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I'm still uncertain how shares issued to creditors (including those sitting in DTC) don't get included in a R/S?
Retail loses 99.8% of their shares, but creditors not only get to keep ALL of there shares but also get to reap the higher per share price? How is that legal?
I absolutely agree with everything you said. At this time I too I'm holding and only have a small amount of play money invested (mainly because I wasn't able to get completely out of my position in time).
To me the fun hypothetical question to ask is if you did not already own a stake in MXSG, would you buy at this time based on the speculation of a drilling program being completed or wait until there is a clearer picture that the company is performing the drilling program as promised?
I'm fairly certain I would be in wait and see mode.
I absolutely amend, see I have no problem admitting if I was wrong
But to date, you are the ONLY person publicly critical of this company and what they have done in the past, but acknowledged that if done the right way this is actually a good move.
I agree. Just wanted to see if Money was willing to play his own game of asking leading questions without being able to rebut the premise of the question. That way they can play a game of "gotcha" no matter how you answer.
Like putting a witness on a stand and asking them... "Yes or No, have you stopped beating your wife?"
If the witness answers answer "Yes", then you can infer they must have beat their wife in the past. If they answer, "no", then you can state they are still beating their wife. Either way, because of they way the premise of the question is set-up and made undebatable you win your argument.
Drilling they are starting and the company they are using for it including independent company for reports, very positive and acceptable move for a company? Yes or No, I dare to answer without trying to justify.
The 43-101 eligibility (or not) is a bit of a non-issue for me. I shake my head more at the "...company will have obtained all the necessary information required to begin working..."
What information is needed to "begin" 43-101 a report and how does 800 feet of drilling give Mexus all the necessary information required to begin a 43-101 report?
The wording is presented to give the illusion a 43-101 report will be completed by the end of the year.
“Using the information in this drilling program and prior data from qualified geologists we are seeking to prove a 100,000oz target.
Alright let's take a step back. I think we agree on more than we realize.
My post have never been about demanding the company release a copy of the contract. I don't care if they do or don't. It won't influence me to buy or sell anymore shares of this company.
However, when folks to come on these boards and state, with absolution, Mexus entered into a contract with Major Drilling (that was allegedly posted by Mexus but since removed) it is not unfair, "moving the goal posts", or negative, to ask them for some proof of their claim.
When those folks were confronted about their claims, they weren't able to provide the proof to back it up and the games began.
Here is what can be factually proven about the drilling agreement;
1. Major Drilling has stated they entered into a contract with Mexus.
2. That agreement includes a minimum of 800 meters of drilling at Santa Elena.
Any claim about when the drilling will start or be completed by can't be made as the letter from Major Drilling only states drilling is intended to start the first week of November.
That's it. That's all we know about the agreement between Mexus and Major Drilling. We don't know if there was a deposit required, or how much or if it was paid. The originally posted agreement must have had some language about it, but I never saw or read it, and we don't even know if that was the agreement the two parties signed off on.
The company has also put out a PR claiming a whole bunch of other things like, samples will be sent to ALS-Chemex and end goal being a 43-101 instrument. But given the company's poor track record of following through on previous promises/forward looking statements I personally won't hold my breath for those things. Not saying they won't happen, but I won't count any chickens until they hatch.
Back to my original point, I don't care if a contract ever gets shared publicly. I do care when posters try to represent what is in that contract without providing documentation to support their claims. If a poster makes a claim, it's on them to provide the documentation supporting their claim. Otherwise it's opinion and should not be represented as fact.
A certain person keeps re-posting the contract was signed and deposit paid. Yet they have not been able to provide any documentation to support any deposit payment was made, or even necessary). These types of posts will continue to be called out on it until they discontinue making the claim, provide documentation supporting the claim, or the drilling starts.
Not trying paint the company in a negative light. Just tired of the BS that gets spread around here like its gospel.
Not true. I've acknowledged there is an agreement in place with Major Drilling. However, other than assuring a minimum of 800 meters of drilling, the terms of that agreement are not known.
When others on these boards quit trying to make claims about things that are in the contract that can't be factually proven. I'll quit railing about seeing the actual contract.
There is a ton of misinformation that gets spread on these boards. Some of it even coming from the company. I got suckered into buying even after I thought I had done my due diligence. I'm going to make sure that anyone else that might be looking at buying into MXSG understands the whole story before they decide whether or not to buy in. And that means calling out the BS when necessary.
Mexus signed a JV contract with MarMar. Period
The contract stated MarMar will carry all cost. DUH!
The PR from Mexus states This first test will produce gold and silver and will be the beginning of positive cash flow.. Period
Another PR from Mexus states Mexus and JV partner MarMar confirm production at Santa Elena mine. Period.
I'll bet the promises will continue to be made, even if they don't happen, it's the Mexus way!
So I take it by your response you haven't seen a copy of the signed contract either? Therefore you must be assuming it is signed and making additional assumptions about terms that are in the contract.
Funny how the goal post have now moved from the "you've been provided proof but choose to ignore it" to a "call the company yourself" response.
Let me know if/when you are able to provide a link to the signed agreement. Until then, Silence is golden.
Drilling starting at any moment ....
How about this one too?
Mexus begins mining at the 8 Brothers/370 gold project
CABORCA, SONORA STATE, MEXICO, June 11th, 2018(GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG)(“Mexus” or the “Company”) announced today that it has begun mining at the 8 Brothers/370 mining project. The company has mined 1000 tons of material containing an average of 9 grams Au and 50 grams Ag per ton. This material is currently being run through a crushing system and placed into an aerated VAT holding tank. The loading of the VAT, which has a 100 ton capacity, is expected to be completed by Wednesday, June 13th. The leaching time for this material will be 48 to 72 hours. Mexus has installed and successfully tested its portable Merrill Crowe gold recovery system. Running of the pregnant solution through this system will produce a concentrate which will be shipped to the U.S. to be refined and sold.
“I’m very excited that we have reached this milestone at the 8 Brothers project. The low cost of this operation will enable us to increase production quickly as we gain knowledge and efficiencies.” added Mexus CEO Paul Thompson.
Oh wait.... you mean all three of those PR's weren't true. Well then of course we should unconditionally believe the one about a drilling program. After all, "Honest Paul" would never tell a lie or exaggerate a claim. That just us "Negative Nelly's" moving the goal post.
Or this PR...
Ures and Santa Elena projects moving forward
CABORCA, SONORA STATE, MEXICO, February 26th, 2018 (GLOBENEWSWIRE) — Mexus Gold US (OTCQB: MXSG)(“Mexus” or the “Company”) announced that progress at the Ures project continues and is on pace. Cesar Lemas, project manager for the Ures project, recently completed the construction of access roads on the Ures, El Scropio, and 370 concessions. In addition, he continues to take samples from the area to be initially mined and is extremely happy with the assay results. Mr. Lemas added, “Based on my sampling, I can say that we should average 5 grams per ton Au from our VAT leaching system.”
The construction of the VAT system continues at Mexus’ Walnut Grove shop. The tank and its attached systems will be completed and shipped this week. Once operable, the tank will be loaded with 100 tons of crushed ore and filled with the proper cyanide solution including lime for PH control. Air will then be forced through the ore via outlets in the bottom of the tank which will ensure that all material is being leached. In approximately 72 hours, the pregnant solution will be drained into a holding tank which will then be run through Mexus’ Merrill Crowe gold recovery system. Mexus already owns the equipment for this project and will only need diesel, cyanide and other miscellaneous parts to begin production.
The lead engineer at the Santa Elena mine has adjusted the recovery formula to deal with the refractory element contents of the ore. He feels this has fixed the recovery problems and has restarted the leaching of the pad. Mexus CEO Paul Thompson added, “I’m confident that the engineer our JV partner has brought on board will fix the issues at the Santa Elena project. I look forward to seeing additional gold sales and continued progress.”
Well if its in a PR. Its gotta be true right? Just like this one.
Mexus gives an update on progress at the 8 Brothers/370 gold project.
CABORCA, SONORA STATE, MEXICO, June 18th, 2018(GLOBE NEWSWIRE) — Mexus Gold US (OTCQB: MXSG)(“Mexus” or the “Company”) gave an update on progress at its 8 Brothers/370 gold project. The company has completed the crushing and loading of ore into the VAT leaching tank. Mexus is currently running tests on the crushed ore to assure the proper leaching solution is used. It is expected that this work will be done in the next few days with leaching commencing upon completion of these tests.
“We have all the necessary equipment and chemicals on site to begin leaching when tests are complete. The results of our first leach will give us a base line going forward as we work to improve recovery rates. This first test will produce gold and silver and will be the beginning of positive cash flow.” added Mexus CEO Paul Thompson.
Mexus signed the contract with Major Drilling and paid the money. Period
The contract states that the "down-payment"(security deposit) needs to be paid when the contract is signed for the contract to be "in effect". DUH!
First, you questioned whether the contract was really signed (so did I). Then the company proved the contract was signed. And now you are questioning whether the deposit payment for the contract was made
HARDLY AS SIMPLE as some failable mental synapse processors. MIsconceptions here are rampant but ask 8th Appeals yes no or ... PERHAPS
"Generally, to be valid and enforceable, a contract must be signed by all parties. But recently, the Eighth Appellate District Court enforced the arbitration provision of a contract that was signed by only one party, demonstrating that a valid contract may form even if all parties have not signed the document.Nov 2, 2012
Translation:
The issue was whether the $75K deposit was paid to the drilling company. I don't know if it has or hasn't. My question was to those that flatly say it has been paid.....how do they know that? Move back goalpost 5 yards.
Then, the conversation wandered into whether the $200K was going to all be spent on drilling, or potentially for other uses. I contend that the $200K is not enough to complete the first stage of the drilling (800 meters of coring, with assays, and a technical report). And yet it appears that some think that $75K is enough. I was wrong. Mexus has paid them, so move back goalpost another 5 yards.
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It is what everyone has been beating the drum for. Now it is happening and still some are not happy.
Honest people? Always taught to even be a tad trustworthy you use a name can be checked. Here? Idea laughed at 24/7 seems all around the world. " Who are these people", should be asked before ya jump , Sunrise, Sunset or Sundance. Any other with name can be checked? Step fwd, OK all who can't? 1 step back. That's more like it. ABOUT ...FACE! F'ward.... march! Get a bit empty here mongst we honest known people?
This is probably the company that gave Mexus a LOI (Lots of interest). In those cases they don't need to countersign a contract.
That begs the question, Do you trust the CEO?
Personally, I'm on the fence, but leaning towards no. However, where I get stuck is the notion he would wipe out his and other "insiders" shares.
That doesn't make sense. Even if it does wipe out most of the corporate debt.
Lowtrade,
Care to speculate on the recent 1 for 10,000 R/S announcement? Still a good thing in your opinion?
...In past no need was seen for simple blast and haul a known source be it vein or shear connector. Problem arose with incorrect process used to leach and recover not load on a pad. Lemas' clearly laid out plan if any would read is to likely mostly gravity recover a small 200/300 METER area of high assay up to bonanza grade, like the term or not is not really a choice. It's what IS IS and IS the proof which results....
That's an interesting catch.
This CEO's integrity gets shadier with each move he pulls. Last time a R/S was enacted it was done using a backdated 8-k. Now he uses his expanded voting rights to pull another fast one on retail.
depends who you ask. the self-appointed experts here say they are all dumb
how come you did not factor in buying additional dirt cheap shares again in trip .000 after the reverse split
You do realize after the R/S there is a good chance share price fall back to trip zeros when the 2.9 billion shares are released?
.0001 is not the bottom when a R/S is in play.
Example - Buy $1,000 at .0001 = 10 million shares.
1 -500 R/S on 10 million share = 20,000 shares remaining.
20,000 @ .0005 (estimated share price after 2.9 billion sold off) = $10.00
Then there is still the risk of a 1-10,000 reverse split. That would leave you with 2 shares of your original 10 million. Meaning the end of the rainbow stock price would need to be $500 in order for you to break even on your purchase.
What I can't get my head around is why the insiders (members of the board who own large percentages) are okay with this. They lose their shares in this R/S too.
Huge order of 20 mil just went thru....where's the 0.0005's? Coming very soon I suspect
Exactly. This is a complete wipeout. Unreal
I am well aware I'm talking about 2 different projects.
Ures = Last official word from the company is 70# of precipitate needs to dry. That was made July 2nd. Nothing in over 2 months about this project. Is it dead? Unofficial word from the chat board guru is the rocks needed more roasting and perhaps a little cinnamon.
I was also pointing out that over a year ago (when MarMar was operating Elana) there was supposedly 250# of zinc infested sludge. The company originally said it would be processed in with future refinements, but future refinements never happened. We've not heard anything about it since.
IN BOTH of the projects the issue supposedly wasn't the amount of gold per ounce in the material being processed. The issue was being able to effectively extract the gold from the material. THAT is the problem that needs fixed.
I don't see how a drilling program fixes that problem. Instead it's another red herring Mexus is trying to pull on investors.
The company seemed to be able to secure funds for drilling. Instead of drilling why were funds not secured to correct the metallurgy.
Ugh....
Proposal 1 : To approve an amendment to our Certificate of Incorporation, as amended, to effect a reverse stock split of all of the outstanding shares of our common stock, at a specific ratio from 1-for-100 to 1-for-10,000, and to grant authorization to our Board of Directors to determine, in its discretion, the specific ratio and timing of the reverse split any time before September 30, 2019, subject to the Board of Directors’ discretion to abandon such amendment.
The stockholder approval of the above proposal will not be effective until 20 days after an information statement that has been filed with the Securities and Exchange Commission is mailed to the holders of our common stock, Series F Preferred Stock and Series J Preferred Stock. The above proposal is separate from, and in addition to, the authorization of a reverse split of our common stock at a specific ratio from 1-for-200 to 1-for-500 previously approved by our Board of Directors and stockholders on August 21, 2018 and August 22, 2018, respectively. The stockholder approval of that proposal became effective on September 18, 2018.
I keep wanting to believe, but the more I think on this, the more the logic doesn't add up. I'm convinced the rumblings about a supposed drilling program is another red herring.
Latest official word from the company related to actual mining/productions was on July 2. It stated 70 pounds of precipitate is currently being dried and prepared for smelting.
Has this 70 lbs or precipitate been officially determined to be unrecoverable? What about the other 250# of zinc sludge from over a year ago?
How does a drilling program to explore "bonanza grade" areas resolve the leaching problems? The issue that has been stated in PRs isn't an issue related to grams per ton in the material being processed. The previous assays supposedly demonstrated 9 grams Au and 50 grams Ag per ton. The issue was how to recover (i.e. leaching/refining process issues). Drilling and assaying "bonanza grade" areas doesn't address the leaching/refining issues.
What happened to the expert supposedly helping out Lemas with the recovery process?
According to PRs, the issue with the leach pads was supposedly too much salt in the magic sauce. Yet, nothing was re-stacked on the pads. Instead a VAT system was created and implemented. Yet the last we've heard is the precipitate was still drying.
Until the chemistry issues have been solved, "bonanza grade" zones and sheers won't put gold in the coffers.
That's the issue Mexus has to figure out before gold can be produced. Otherwise they are going to ruin their "bonanza grade" ore too.
I get that. And I can see the logic in knowing (approximately) what your cost and figuring out how much gold per ounce is needed in order to mine profitably.
If it is an independent 3rd party performing the drilling that has no vested interest in the outcome, then we should get objective results. If it is a party that has a vested interest if the results demonstrate 100,000 oz of gold, then the worry is some measurements may be interpreted in ways that show a better outcome than is reality (e.g. previously averaging drill results to come up with a high per ounce average).
I'm glad to see a drilling program is being explored.
I get a little nervous when it's done with a predetermined amount of gold to be identified. I prefer it be done with more of a, "let's see how much gold is identified in the drilling results and work up a plan from there", rather than "we need to find 100,000 oz of gold, let's drill until we find it."
Granted, that may seem like a subtle/insignificant difference, but in my experience, people who go into a project/experiment looking for a specific outcome often find (unconsciously) ways to make the results fit their paradigm.
No idea.... I vaguely recall a previous poster mentioning something around .10 range, but don't quote me on that.
And please don't take my last post as anything other than an interesting coincidence. Not at all a prediction or what I think the company will do.
Does this mean that they would need to A/S to at least 17 billion shares to cover this?