Successful Businessman unlike FLPC
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Those seller's aren't daft, they caught the Spike. With high risk shares, you get what you can, if there are signs of more increases, they will be back for a second run after skimming some profit to be going on with. Any profit is a good profit.
Grolden:
It's more a question of viability rather than ownership.
Owning a Mine is all very well, but you still have to get it 'proven' to be worth while to re-Mine. Fencemeker has succeeded twice as you know, so the next step would be to get someone in to give it further appraisal to see if it will continue as a deeper fully functional Antimony Mine, but they will have to go a very long way down to extract the goods.
This could happen if they apply for Government assistance, so if, as and when they accept the application, the next step will be funding if the US Gov. thinks it's worth it, so we shall see. If it's as good as some shareholder's say, there should be no problem getting the cash!
On the several occasions I have been in touch with Bob, mostly since the start of their "Restructure", he did suggest that the success of FLPC was largely to do with searching for a JV to make the company really work for it's shareholder's. Up to a short while ago, they hadn't achieved this but were still trying. The Gov. scheme could just clinch the deal in the medium term.
I keep all my e-mail's from Bob, so any success will come from a partner rather than just a Permit update on it's own.
Watch this space and we'll see how it unfolds. At last they have gotten their finger out and making inroads towards making it work.
Grolden: What about the US Antimony Mining Corp. It's huge. Surely that one counts? If FLPC was the ONLY one, how come Miners aren't swarming all over it, especially with the recent projected figures. Seems odd?
All you guys need is ONE company to get involved and then you will see this one go sky high!
Rise is almost done. This is gonna start to drop rapidly before the Weekend.
Should FLPC sell their percentage of Fencemaker? If it's that lucrative, they should have no problem shifting it, if not and it is the 'ONLY' Antimony Mine in the US, they could make a killing leasing it. If it really is THAT good, why didn't they have buyers/Leaser's for it years ago? The theory is, that it's worth a fortune according to yesterdays projections, but I haven't seen or heard of people falling over themselves to get their hands on it. Wonder why? It would be far better off in someone else's hands who are prepared to Mine it, than FLPC with their limited budget.
Always said, and Bob R agreed, that a reliable JV is the way forward, then everyone makes money without the hassle of FLPC Cash Flow issues, all they do is rake in the Royalties! Easy money without lifting a finger!
Grolden: Cannot elaborate for you either. There's not enough material or Tangible facts to base it on yet! It is what it is. Prediction. The thing is, like my own private business, I have figures going back 25 years, but I can offer a speculative projection based on 5 years passed figures because they exist. Depending how business goes, it is purely speculation which if necessary, my accountant can create some 'positive' figures for the next few years for the bank if called upon. At least they will be a fair degree of accuracy.
With FLPC, there is no net profit over 5 years to base any accurate projection on! These figures can be more accurate if they Mine for ONE year and based on what they get, would be easier to come up with an accurate assumption for the second years mining fig's. and so on. You cannot project these fig's below with no 1st years trade. It's impossible without somewhere to start. If I mine 'ONE' piece of Coal and sell it, I can then Mine 'two' Pieces and sell them, so I have something to use to project for third years figures.
I cannot project based on pure guess work as to what could be, but they know what they're doing...you hope!
Q7. OK, whilst I have been in to short term Mining (Copper & Gold), patience must be paramount. I have been in several Tiddler's in the UK and mostly Oil. One share I have been in for almost 9 years turned out to be a farce and packed with untruths. The CEO has been up in Court and had his assets frozen for misleading, misrepresentation and other bits of illegal stuff.
That share (which is still running) has cost me $9000 in losses and now has a value of about $150. This is one reason I have decided to keep away from the Stock Markets altogether although been dealing since 2003. I have made some good money, but the end result is that I need to break even in my Current Oiler to get my money back, so High Risk shares for me, is out...forever! I have watched FLPC with interest for a few years, but as yet, cannot reverse my contempt with the BoD, but I will eat plates full of Humble Pie if they can show figures based on the projections below. lol
I was on the cusp of buying here a few years back, but lack of BoD/Shareholder interaction, plus Debt put me right off. Maybe there's change and an about turn which this could be the start of?
As yet, I would like to see FLPC back up their claims by a visible Mining program where I can see truck loads of Ore being shipped from A - B, only THEN will I know that FLPC is REALLY making a go of it! Cheers!
Grolden:
Looking at that updated permit, it says that FLPC can extract UP TO 36,500 Tonnes of Ore per year. Now, further back on the posts, there is a several years projections of Millions of Dollars revenue.
To gain this amount of cash return on whatever percentage of Antimony comes out of 36K Tonnes of Ore, needs to contain in order 80% for preferred sale quality, but that doesn't seem to concur with those projections based on what little has been extracted in the 1000 Tonnes (Bags currently in Storage), plus processing costs? This is without all the costs of getting the stuff out of the Mine which has yet to happen. What we are seeing is purely a projection based on nothing that has actually happened YET....!!
Are you clued up enough to elaborate?
Goin' Great Guns! Severe power now behind this share with no signs of let up. GO FLPC!!!! Give these shareholder's what they deserve. $$$
Q7: Two guys running this little company has a very long way to go to be (if ever), the largest or ONLY US Antimony Mining company.
Take a look at 'The United States Antimony Corporation'. These guys are BIG, and I have my doubts as to whether FLPC will ever be treading on the Toes of this company! No harm in trying, but at least for now, it's starting to produce some value on the back of the recent announcement. Let's hope the BoD can continue to follow it up with frequent and TANGIBLE news, otherwise it could deplete rapidly.
Let's see how far it climbs. If it stays up, there could be more? Good to do a quick trade if you can. As and when it Spikes, I hope that anyone who is trading it, can sell the lot in one hit. Often one cannot and it has to be done in Tranches which rather spoils it unless you catch it quick!! GLA
OLD NEWS FROM 2013: 'The Street'
I have just found the date of the ONLY FLPC operation. This clip was from early news. Check the last paragraph. Maybe something is starting to happen which coincides with Bob's last update. Still, we've yet to see how far this goes and whether really CAN do something for once, rather than just a lot of talk and no action. You shareholder's deserve it.
Re Detonation of Mine:....all that without a single press release in more than three weeks. Small Cap Specialists did issue a report on October 28 (2013)and while we're sure that it drew some attention, the ticker still seems to be pushed primarily by the momentum created when "FLPC announced the first detonation at their Fencemaker antimony mine". So clearly it happened once.
We mentioned numerous times that this is definitely some good news for the tormented shareholders who have had to endure more than three years' worth of development stage, but even so, the press release alone won't be able to sustain the growth forever. In fact, the ticker has already broken through quite a lot of 52-week highs and some sort of correction could take place at any time. This is something well worth considering in case you are looking at FLPC as a short-term trade.
Things are not much different when it comes to long-term investments. Yes, the start of the mining process at Fencemaker is definitely a positive development and it means that revenues should be present in future financial statements. How much exactly, is anyone's guess. Not to mention the fact that a positive bottom line cannot be guaranteed.
Grolden: That's only a permit, don't be fooled by it. 'Anyone' can get a permit, but whether or not they will do anything about it is another matter?
36000 Tons with over $7000 return on Antimony, but you have to consider the cost of Mining it, how far down they have to go, how long to get it out and how much to process it, the cost of Heavy Plant etc. Consider that lot and they've lost before they even start. With c$50K in the Bank, how long will that last if their contractor's want up front payments to keep them ticking over?
It won't come of anything unless they have a JV prepared to take it on at face value at their own risk. If they find anything significant, a deal will be done. Who will risk their time and money on a Mine last worked in the 80s? OK, Different Techniques...at a PRICE.
If you look at FLPC from years ago, they've had several permits. They never EVER did anything, so unless you can SEE FLPC come up with something Tangible, its only a piece of paper. Don't get drawn in too much until they actually start work which has only been ONCE in about 7 years, That must tell you something? They had MUCH more money back then...(Which has all but vanished!)
Mining at Fencemaker was purely an excuse to justify them being a 'Mining Company'. It doesn't really count, it's still just a pile of old rock which has been shifted from point A to point B, then C, leaving a right old mess behind it. Yes, it was tested but uneconomical to assay. This is as far as they got in SIX years. With the amount Mined (1000 tonnes of Ore), that's probably how it will stay. FLPC doesn't have the Money to take it any further so they may as well give it away.
At this late stage in FLPC's existence and their present financial position, I think we've/you've seen all the Mining there is to be seen by FLPC. There's little point in spending the small amount of remaining cash in uncertainties, simply because what remains is barely enough for a couple of months Plant rental.
FLPC's 'plan' has already come to fruition, if there was more to come, they would haver made inroads to make investor's aware of likely tangible proposals, but there;s still nothing to latch on to that justifies the means...!
1KGW: Because it's entertaining and I have learnt a lot about how some company's can work, what to look for and how not to be caught up in obvious scams and not be drawn into being gullible enough to part with my money unless a company has enough cash to do what they say with visual workman like efforts to justify the company actually being there. Ongoing physical activity has NEVER happened with FLPC! If it had, there'd be sales. Ziltch!
With FLPC, they have been all talk and no action, no sales, zero profit, massive debt, no current filings and a webpage that contains a lot of talk to try to generate interest.
I'm very interested to find out what they will do and how they end up...either rich or bust?
If the US Government wants to fund FLPC, they will want to look at the Books with inputs/outputs to see how they've run the business, what Net profits they have turned to decide whether or not they would qualify for the grant, and if they could justify handing over the Taxpayer's cash.
Should they decide that the Mine could be viable, I think they would get a PROPER Mining Authority in and maybe Rent the Mine from FLPC and pay them a sum. Either way, FLPC won't be in a position to Mine without assistance, and to be efficient, they won't be using that Motley lot on the FLPC Movies and they only have one little bulldozer which is just a show piece. Bob and Don will make the Coffee!
Re. Twaddle: So far, it's a good word to describe all the e-mail's I've had from Bob Reynolds, simply because he's never done what he's written. Surprise surprise!
Well, you did ask! LOL.
Just looking at the new 'Website'. Actually, it's a Single page, not a proper Website. The rest of the info. is so out of date as to be meaningless. My guess is that the original Website has been 'pulled' and this single page has been 'cobbled' together just so Bob can write what the uninitiated may construe as 'progress'!
Come on guys, surely you are all intelligent enough not to believe all this twaddle? It's a basic up date of 'nothing' and the existing details of 'projects' is so old it's growing whisker's! LOL. Arabia and all the other stuff has nothing to do with any current FLPC venture as they don't have any! Ventures costs money and FLPC only has a small chunk of petty cash remaining. Anyone can ask for a Bank balance, it's your prerogative! After all, it's your cash in the coffers (or should I say WAS!). The original website has been taken down and you can probably work out why?!!
If you think it's all going to happen just because Bob's written a note for his 'Home page', it's only been done to appease the shareholder's. It'll come of nothing at all, believe me!
(Cue 1kg!)
Cheap shares? How much cheaper do they want it to go. It's almost giving it away as it is! If it were considered a bargain, there would be information abound to justify this, PLUS if that info WAS about, it wouldn't be this low! lol. A Share is only deemed cheap if the Punter has done well from it and cashed in quickly. This share is a LOW Price, but cheap it's not, at least until you guys hear 'mega new's and the SP 'Rocket's...you win....THEN it can be classed as 'cheap'!
If they have used their own funds, it will be listed on the 'Input's' when the Filings are released. Money into any business must be shown for accurate accounting and Tax Purposes. As I do my own accounts, all inputs/Outputs need to be shown in case the Books are inspected for 'anomaly's' by the Tax Office...as you know!
It should make interesting reading! They could even make bigger money by selling their Filings to the 'Unsolved Mysteries' Dept. in the Book Stores. All proceeds to their Creditor's. LOL
If you want top see REAL Antimony mining, look at USAC. It's what it's all about. Maybe later on, FLPC may get a crack of the Whip if they're really lucky and the Gov' comes to take a look and see whether it's still a viable Mine?
The Website is working, BUT most of the links are showing "Somewhat Embarrassing 404 codes" with nothing there to read! Wonder how long it will drag on for this time?
They must have paid their Server Bill! lol
RJB: Quite a significant to drop at 42%. As you know, Voaden set up his company to try to get funding to help assist FLPC with gaining funding for Fencemaker. Nobody know's how successful he was and even if any funding came in, but it's highly likely that company was a damp squib, hence one reason he chose to Resign. Not enough funding potential to get him to stay on? If he had a couple of sure-fire JV's, you would have heard about it by now and Mr V. would have stayed put.
Your last quotes, "...talk of other sources of funding to get back to mining". I hope for you guys, it's not just 'talk', they're good at that, but with the last two + years of trying to "Restructure" FLPC, I would think that Voaden clearly did make a concerted effort to try to get some interest. Not sure if Bob or Don has the 'get-up-and-go' that Willy had? We'll see in the next few months. So far, with my many replied e-mail's, he has the talk but no real action.
Three to Six months should be time enough to know for sure what's going to happen. If nothing has happened by then, it may not at all?
Public Forum. Anyone can Register. The choice of post is down to the Author. You don't have to be a Shareholder to pass a comment.
On the UK AIM, we have a number of non-holder's on board voicing their opinion. Like them or loath them, they can stay as long as it remains within the parameters of the moderator's.
RJB: "....but this a board for FLPC and discussions about the particulars that surround it." Anything to do with Mining, Directorships, past or present canhave a bearing on FLPC.
Whether or not the current shambles created by the incumbent Director's will ever get anywhere now, is hard to imagine?
If any JV or body wants to get involved with FLPC, they will haver to take a good hard look at their track record; It's abominable. The best thing they can do is step down and hand it over to someone who may consider there's potential there, but to use the name as a Shell is about the only 'worth' left in FLPC.
If someone thinks that with 7 little men, a few shovels and Picks and a pretty secretary can do better than 'Abbot & Costello' bumbling around doing nothing, jolly good luck to them. In fact, RJB, these little character's are more likely to achieve results because they are hard working fellows...and they don't really exist! Just think of all those Glinting Diamonds in the walls of Fencemaker! Hi-Ho!
RJB: I don't care whether or not Voaden is here or anywhere else. He didn't resign from here due to pressure from anyone. It's what he does...spends a few years on a company, then resigns. He's made a habit of it, but several of the company's he was in, have closed down! I think he will concentrate on the Elizabeth Foundation which is some sort of Charity along with Mrs Voaden. Good luck to them I say.
If there is something brewing here, which I strongly believe, I still won't be buying. My share dealing days are through. Won a bit, lost a lot. Tough on me, it's the way it goes. I would like to see all you staunch FLPC supporters come out on top before it goes insolvent...if it does.
My spare cash is used on buying Antique & Vintage Photographic equipment. I make thousands doing that where I rarely ever lose money. ie I sold two rare British cameras that I bought for just £200 each and sold them both for £3000, a MUCH better return inside four weeks than almost any share will ever do. Have to know what you are doing though. It's my life's work/Interest. Very lurcrative!
Anyone can write in to Bob and 'demand' a request for info. and why you want it...after 2.5 years of messing about!
It's a bad show, and they owe you news. Bob will reply with his usual 'standard' e-mail. They owe it to you, but requesting B & D do something on hear, will go unaswered as they don't look at these boards (for fear of enbarrassment!)
Grimdownsouth: Thanks, but I cannot find anything on this Hub about it. Can you post a link, please?
Didn't ask whether or not you think there's a conspiracy, but that's your opinion.
Let's assume a possibility. You mention a 'Shell' company. If FLPC becomes a Shell, it lends itself to feed 'excess' cash into the separate company so the current BoD could in fact use this Shell if per chance (which is vaguely possible), that Mr Voaden could start up another business but in a roundabout way, still be 'affiliated' with FLPC. Cash from such a venture can be legally shifted into the Shell for Tax reasons. Very popular amongst people who Launder money, etc.
It may be possible that the last two and a half years of 'Restructure' has involved Mr Voaden and the current BoD in setting up another concern of which I mentioned many months ago. Nothing wrong with that.
This may be the reason why Bob always mentioned the word "Restructure" in inverted commas, as it suggests a degree ambiguity. Under the circumstances, there would be no reason for him to give the game away, again fair enough, although the Shareholder's are always the last to know if something goes wrong.
As you all know, the current BoD, especially Mr Voaden have held some high powered positions in their time and I don't doubt Willy V's business acumen to succeed in all ventures until he's had enough. He plays the system well, and why not, but it can come at a cost, not to him but some 'business associates' which, in a few words are Shareholder's!
It will be interesting to follow any of Mr V's future progress and maybe link FLPC and him together. I will do some digging and see what I can turn up one day. Let's see whether FLPC is in a position to 'out of the blue', pull a Rabbit or two out of the hat?
So, Voaden is gone. He has finger's in lots of Pies and will just move on to his next venture which I think is Charity work plus other things, or maybe retire although I think Voaden is 63 ish He has a nice place in the UK worth around $1M in your money?
I doubt very much his recent venture for financial assistance looking for JV's to help Mine Antimony at Fencemaker came of anything, but at least he tried.
Maybe he will start up a new Aggregate Company? LOL
RJB: The BoD are not pulling their weight as they should be. They are not encouraging ANY additional Public investment simply by 1. Not having an active Website to peruse, and b. A lack of general information to be viewed by the public. Answering e-mail's is simple, they just repeat and print 'Standard' letters with a slight variation. Essentially, they can't be bothered. It's very plain to see that they are doing little else but 'sitting at their desk with the feet on it'.
They are not playing an active role with the Shareholder's in general. Interest is ebbing away in both their reason WHY the Website is down, and If they won't tell you why, (I've asked) it's because it's probably embarrassing. Nobody can see the latest Filings because they cannot afford the accountancy (quoted by Bob to me months ago).
FLPC is may or may not get funding from your Government, can't say for sure, but I believe the Gov. will want a decent return to make it worth while and I doubt that Fencemaker will deliver to expectations? As I mentioned some time back, it will cost 100's of thousands of Dollars to initiate DEEP mining. How far they went down in the 1930s and 1980s, I don't know, but the economics of this exercise is unlikely to get anywhere UNLESS they take samples from the current 1000 Tones of Ore to try to establish whether it would be worth it. Perhaps if the area is large enough, they could make another entrance elsewhere that is safe? It's up to them to decide. Whilst we KNOW Antimony exists at FM, it's whether the %age within the Ore will justify having another crack at the whip. Modern Mining technology may determine if it's worth it. I doubt it's changed that much since the 1980s?
RJB: My 'Intake' of Investor bashing is Nil. My 'Output' to this Public Forum is not actually bashing but opinion. Call it what you will, but as far as FLPC is concerned, you may be quite correct literally in your assumption of them 'turning a Dime'. This should have been done YEARS ago, so if they haven't done it by now, the chances are, they never will. Yet still people throw money into the pit.
The BoD of FLPC are 99.9% lackadaisical in their approach to the way the conduct their business. They are not remotely interested in their Shareholder's, if they were, they would communicate more and issue updates to try to generate more interest/Investment in your company.
With regard to the The METALS Act which will provide funding for a return to mining, it is VERY unlikely that your present Government will entertain funding for a virtually defunked Mine which has been 'Mined Out'. If they weigh up the cost against potential return, they will walk away. Don't you think that in the 7 odd years FLPC has had control of Fencemaker, and there was significant value still there, the Mining Fraternity would have been all over it like a nasty rash YEARS ago.
It's not just High Risk, but "its worse than that, Jim". You may as well set fire to Dollar Bills because at least you can feel your fingers getting burned rather than metaphorically!
1KGW
("...figuring out FLPC is a good risk investment for their portfolio").
You forgot to add the word "IF". LOL
'Noise'? The Forum is so 'noisy', it's deafening by it's own silence. There's very little to research now; If you look ALL OVER the Web, there's virtually nothing to research. For a company who probably cannot afford to maintain it's own Website, FLPC is clearly on it's last legs. The Share Price reflects this by lack of trades with buys/sells being limited to just a few Bucks.
Clearly, there are no serious investors buying in. Undisputed evidence is in the volume! They've 'all' Fled :) A Fleeing Investor is the Wise Investor!! lol.
If you add this one to a Portfolio, it will rapidly become a Portfailure. Ha!
1Kgw. I never suggest that Investor's DON'T do their own research. If they don't, then it's hard luck on them!
RJB:
If that wasn't true, I wouldn't have posted it. Believe me, it's FACT.
Anyone: It appears that recent reliable info. via the 'Jungle Drums' suggests that the FLPC Website is likely to remain down permanently whilst FLPC has other pressing matters that need to be addressed. Further info. may drift through in the near future. From what I gather, it sounds bleak, although it is noted the "Restructure is still ongoing", but....
Gimmie-the-fibbers: Well, as your Handle suggests, you now have them in the form of FLPC BoD! If you care to read (again?) all the details above this page and scroll to the top, you will notice that all the paragraphs contain a shack load of ambiguities and possibilities ONLY. Most SEC sites clearly cannot make promises, nonetheless, there is little or nothing that has been properly enacted upon. <p> There are NO Public Notices which will follow on or be linked to any of the proposals or possibilities mentioned above that contain any significance that can be laterally linked to true and profitable mining.
"Started on the Topography....etc". This can mean anything from mentioning doing it over a beer to actually doing mapping. If they have, has anyone seen it? Where does it say we have DONE the Topography and able to show us ALL the details as to who did it, when and how much it cost? It's baloney from start to finish.
Consider all the above glitzy content. It gives me the impression that this company is 'cash rich' and able to dig deep into Fencemaker and extract and process Antimony. There has been nothing at all, and I have said several times before, their books show not a single cent of profit...ever! By now, I think that just about everyone realizes that FLPC will ever make a profit from using the remaining cash in the bank that would barely cover 1 month's Plant Hire, let alone Mine to a profit or a break even situation?
Sad though it is for all those who hold, I think that it is high time the management go a serious Ear-Bending and demand what the real score with this company is....No Bull. Even then, good old 'Honest Bob' will still try to waffle his way to making everyone believe that the "Restructure" is still 'under way, ready to finalize funding in the coming weeks'. Who know's, it could be!!
Have good weekend. National Holiday's here and I can take time off from my 'Antiques' business.
"
Only a mining expert, or Bob & Don can answer this assertion with any resemblance of accuracy".
Bob and Don, the 'Double Act', are certainly not Mining Experts. If they were, and in theory should be, they wouldn't have allowed themselves to get into this Toxic position in the first place.
They ARE experts in creating a company that LOOKS like a succeeding company, but nothing could be further from the truth.
FLPC is a JUNIOR Mining & Exploration company run by NOVICES, not professionals. This is why so far, FLPC has clearly failed as a company. Also, their 'Mined in America' gave everyone who reads their site, the idea they were going to Mine BIG. They have failed in that too, and FAILED to offer value to almost ALL of their Shareholder's and Creditor's have been let down and unpaid. FACT.
They haven't failed in operating what some would say is a company set up with clearly no intention to Mine properly. The Share Price says it all. The ONLY beneficiaries are to those who run it. If they weren't benefiting from it, they wouldn't be there.
THIS COMPANY IS VERY GOOD AT DOING NOTHING except using big words to lure people in to parting with their cash and has no conscience in writing 'complex' e-mail's that only fools would believe. Same e-mail's for at least two years. The BoD should be ashamed of their performance.
Aarons/Hubb:
You guys are almost 2.5 years into FLPC's 'alleged' "Restructure". I am sympathetic with those who have the patience to remain, hoping that this company is really doing what they say. I am sure that the Shareholder's trust in FLPC has waned to the point that the company's integrity to those who have offered support in the form of buying what now are virtually worthless shares, have written in to Bob Reynolds and demanded he try to explain whether or not the company will carry on or wait until the cash simply runs out and they close the doors.
It was a year ago when Bob told me they were going to file for Insolvency but decided to carry on and fund FLPC from 'their own pockets'. It rather begs the question why...if they really are? After all, FLPC's been running for what, 7 years and all they have to show for it is perhaps 1000 Tons of Ore which has been shipped from place to place and nothing else!
There has been NO sales of any product in all this time which means they have made no money (or even break even). So far, nothing illegal has happened, but the truth and facts have been stretched so far as to make people believe that FLPC would by now have become a profit making organization. So far from the truth.
I have written to the BoD on numerous occasions only to receive a revamped e-mail of answers the same as all the others, only put differently! Some think it's a very well laid out scam which I'm inclined to believe now. If someone writes in to the BoD and asks whether they will continue or come back with a REAL Mining Program, it would be interesting to see what they say. There is NO Joint venture and no money in the bank as such. I really don't think that after all this time a company will come forward and offer them funding to what is very likely to be an unprofitable mining exercise when the Fencemaker Mine has been mined heavily twice. It's going to be one hell of a lot of costly blasting to get anywhere near quality Ore if it still exists.
It will be totally uneconomical to proceed with this Mine based on possibility rather than probability this will yield big profits for someone as it would have been done again since the 1980s. It's OK to theorise, but in practice, it would most likely to be a lost cause and a VERY expensive mistake which any company would walk away from. I think FLPC is on a hiding to nothing now, and consider this: with at least $1.3M owing in one form or another, does anyone think they can stay in 'business' and satisfy all their creditor's AND make a profit even IF any Mining was to actually happen? Don't forget the 1000 Tonnes of Ore still sitting dormant waiting to be processed before the 'Sell by' date!!
Hawkshaw: Thanks, but I have resigned myself to the loss now. Out of my current holdings I will get back about $600 if I sold today, but I'm prepared to wait longer to try to realize more of a return. With FLPC, It IS possible to make significant money providing the news is good. At the first hint of increases, it won't be the Trades that trigger it, only the news. Look for Rises of % in Three figures, then you'll know, but I won't risk any more now. I'm done with dealing..
If you are 'clever', then trading the Highs/Low's is one of the better ways to make money on Penny Shares, but you need a Live Feed for prices as they happen. There will be a month subscription for that! Don't think it would work too well here against Trading Fees?
Hawkshaw: Did I mention sale or sell? Anyway,it doesn't matter now but I was heavily into Oil shares for some time, even now and making a loss. I did well on Raymarine (the Ship Radar guys) when they were taken over by Garmin. Whilst it wasn't a lot. I made about $1000 over my original punt of around $400, so $1400 returned. However, I have lost about $6500 on another Oiler which was run by a Crook from Down Under... No names mentioned, but he's under investigation as we write.
Essentially, I have lost more than I have put in, so I need to make at least $4000 to break even since 2003. It's unlikely I will succeed which is why I didn't buy any FLPC early on. It looked just too risky after reading all about them. Buying now could prove a good move, that's only if good news comes in AND you can actually sell one large Tranche of shares to get your profit. This could prove tricky! GL all.
I will never buy any more shares once I sell up my existing Holding.