administration
7251 West Lake Mead Blvd; Unit 300
Las Vegas, NV 89128
800.709.1196
It's never boring here! LOL
420: The only news due is about the Filings. Judging by what FLPC tells me, they have barely scratched the surface with the new Auditor's gathering all the info. to complete the Filings.
FLPC states that it is the first time that the recently hired independent Auditors has reviewed the FLPC company’s financial's. They Hired the new guys many weeks ago, so they clearly have a long task on their hands in order to ensure 'The Books Balance accurately' and without anomaly's.
FLPC won't be able to give you all a public time frame to announce, because the new Auditor and the company has to work through the long process of collating all the information in preparation to submit the Filings when they are ready to do so.
I do know that FLPC is currently and actively engaged in the review process with the new independent auditor on the preparing the filings. In addition, FLPC is fully committed to work along side the new Auditor as they review the Books and ask their questions. They will also need to back-track on previous Filings because of additional verifications as well.
It rather seems as if it's going to take some long time to get all these figures together before anyone see's any Filings at all. It will be important that this Filing be completed before FLPC Issues any Public Statements on their venture for moving forward. Without the completion of the long awaited Filings, the exact company status will not be known until they arrive at the bottom line Figures, after that, they will probably issue a notice as to how they plan to proceed?
Maybe you will see your Filings this side of Xmas if they pull out all the stops?
It's going to be sometime before they finish the Audit. The did say something about the end of August, but I didn't think they'd appear that quick. FLPC does nothing 'quickly' as you've probably noticed!
Don't forget they have TWO years Filings to wade through and it will take AGES. It's too early, so don't hold your hopes up too high yet. The updates said the 'Coming weeks and months'. These guys will be many weeks before you see the Filings. I don't doubt that Bob will not tell you an assumed date even if you asked him, but you could try?
He will fob you off with more 'talk'.
Arnold: The company means well...ON PAPER, but they never built any Mills or ever sold a product in all the time they have been listed. Do some research and see what you can find. Facebook may enlighten you and put FLPC into context. The Link is on this site.
We read lots of what they may do and how good they may be, but there's two sides to this. If you buy now, there's every chance you could make money at these low prices. They don't have to Mine for you to make $$$, just produce fantastic sounding news, that's it! It's highly unlikely these guys will ever do more than 'talk' with little or no action. You choose.
Dig around, see what you can find!