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Conspiracy Theorists Come Up Short
News and Commentary
August 2 2006
Oliver Stone, please answer the courtesy phone. Conspiracy theorists may soon be mourning the demise of one of their pet plots – the notion that short sellers have been targeting, and destroying, dozens of obscure, penniless and nearly penniless companies that trade on the over-the-counter market. NASD is beginning to publish short interest information for OTC stocks, and the numbers suggest that the short-selling boogeyman is just Sasquatch in a pin-striped suit.
In recent years, promoters and proponents of these marginal companies have been trying to convince the public and potential investors that these tiny OTC companies have suffered at the hands of naked short-sellers who have conspired to drive share prices into the ground. For the uninitiated – short-sellers borrow shares of stock, then sell them, hoping that stock prices will sink and they can “repay” the borrowed shares by buying stock at a later date and a lower price.
Some OTC Bulletin Board and Pink Sheet companies have charged that illegal “naked” short sales are depressing the market. A short-sale is “naked” when the seller and has not arranged to borrow the shares. For the most part, only legitimate market-makers are permitted to engage in naked short sales.
While some companies may have been adversely affected by crooked short sellers, or fallen victim to aggressive, but legitimate, short selling, other factors are far more likely to damage OTC businesses. Unscrupulous promoters, greedy insiders, pump and dump schemes and shady secondary market trading tactics all have contributed to the dire state of these companies, most of which are under-capitalized and have minimal or no revenues. For those entities, the specter of naked short selling is a handy scapegoat – but it is hardly their biggest problem.
The impact of short selling on OTC companies should soon become evident. Effective July 2006, NASD expanded short interest reporting requirements to include OTC equity securities- including the OTC Bulletin Board and Pink Sheets. The initial report, for July 2006, reflects a far more modest level of short-selling than some conspiracy theorists may have anticipated. Take Nexia Holdings, Inc., (OTCBB: NEXH) whose CEO Richard Surber recently expressed his view that Nexia had been victimized by “abusive shorting practices.” According to NASD’s July report, the short position in Nexia was a mere 37 shares – an insignificant fraction of the almost 4 billion Nexia shares currently outstanding.
StockPatrol.com readers are already familiar with Surber, a penny stock promoter with connection to a series of troubled OTC companies. See Dark Dynamite Inc — Dancing In The Dark; Update: Dark Dynamite, Inc. - No Escape; Vinoble, Inc. - Trick or Treat in This Treasure Chest? ; and Update: Vector Holdings - Room at the Top.
NASD’s reports are unlikely to silence the conspiracy theorists, but investors will now have the ability to do their own research and verify claims of improper trading. And perhaps struggling OTC companies will focus on the source of their problems and stop handing out shares to unscrupulous promoters and shady financiers.
Remember, before you invest, investigate.
Highland Gold Output
Highland Gold Mining, the fourth-largest gold producer in Russia, said it would produce between 180,000 and 185,000 pounces in 2006.
The Jersey, England-based company produced 91,205 ounces of the metal in the first half, 43 percent more than a year earlier, it said Wednesday in a Regulatory News Service statement. (Bloomberg)
Oil Fund Rubles Converted
The Finance Ministry has converted 400 billion rubles ($14.95 billion) from the stabilization fund into hard currency and placed them on deposit at the Central Bank, the ministry said Wednesday.
The Central Bank had earlier said it would use money from its $262 billion gold and forex reserves for conversion.
Taking converted rubles into account, the fund, which harvests oil revenues and is earmarked to pay down the national debt, had grown to 2.03 trillion rubles ($75.86 billion) as of July 1. (Reuters)
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TMY...their wells are starting to come on line so it should double again in a year as their production will double (to 3000 BOPD), but aren't they the one that has to truck their production as there is no pipline. I noticed Jeffereies upgraded them last month.
WWCD has sold the Fish Factory in Prauge, Checkeslovokia and is concentrating on the container business which already is 80% of their business revenue. I f that is the case I much prefer CRFI.PK as their ECOFLOOR is supposed to roll out this month. Interesting though at $.0039
Equity Strategists: Buy Russian, Brazilian Stocks, UBS Says
Aug. 1 (Bloomberg) -- Russian and Brazilian stocks are worth buying on speculation lower interest rates in the countries will spur domestic demand and help their economies weather a global slowdown, according to UBS AG.
``Growth prospects in Russia and Brazil remain solid,'' said Oussama Himani, 42, the head of emerging market research at UBS Investment Bank in London, in a telephone interview July 28. These countries with ``their own domestic growth stories are attractive.''
UBS, ranked No. 2 for emerging market strategy by Thomson Extel, has a so-called overweight recommendation on the countries' equities, meaning investors should hold more stocks than are represented in benchmarks. UBS favors shares of banks and retailers.
Stocks in emerging markets have tumbled from record highs reached in May on concern rising interest rates will reduce the appeal of riskier assets. Brazil's Banco Bradesco SA and OAO Sberbank of Russia have paced a rebound from lows in June after local policy makers cut rates to help spur growth.
The Morgan Stanley Capital International Emerging Markets Index, a dollar-denominated measure of 25 developing countries, has lost 15 percent since reaching an all-time high on May 8. Brazil's Bovespa Index has dropped 11 percent in the period, and the Russian Trading System Index has fallen 12 percent.
The U.S. Federal Reserve raised its target rate for the 17th straight time on June 29, and the Bank of Japan lifted rates on July 14 for the first time in almost six years. The European Central Bank will probably increase its benchmark for the 12 euro nations when policy makers meet on Aug. 3, after raising it three times since December.
Global Slowdown
Global growth is expected to slow to 2.9 percent next year, from 3.1 percent in 2006, the Organization for Economic Cooperation and Development said on May 23.
Russia and Brazil will buck the slowdown, Himani said. Russia's economy will probably expand 7 percent this year and next, while Brazil's growth accelerates to 4.1 percent next year, from 3.9 percent in 2006, he said.
``Brazil's central bank is in a position to continue reducing rates as inflation declines,'' Himani said.
Policy makers lowered Brazil's benchmark lending rate a half-percentage point to 14.75 percent, the lowest in at least 20 years, at their July meeting. The bank has slashed the benchmark overnight rate 5 percentage points since September.
Brazil will cut its rate to 14 percent by year-end, according to a central bank survey of economists on July 28.
Russia reduced its benchmark refinancing rate in June to 11.5 percent, the lowest since at least 1991, the year the Soviet Union officially collapsed.
Earnings Growth
Banks are benefiting as lower rates help fuel demand. Bradesco, Brazil's biggest non-state bank by deposits, said in May that profit jumped 27 percent in the first quarter as lending and fees from services increased, extending gains for the fourth year. The stock has climbed 72 percent in the past 12 months.
Banco Itau Holding Financeira SA, Brazil's second-biggest bank, reported profit growth of 28 percent in the quarter, also on higher revenue from lending and fees. The shares are up 44 percent in the past year.
Profit for Sberbank, Russia's largest bank, tripled last year as lending surged, according to data compiled by Bloomberg News. The stock has more than doubled in the past year. Trading was suspended on July 21 as the bank converts its existing stock into newly issued shares, Interfax reported.
Cash Rich
Both Brazil and Russia are cash rich, making the countries less dependent on international financing and giving bankers more room to chart monetary policy, Himani said.
Brazil's current account, the broadest measure of trade in goods and services, recorded a surplus of $614 million in June, the highest in three months.
The surplus will probably quadruple in July because of a decline in profit repatriation by multinational companies, Luiz Sampaio Malan, deputy head of the central bank's economic research unit, said on July 20.
Russia's foreign currency and gold reserves surged to a record in the week ending July, surpassing Taiwan's to become the world's third largest as oil and gas prices hover near all- time highs. Russia is the world's largest oil exporter after Saudi Arabia.
Paramount Gold's First Drill Results Include Bonanza Gold Grade of 35.5 g/t Gold over 4 Meters at San Miguel Project in Mexico
Tuesday August 1, 4:07 pm ET
CHIHUAHUA, Mexico--(BUSINESS WIRE)--Aug. 1, 2006--Paramount Gold Mining Corp. (OTC:PGDP - News; FWB:P6G), is pleased to disclose the first round of results from its ongoing drill program at the San Miguel project located near Temoris, Chihuahua, Mexico. These first nine drill holes represent initial testing on the San Luis, Montecristo and La Blanca zones, which are three of the over ten known mineralized zones located at San Miguel. Two of the three zones reported very significant intercepts of gold and silver mineralization and included bonanza gold of 35.5 g/t gold with 17 g/t silver over 4.0 meters in hole SL-02 at San Luis and 0.39 g/t gold and 80.62 g/t silver over 19.5 meters in hole MC-01 at Montecristo. Of significance, these intervals contain associated lead, zinc and copper sulfides, however due to backlogs at analytical laboratories, the analysis for these elements has yet to be completed.
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Paramount's Exploration Manager for Mexico, Bill Reed, comments "I am very pleased that our initial round of drilling has been this successful. We recently obtained a report by Behre Dolbear & Company for A J Industries, dated 1962, stating "from what can be learned from existing literature, the San Luis deposit contains the highest gold grades in the district". Our initial drilling shows that this gold system can produce high grades and we are only getting started with just a few holes in three zones and have numerous other zones and areas to drill test throughout this large system. With each set of drill results we learn more and will be able to direct our second round of drilling on these targets more effectively. We plan 3 or 4 more holes at San Jose, and then the drill will be moved to the La Union Mine area to test the zone recently defined by 5 trenches. After 5-7 holes have been completed, the drill will be moved to the Santa Clara area to test gold and silver anomalies identified during a recently completed trenching program. Then we will rotate the drill back to previously drilled targets after analytical results have been reported for a second round of drilling."
Further commenting, Chris Crupi, President & CEO stated "These encouraging results have strengthened our commitment to the San Miguel project, evidenced by my recent authorization of an increased budget for further drilling."
San Luis Mine Area: Drill holes: SL-01, SL-02 & SL-03
Paramount Gold has recently completed eight core drill holes in the San Luis Mine area at its San Miguel project. The assay results for the first three drill holes are listed below. DDH SL-01, SL-02 and SL-03 were drilled to test un-mined zones adjacent to a N50W striking high grade gold-silver quartz and quartz breccia vein mined by the Alaska Juneau Company between 1958 and 1962. This vein dips 70 to the NE and was mined from the surface to a down dip depth of approximately 250 meters. Old mine maps showing drill holes in the bottom of the shaft that indicate the high grade mineralization continues below the workings.
DDH SL-01 cut 8.9 meters between 84.80 and 93.72 meters averaging 0.64 g/ton gold and 18 g/ton silver and then entered a three and a half meter void were the vein had been previously mined out.
DDH SL-02 cut 4.0 meters between 141.00 and 145.00 meters averaging 35.50 g/ton gold and 17 g/ton silver.
DDH SL-03 cut 28.0 meters between 64.0 and 92.0 meters averaging 0.26 g/ton gold and 38.20 g/ton silver including 8.0 meters between 64.0 and 72.0 meters averaging 0.05 g/ton gold and 51 g/ton silver; including 6.0 meters between 79.0 and 85.0 meters averaging 0.26 g/ton gold and 107 g/ton silver, and including 4.0 meters between 88.0 and 92.0 meters averaging 1.35 g/ton gold and less than 5 g/ton silver.
Silver Gold
DDH From To Interval Gold g/t g/t Equivalent
-------------------------------------------------------------------
SL-01 84.80 93.72 8.92 0.64 18.00 0.94
-------------------------------------------------------------------
SL-02 141.00 145.00 4.00 35.50 17.00 35.78
-------------------------------------------------------------------
SL-03 64.00 92.00 28.00 0.26 38.20 0.90
-------------------------------------------------------------------
Including 64.00 72.00 8.00 0.05 51.00 0.90
-------------------------------------------------------------------
Including 79.00 85.00 6.00 0.26 107.00 2.04
-------------------------------------------------------------------
Including 88.00 92.00 4.00 1.35 5.00 1.43
-------------------------------------------------------------------
NOTE: All of the above intervals contain associated lead, zinc and copper sulfides. The analysis for these elements is not yet completed.
The San Luis Mine is located immediately north and adjacent to the San Jose silver zone where detailed rock chip sampling completed earlier outlined an area 250 meters long and up to 50 meters wide that averaged 225 g/t silver {see press release Dec 8th 2005} The San Jose zone is comprised of a series of quartz veins and stockwork quartz veinlets that strike N10-25W and dip 70-90 E. The intersection of the N50W San Luis structure with the San Jose structures controlled the high gold-silver mineralization in the San Luis Vein. Historic documents from the Alaska Juneau Company and recent detailed rock chip sampling by Paramount Gold indicate that other structural intersections host similar high grade gold silver mineralization.
Drill Update: Another six diamond drill holes have been completed in the San Luis zone and are awaiting assay results. Two drill holes have been completed in the San Jose silver zone and a third hole was started yesterday. Trenching across the mineralized zone continues to the south where this zone can be followed for several kilometers. Paramount expects to report further drill results in a more timely fashion now that a steady stream of drill samples has been going out to the assay lab.
Montecristo Area MC-01, MC-02 & MC-03
Located in the NW portion of the Guazapares structural lineament that has a general strike of N20 - 30W, this mineralized zone can be traced more than six kilometers and contains hundreds of ancient mine workings that date as far back as the 1620's. Three diamond drill holes (DDHs) have recently been completed in Montecristo area totaling 798.20 meters. Three vein like structures which strike N30-40E (Montecristo I, II and III), and the Montecristo hydrothermal breccia zone which strikes N30W were intersected in these drill holes.
The Montecristo breccia is a recently recognized hydrothermal structure that was identified in old mine workings and confirmed by new exposures in recently constructed roads to drill sites. On surface, the Montecristo breccia can be recognized for a distance of more than 1000 meters along strike with thickness of 50 to 80 meters. This breccia was intersected at depth by DDHs MC 01 and MC-03
DDH MC-01 intersected 19.5 meters averaging 0.39 g/ton gold and 80.6 g/ton silver between 54.5 and 74 meters, and a 4.4 meters zone between 140.2 and 144.4 meters averaging 116 g/ton silver with low gold values.
DDH MC-03 intersected 29.5 meters averaging 0.61 g/ton gold and 11 g/ton silver between 92.5 and 122.0 meters with lower grade mineralization below. This breccia is considered of great importance because of the potential to develop a large low grade bulk tonnage resource. The vein structures require further drill testing to determine their significance. There is potential to discover structurally-controlled high-grade zones within the breccia.
Below is a summary of drill holes MC-01, MC-02 and MC-03
Gold Silver Gold
DDH From To Interval g/t g/t Equivalent Target
----------------------------------------------------------------------
Montecristo
MC-01 54.50 74.00 19.50 0.39 80.62 1.74 Breccia
----------------------------------------------------------------------
Montecristo
MC-01 74.00 87.00 13.00 0.02 24.11 0.42 Breccia
----------------------------------------------------------------------
Montecristo
MC-01 140.20 144.60 4.40 0.08 116.73 2.02 I Structure
----------------------------------------------------------------------
Montecristo
III
MC-02 74.50 80.00 5.50 0.00 20.55 Structure
----------------------------------------------------------------------
MC-02 93.00 143.00 50.00 0.00 15.00
----------------------------------------------------------------------
Montecristo
MC-03 92.50 122.00 29.50 0.61 11.25 0.80 Breccia
----------------------------------------------------------------------
Montecristo
MC-03 122.00 129.00 7.00 0.08 33.86 0.64 Breccia
----------------------------------------------------------------------
Montecristo
MC-03 170.00 181.00 11.00 0.39 74.40 1.63 I Structure
----------------------------------------------------------------------
Including 1.15 3.22 373.00
----------------------------------------------------------------------
Montecristo
I
MC-03 181.00 191.00 10.00 0.10 12.70 0.22 Structure
----------------------------------------------------------------------
NOTE: Drill hole locations and orientations are listed below at the end of text.
Mineralization is associated with a rhyodacite intrusive rocks and a hydrothermal breccia developed along the contract with andesite tuffs and flows that host the felsic intrusive complex.
La Blanca Area LB-01, LB-02 and LB-03
Three DDHs (LB-01, LB-02 and LB-03) were drilled to test the historical drill data reported by War Eagle in the early 1990's. Paramount twined three of the better reverse circulation (RC) War Eagle holes that cut the reported mineralization. These three holes did not confirm any of the War Eagle intercepts, but drill hole LB-01 did intersect 19.38 g/t silver at depth and it is possible that it could represent an extension of the Montecristo zone. Paramount is planning further drill testing of this zone during the next round of drilling at Montecristo.
HoleID Total Depth Type Target
----------------------------------------------------------------
LB-01 200.5 DDH Twin of RC 20
----------------------------------------------------------------
LB-02 157.75 DDH Twin of RC 17
----------------------------------------------------------------
LB-03 173.00 DDH Twin of RC 21
----------------------------------------------------------------
The most significant intercepts are:
Gold in Silver in Gold
DDH From To Interval g/t g/t Equivalent
--------------------------------------------------------------
LB-01 136.00 155.00 19.00 0.00 5.79 0.10
--------------------------------------------------------------
LB-01 155.00 163.00 8.00 0.08 19.38 0.41
--------------------------------------------------------------
LB-01 163.00 176.00 13.00 0.04 5.69 0.14
In general, the lithology consists of a hydrothermally altered tuff sequence intruded by rhyodacite, rhyolite and andesite. Most drill hole intercepts show strong silicification with disseminated pyrite, and moderate argillic alteration in some zones. Between 150.30 and 166.00 meters traces of galena were reported.
Paramount has renegotiated its agreement on the La Blanca area concesssions, reported in News Release dated January 3rd 2006. Paramount can earn a 100% interest by making a cash payment of $US 180,000 ($110,000 is paid and $70,000 is due by Dec 31 2006) and a work commitment of US$500,000 to be completed before Dec. 31 2007. A royalty of US$1.00 per gold equivalent ounce is payable on any reserves in the proven and probable category based on an independent audit, one to be completed at year end 2007 and year end 2008. Tara Gold, Paramount's JV partner may opt in for 30% interest as per an area of interest agreement.
Quality Control Program
Paramount takes detail photos of all the core before it is cut to half core which is assayed at ALS Chemex's Vancouver laboratory. As part of quality assurance, quality control (QAQC), a blank (sterile)sample is submitted every 20th sample. Later, pulps from a number of intervals will be renumbered and pulps from known standards will be inserted between them in numerical order. These will then be submitted for reanalysis. The results will then be compared to the original values reported, and the known values of the inserted standards. Half-core samples have been retained on site for verification and reference purposes.
C W Reed , B. Sc. Mineralogy, is acting as qualified person and has prepared the detail and review with respect to this news release.
Diamond Drill Hole Information - San Miguel Project
HoleID Easting Northing Elevation
----------------------------------------------------------------------
MC-01 767569.014 3035427.103 1703.697
----------------------------------------------------------------------
MC-02 767407.267 3035509.212 1712.661
----------------------------------------------------------------------
MC-03 767573.745 3035479.495 1732.000
----------------------------------------------------------------------
LB-01 767904.745 3034222.611 1504.892
----------------------------------------------------------------------
LB-02 767903.770 3034221.600 1504.762
----------------------------------------------------------------------
LB-03 767797.582 3034203.155 1503.873
----------------------------------------------------------------------
SL-01 769800.541 3031749.274 1606.853
----------------------------------------------------------------------
SL-02 769845.319 3031778.976 1604.994
----------------------------------------------------------------------
HoleID Azimuth Dip Tot Depth Type Area Target
----------------------------------------------------------------------
Montecristo
Breccia and
Structure
MC-01 258 -45 281.85 DDH Montecristo Montecristo I
----------------------------------------------------------------------
Structure
MC-02 280 -70 218.85 DDH Montecristo Montecristo III
----------------------------------------------------------------------
Montecristo
Breccia and
Structure
MC-03 260 -50 297.50 DDH Montecristo Montecristo I
----------------------------------------------------------------------
LB-01 355 -60 200.5 DDH La Blanca Twin of RC 20
----------------------------------------------------------------------
LB-02 265 -60 157.75 DDH La Blanca Twin of RC 17
----------------------------------------------------------------------
LB-03 265 -60 173.00 DDH La Blanca Twin of RC 21
----------------------------------------------------------------------
San Luis
SL-01 240 -65 160.80 DDH San Luis Structure
----------------------------------------------------------------------
San Luis
SL-02 240 -65 179.10 DDH San Luis Structure
----------------------------------------------------------------------
About San Miguel
San Miguel is currently comprised of 16 concessions covering an estimated 6 kms strike of silver and gold mineralization. It is located in Chihuahua, Mexico and lies in the Guazapares Mining District, part of the gold-silver belt of the Sierra Madre Occidental. Paramount signed an agreement in August 2005 with Amermin S.A. de CV, a subsidiary of Tara Gold Resources, to acquire a 70% interest in the San Miguel project.
I tried to post yesterday but Ihub had problems. I also talked to Richard yesterday AM. I agree with what Bob said. On Las Mintas we are looking to JV it so they can spend their money proving it up by drilling. Historically it is huge, but it is yet to be proved. As an aside, I asked if the current solid activity in the stock was due to Europeans. He said that although we have a listing, we do not yet have a market maker or whatever to promote the stock until Sept or Oct. August is vacation time in Europe with the markets generally being dead and until then he felt it would be a waste of money. Look for activity in Europe to begin in Oct. Supposedly today or tomorrow we will have some news from Paramount on La Currita.
I am wondering if anyone saw the show on CNBC Sun, July 23 called Global Players with Sabine Christiansen. It was fascinating about investing in Russia with a very knowlegable panel, including the shareholder activist (William Broder) who has invested $3 billion in Russia, but because of his questions on theft in Russian companies he had his visa yanked. I encourage anyone investing in Russia to watch the show now that it is posted in the archives. Main concerns are there are no property laws to protect investors, lack of infrastructure, lack of contract laws, graft and corruption is inherrent and is how business is done. A real eye opener!
http://www.globalplayers.tv/
I hope your right even though I would prefer you to eat that hat. LOL
miserable Braves fan
Has anyone been able to talk to Steve Russell (775-847-0418), HRRP's geologist?
TDST 14A filed yesterday. Pat or anyone? have 75k at .007...are you buying any more?
TDS (TELEMEDICINE), INC.
One Penn Plaza, Suite 1612
New York, New York 10119
PROXY STATEMENT
This Proxy Statement is furnished to shareholders of TDS (TELEMEDICINE), INC. in connection with the solicitation by the Board of Directors of proxies to be used at a Special Meeting of the Shareholders of tds (Telemedicine). This Notice of Special Meeting and Proxy Statement, and the accompanying proxy card have been mailed to the shareholders on or after August 8 for the purpose set forth in the notice of the Special Meeting.
If the enclosed form of proxy is executed and returned, it may nevertheless be revoked at any time up until the time when it is voted by the Proxy Committee. The proxy may be revoked by sending written revocation to the Proxy Committee (c/o tds (Telemedicine)) or by making a proxy bearing a later date or by appearing and voting at the Special Meeting. The proxy is in ballot form and each shareholder may indicate approval or disapproval as to the proposal identified in the proxy and accompanying Notice of Special Meeting and as set forth and discussed in this Proxy Statement. The proposals will be presented by the Board of Directors of tds (Telemedicine). Where a choice is specified with respect to a proposal, the shares represented by the proxy will be voted in accordance with the specification made. Where a choice is not so specified, the shares represented by the proxy will be voted in favor of the proposal. The Proxy Committee appointed by the Board of Directors consists of James Grainer.
--------------------------------------------------------------------------------
VOTING SECURITIES OUTSTANDING
Stockholders of record entitled to vote will be determined as of the close of business on August 1, 2006. At that date, there were outstanding and entitled to vote 100,000,000 shares of common stock of tds (Telemedicine), constituting the only class of stock outstanding and entitled to vote at the meeting. Each share of common stock entitles the holder thereof to one vote.
The following table sets forth the beneficial ownership of outstanding shares of voting stock of tds (Telemedicine) as of August 1, 2006 by any person who, to the knowledge of tds (Telemedicine), owns beneficially more than 5% of the outstanding common stock, by each tds (Telemedicine) director, and by the directors and officers of tds (Telemedicine) as a group. None of the persons identified below owns any securities of tds (Telemedicine) other than the voting stock listed below. All shares are owned of record and beneficially, except where otherwise noted.
Name and Address of Beneficial Owner Amount and Nature of Beneficial Percentage of Class
Ownership (1)
--------------------------------------------------------------------------------------------------------------------
Kevin Kreisler -(2) 0%
c/o GreenShift Corporation
One Penn Plaza, Suite 1612
New York, New York 10119
All officers and directors as a group (1 persons) -(2) 0%
Jesse Dylan Capital Inc. (3) 15,000,000 15.0%
119 Ironwood Court
Middletown, NJ 07748
Keith Freeman 9,897,520 (4) 9.9%
Kingfisher, Wickenby
Lincoln, LN35AB U.K.
---------------------------
(1) All shares are owned of record unless otherwise indicated.
(2) Does not include (a) 300,000,000 pre-Reverse Split shares that will be
issued pursuant to the Management Services Agreement between GreenShift
Corporation and tds (Telemedicine) after the Reverse Split, (b) 83,333,333
pre-Reverse Split shares that would be issued if the obligation under the
Management Services Agreement to issue $250,000 worth of common stock were
satisfied at the current market price of $0.003, or (c) 60,715,666
pre-Reverse Split shares that would be issued to GreenShift Corporation if
the Convertible Demand Note given to it by tds (Telemedicine) were
converted at the current market price of $0.003 per share.
(3) Jesse Dylan Capital, Inc. is controlled by Brian Zucker.
(4) Includes 2,747,520 shares owned by K Freeman and S.E. Freeman as trustees.
PROPOSAL TO AMEND THE CERTIFICATE OF INCORPORATION
TO EFFECT A REVERSE SPLIT OF THE COMMON STOCK
(Item #1 on the Proxy Card)
Proposal. The Board of Directors of tds (Telemedicine) proposes that the certificate of incorporation of tds (Telemedicine) be amended to effect a reverse split of tds (Telemedicine's) common stock at the ratio of 1:100 (the "Reverse Split"). The number of authorized shares of common stock would not be affected by the amendment. No fractional shares or scrip will be issued; rather, shareholders who would otherwise be entitled to a fractional share as a result of the Reverse Split will receive cash based on a price of $2.50 per post-Reverse Split share.
Reasons for the Proposal. There are two primary reasons why the Board of Directors is recommending the Reverse Split. The first reason is that our certificate of incorporation currently authorizes the Board of Directors to issue 100,000,000 common shares. At present, 100,000,000 common shares have been issued and remain outstanding. So the Board has no ability at this time to use common stock for any purpose. The absence of authorized shares prevents the Board from effecting acquisitions, obtaining financing, and recruiting management personnel, all of which will be necessary if tds (Telemedicine) is to undertake new business operations.
At the present time, the Board of Directors has not made any specific plan, commitment, arrangement, understanding or agreement with respect to the shares that will be available for issuance after the Reverse Split, other than the arrangements between tds (Telemedicine) and GreenShift Corporation. In May 2005 tds (Telemedicine) and GreenShift entered into a Management Services Agreement. Pursuant to that agreement, GreenShift has provided to tds (Telemedicine) the services of Kevin Kreisler, GreenShift's Chairman, to serve as the Chief Executive Officer of tds (Telemedicine) on a part-time basis. GreenShift has also provided bookkeeping and financial management services to tds (Telemedicine), and has paid all costs attendant to the ongoing operations of tds (Telemedicine). Pursuant to the Management Services Agreement, tds (Telemedicine) is currently obligated to issue to GreenShift:
o 300,000,000 (3,000,000 after the Reverse Split) shares of common stock;
o Common stock with a value of $250,000 (at the current market price:
83,333,333 pre-Reverse Split shares and 833,333 post-Reverse Split shares); and
o Common stock with a value of $182,147 plus 5% per annum since December 31, 2005, except that no shares will be issued on account of this specific obligation when after the issuance GreenShift would own more than 4.95% of tds (Telemedicine).
As a result of the Reverse Split, tds (Telemedicine) will have sufficient authorized shares to satisfy its obligations to GreenShift, which will thereby acquire ownership of 89% of the outstanding stock of tds (Telemedicine).
The second reason for the Reverse Split relates to the current low market price of our common stock. Tds (Telemedicine) will require financing to fund its business development, be it the costs of acquisitions or the capital needed to fund the growth of the acquired companies. The Board of Directors has come to the conclusion that an increase in the market price of the common stock may enhance the marketability of the common stock and so improve tds (Telemedicine's) prospects for obtaining financing. It is hoped that the Reverse Split will increase the per share market price of the common stock. There is, however, no assurance that the market price will increase, or that it will not return to its current levels after the Reverse Split.
Recently, the market price for tds (Telemedicine) common stock has been only pennies per share. Many brokerage firms are reluctant to recommend lower-priced stocks to their clients. The policies and practices of some brokerage houses tend to discourage individual brokers within those firms from dealing in lower priced stocks. Additionally, the brokerage commission on the purchase or sale of stock with a relatively low per share price generally tends to represent a higher percentage of the sales price than the brokerage commission charged on a stock with a relatively high per share price. The Board of Directors believes that these issues are best addressed by an increase in the inherent value per share of common stock that will occur as a result of the Reverse Split. The Board believes that, absent the Reverse Split, tds (Telemedicine) is not likely to obtain any additional financing. Accordingly, the Board believes that the proposed Reverse Split is essential to tds (Telemedicine's) prospects for raising financing through the sale of its common stock or derivative securities.
General Effect of the Reverse Split. If the Reverse Split is approved, the amendment to the certificate of incorporation would provide that each 100 shares of common stock outstanding on the effective date of the Reverse Split would be exchanged for one post-Reverse Split share of tds (Telemedicine) common stock ("New Common Stock"). The New Common Stock will not be different from the common stock held by tds (Telemedicine) shareholders prior to the Reverse Split. The holders of the New Common Stock will have the same relative rights following the effective date of the Reverse Split as they had before the effective date.
The table below shows the effect of the Reverse Split on the aggregate number of common shares outstanding at August 1, 2006. The column labeled "After Reverse Split" does not reflect any adjustments that may result from the repurchase of fractional shares. We cannot calculate at this time the number of fractional shares that will result from the Reverse Split.
Prior to After
Reverse Split Reverse Split
------------- -------------
Shares of Common Stock:
Authorized 100,000,000 100,000,000
Issued and outstanding 100,000,000 1,000,000
Available for issuance 0 99,000,000
Par value per share $ 0.001 $ 0.001
The Reverse Split will increase the number of shares available for issuance by the Board of Directors to 99,000,000. The Board of Directors will be authorized to issue the additional 99,000,000 common shares without having to obtain the approval of the tds (Telemedicine) shareholders. New York law requires that the Board use its reasonable business judgment to assure that tds (Telemedicine) obtains "fair value" when it issues shares. Nevertheless, the issuance of the additional shares would dilute the proportionate interest of current shareholders in tds (Telemedicine). The issuance of the additional shares could also result in the dilution of the value of shares now outstanding, if the terms on which the shares were issued were less favorable than the contemporaneous market value of tds (Telemedicine) common stock.
The Reverse Split, with the resulting increase in the number of shares available for issuance, is not being done for the purpose of impeding any takeover attempt. Nevertheless, the power of the Board of Directors to provide for the issuance of shares of common stock without shareholder approval has potential utility as a device to discourage or impede a takeover of tds (Telemedicine). In the event that a non-negotiated takeover were attempted, the private placement of stock into "friendly" hands, for example, could make tds (Telemedicine) unattractive to the party seeking control of tds (Telemedicine). This would have a detrimental effect on the interests of any stockholder who wanted to tender his or her shares to the party seeking control or who would favor a change in control.
Exchange of Stock Certificates and Liquidation of Fractional Shares. If the Reverse Split is approved, then upon filing of the certificate of amendment with the New York Secretary of State, the outstanding certificates representing shares of tds (Telemedicine) common stock will be automatically converted into certificates representing shares of New Common Stock. Every shareholder who surrenders a certificate representing shares of common stock to the transfer agent will receive a certificate representing the appropriate number of shares of New Common Stock, together with a cash payment in lieu of a fractional share, if any. The transfer agent for tds (Telemedicine) common stock is:
American Registrar & Transfer Company 342 East 900 South Salt Lake City, UT 84111 Telephone: (801) 363-9065 - Fax: (801) 363-9066
For the Reasons Indicated, the Board Recommends That You Vote "For" Approval of the Reverse Split.
OTHER MATTERS
VOTE REQUIRED TO APPROVE THE PROPOSALS
The affirmative vote of the majority of the shares of common stock outstanding on the Record Date will be required for approval of each Proposal. Abstentions will have the same effect as negative votes since the percentage requirement for approval is based on all outstanding shares and not only on those shares casting votes. Broker non-votes, if any, will not be counted and will have no effect on the vote.
DISSENTERS RIGHTS
Under New York law, shareholders are not entitled to dissenters' rights with respect to any of the transactions described in this Proxy Statement.
TRANSACTION OF OTHER BUSINESS.
As of the date of this Proxy Statement, Management has no knowledge of any business which will be presented for consideration at the meeting other than that described above. Should any other matter come before the meeting, it is the intention of the Proxy Committee to vote such proxy in accordance with their best judgment.
SHAREHOLDER PROPOSALS.
In order for shareholder proposals intended to be presented at the next meeting of Shareholders to be eligible for inclusion in the corporation's proxy statement and the form of proxy for such meeting, they must be received by the corporation at its principal executive offices a reasonable time before the corporation prints its proxy materials for the meeting. In addition, if the corporation does not receive notice of a shareholder proposal within a reasonable time before the corporation mails its proxy materials to the shareholders, then the proxies solicited by the Board of Directors may confer on the proxy committee discretionary authority to vote on the shareholder proposal. The Board of Directors has not determined when there will be another meeting of the shareholders.
SOLICITATION OF PROXIES
The entire expense of preparing, assembling and mailing this proxy statement, the form of proxy and other material used in the solicitation of proxies will be paid by tds (Telemedicine). In addition to the solicitation of proxies by mail, arrangements may be made with brokerage houses and other custodians, nominees and fiduciaries to send proxy material to their principals, and tds (Telemedicine) will reimburse them for expenses in so doing. To the extent necessary in order to insure that sufficient votes are cast, officers and agents of tds (Telemedicine), who will not be additionally compensated therefor, may request the return of proxies personally. The extent to which this will be necessary depends on how promptly proxies are received, and shareholders are urged to send their proxies without delay.
By Order of the Board of Directors
saw this on SI board....
IPRE .0017x.0018, has been on a solid 3-day run. I got out today at .0024 for a decent chunk, wanted to buy back once the ask hit .0018. I found out this has been placed on a watch list by TD Ameritrade, so for all those who have accounts with TDA opening trades for IPRE need to be placed over the phone.
They were helpful and quick on the phone. Just wanted to give an FYI for any interested investors. The action with IPRE the last couple days has been interesting, in addition they announced the cancelation of their previously announced reverse split....quite similar to LFWK.
800-888-3999 This is the number for TDA client service.
Rosneft Listing Shows Risk in Russian Investments
By Cyril Widdershoven
20 Jul 2006 at 10:42 AM
AMERSTERDAM (ResourceInvestor.com) -- The new listing on the London Stock Exchange of Russian state-owned oil company Rosneft [LSE:ROSN] has not been received as expected.
The target set by Rosneft shareholders of receiving between $10-$20 billion with its first international listing has not been realised. On Tuesday, the Russian oil conglomerate received only $10.4 billion, way below expectations, with its shares already showing several percentage points decrease in value the next days.
The fact that international investors have become wary of the legal issues currently surrounding the Russian company has been the main factor causing the current situation.
The Yukos Concern
Rosneft has brought 13% of its total shareholdings to the stock-market, trying to reap the rewards of current extreme high crude oil prices, increased revenues and the still interesting potential of Russia’s petroleum sector. However, several institutional investors have shown their wariness about the ongoing legal fight by former Yukos shareholders.
Yukos, after being split up by the Russian government, has been largely taken over by Rosneft the last year. Yukos international office even had asked the British High Court to block the new listing in London, which obviously was not granted.
Rosneft’s current strategic position in the Russian market is largely due to the fact that it took all assets of one of Yukos’ subsidiaries, Yuganskneftegaz. The fact that the Yukos assets have been acquired at below market price levels, and partly financed by Chinese investors, has supported current fears of international investors.
Rosneft also had to cope with the fact that its target of a high as possible share price has been countered by the advising banks; the latter advised an introduction at $7.50 per share, putting total value of the Russian giant at $76.8 billion.
The rather meagre interest shows that institutional investors may fear that Rosneft could still be held ransom by former Yukos investors in coming months.
Rosneft’s CEO Sergei Bogdanchikov, present at the G-8 meeting in Moscow, has already indicated that most of the share revenues will be used to acquire the refining assets of Yukos. The latter only will mean a further incorporation of Yukos-related issues, possibly resulting in additional court cases.
European institutional investors, such as pension and hedge funds, have stated, mostly off the records, they are not willing to put in money into Rosneft as long as the control of Moscow is still constraining future developments. Most individual investors at present have been Russian; more than 750,000 Russian individuals have become shareholders. Major institutional investors, such as Robeco Energy Fund, did not take part in the listing.
Oil and Gas Investors
The current price setting has been slightly boosted by international oil and gas companies trying to smooth up to the Russian government. Major international investors, such as BP [NYSE:BP], Petronas [MU:PTR] and China’s CNPC have indicated they have taken multibillion shareholdings in Rosneft.
Specifically, the role of China in the current price setting should not be forgotten. Chinese companies are currently vying for stakes in existing and upcoming oil and gas projects. CNPC officials have already indicated that their investment in Rosneft is related to a possible cooperation in the development of a new oil field of the Russian operator. Potential production in future would be going to the oil thirsty Chinese market.
Conclusion
In the coming months, investors and oil and gas operators will keep an eye on the developments surrounding Rosneft. As one Dutch institutional investor indicated, Rosneft will be a test case for Russia’s energy future. If the company shows signs of constrains or political infighting, all Russian energy companies will feel the heat.
Investors are also growing scared about the fact that Russia has not yet invested hard-needed volumes to sustain production growth. The International Energy Agency and others have been warning that Russia (and its companies) will not be able to supply already committed to volumes of natural gas and oil from 2010-2011 onwards.
Russia is at a crucial point in its development; Rosneft and other oil companies’ IPO’s will be doomed if no changes are put in place. Moscow’s interference is too much a stumbling block to attract hard needed foreign direct investments.
Rosneft’s limited success is not a sign of growing international interest, but a pure ‘suck-up’ operation of current investors, scared to lose their already existing investments.
© Copyright 2006, Resource Investor.
Can't beleive this stock has traded down this am. With all the things going on with TRGD I am suprised at so little volume. Sooner or later an investment firm will get behind this and see the unreflected value. We are slowly building a stock portfolio of shares in LRG.V and PRGD.PK as well as cash and carried interest with very little out of pocket expenses as it is up to the JV partners to put up the money to develope the properties......
Can Pat or someone give me a rundown on WNCP...can't find any info.
great transaction...richard is building quite a portfolio. We got the property for $7 million over 5 years as announced yesterday....
The terms of the option agreement to earn an initial 65% interest in the project is as follows. Lateegra will make staged escalating payments to the vendors totaling $7,325,000 over a 5 year period plus an additional $100,000 per year on the anniversary of the agreement for the term of the JV. Lateegra will also commit to spending $1,000,000 in exploration and $2,000,000 on mine development and production plant enhancements within 18 months of the signing of the agreement as well as issue Tara Gold 50,000 shares per month for a period of 12 months. Once Lateegra has earned the 65% interest, a Joint Venture will be formed and a standard dilution clause will be in effect. As a basis for the dilution clause, each party will be deemed to have invested the following amount of money in the Picacho Groupings, Lateegra US$10,325,000 (representing its 65% interest); and Tara: US$5,600,000 (representing its 35% interest). In the event a participant has been diluted down to a 10% interest, this interest will automatically convert into a 3% N.S.R. and the joint venture agreement will become null and void. For a period of no longer then 1 year, the 3% NSR can be reduced to 1% by any partner in exchange for a US$2,000,000 payment for each 1% increment. It is also agreed that Lateegra will have an 18 month option to increase its interest in the Picacho Groupings to 70% thereby reducing Tara's interest in the Picacho Groupings to 30%, whereby the price for the 5% will be determined based on a sliding scale of daily production averaged over 3 months. A finders fee in accordance with TSX policies will be payable.
TRGD announced yesterday the purchase of the mine and mill for $7 million.
He flipped it for $325,000 profit and kept 35% and got shares in LGV
Bob see post 67 and 86 and see what a small world it is
Lateegra Gold Acquires Producing Gold Mine in Sierra Madre Gold Belt Mexico
Tuesday, July 25, 2006
July 26, 2006 - Lateegra Gold Corp. (the "Company") (LRG-TSX.V) (Frankfurt-LTG) is pleased to announce that it has entered into an acquisition agreement with Tara Gold Resources Corp (OTC: TRGD.PK) (Frankfurt T8N) to acquire up to a 70% interest in the Picacho Gold Mine located within the Northern Sierra Madre Gold Belt, 120 kilometers south of the United States Border, in Sonora State, Republic of Mexico.
The Picacho mine, a 3,236 hectare mining concession, is 24km by haulage road from Bacoachi, a town with a population of approximately 2000 people serviced by the national electrical grid, a 1200m airstrip and a paved highway accessing the nearby mining town of Cananea and the State capital, Hermosillo.
The previous owners have been exploiting an up to 6 meter wide vein structure for the past three years by driving in on a 5 meter by 5 meter ramp declining 8% and extending over 1km in length. Production comes from several working faces averaging 4 - 6 meters in width, dipping at 700, with very competent hanging wall and roof support conditions. Owner reported, and company verified, ore grades averaged 5 grams gold and 15 grams silver per tonne hosted within a mineralized structure comprising an 85% silica content creating a tailings product that is being sold as a flux agent to the local smelters for US$35.00/tonne, an amount that is estimated to generate sufficient revenues to cover current mining and milling costs. Management believes the ore body width, dip, and hanging wall competency offer tremendous operational flexibility enabling a variety of mining methodologies to ultimately optimize efficiency while minimizing pillar volumes and dilution.
Lateegra has commissioned three separate site visits to the Picacho property with check samples being taken under the supervision of 43-101 qualified persons Michael Sandidge P.Geo, Jeffrey Reeder P.Geo and James McCrea P.Geo. The samples tabulated below were random, representing both the structure and the wall rock. Results as obtained from samples:
Sample No.
Au (g/t)
Ag g/t
Site
Sample No.
Au (g/t)
Ag g/t
Site
16476
16477
16478
16479
16480
16481
16482
16483
16484
16485
0001-06
0002-06
0003-06
1.315
0.57
0.258
0.451
5.72
7.82
29.9
2.42
2.37
3.93
6.47
2.56
1.565
9.3
3.8
4.0
13.9
31.1
22.3
53.2
12.0
9.4
12.0
26.2
7.6
4.4
MP
MP
MP
MP
UG
UG
GF
OP
OP
OP
OP
UG
UG
0004-06
0005-06
1
2
3
4
5
6
7
8
9
10
11
3.86
0.354
0.018
0.049
1.31
0.041
1.59
3.66
0.258
6.17
5.85
0.135
7.88
4.5
6.9
1.9
0.6
2.9
1.4
11.1
23.9
1.6
15.3
11.4
5.4
43.1
UG
DAV
UG
UG
UG
UG
UG
UG
UG
UG
UG
UG
UG
(Underground, MP- Muck Pile, GF- Gossan Float, OP- Ore Pile, DAV- Dos Amigos Vein)
The samples were collected and transported by independent consultants to ALS Chemex Laboratory (Chemex) in Hermosillo, Sonora, Mexico, (a laboratory certified by ISO 9002).
The purchase of the mine includes an extensive processing facility currently capable of 250 tonnes/per day of ore throughput. The mill includes a 1500 tonnes/day jaw crusher, a 500 tonnes/day cone crusher, 2 ball mills, 2 floatation cells (400 tonnes/day), 2 caterpillar gen-sets and a large shop facility. The rolling stock consists of 3 Wagner ST8 scoop trams, a Gardner Denver 2 boom pneumatic jumbo, a stationary hydraulic exploration drill, 2 compressors, 2 Cat D8's and a D9 dozer, a Clarke Michigan front end loader, 1 track loader, haul trucks and all ancillary mining equipment. The equipment, being in good serviceable condition, allows the option for an on going mining operation simultaneous to the commissioning of a scoping study tp prepare recommendations, around various optimization scenarios, for plant and equipment upgrading.
The Picacho Project, interpreted as a low sulfidation epithermal gold-silver system, is hosted in a Middle-Upper Tertiary "caldera complex" of silicified andesites and andesitic tuffs intruded by nearly contemporaneous rhyodacites, diotites, and andesitic breccias. This "caldera complex" is part of a volcanic regime covering northern Sonora and Chihuahua States of Mexico overprinting a NW-SE trending Lower Tertiary porphyry copper belt host to Mexico's largest copper deposits, Cananea and La Caridad. The property is structurally delineated by NW-SE, N-S and NE-SW fault and fracture trending structures traced for over 5kms and potentially representing a reactivation of older structures, developing an extensive vein system hosting gold and characterized by multiphase banded quartz and sulfide stockwork veining with hydrothermal brecciation within intensely silicified andesitic volcanics.
A new zone of intense alteration comprising a vuggy silica discovered in recent workings, represents a near surface heap leach-able gold target believed to be related to the same structure currently being mined on strike, more than 2 km's away. The new zone will be drill tested as part of a resource definition program. Low sulfidation systems of this type, under favorable conditions, have formed large bulk tonnage gold deposits including the 42million oz Lihir Deposit in Papua New Guinea, the 16million oz Zhao-Ye deposit in China, the 5million oz Kori-Kollo deposit in Bolivia, and the 18millon oz Cadia East Deposit in Australia.
The terms of the option agreement to earn an initial 65% interest in the project is as follows. Lateegra will make staged escalating payments to the vendors totaling $7,325,000 over a 5 year period plus an additional $100,000 per year on the anniversary of the agreement for the term of the JV. Lateegra will also commit to spending $1,000,000 in exploration and $2,000,000 on mine development and production plant enhancements within 18 months of the signing of the agreement as well as issue Tara Gold 50,000 shares per month for a period of 12 months. Once Lateegra has earned the 65% interest, a Joint Venture will be formed and a standard dilution clause will be in effect. As a basis for the dilution clause, each party will be deemed to have invested the following amount of money in the Picacho Groupings, Lateegra US$10,325,000 (representing its 65% interest); and Tara: US$5,600,000 (representing its 35% interest). In the event a participant has been diluted down to a 10% interest, this interest will automatically convert into a 3% N.S.R. and the joint venture agreement will become null and void. For a period of no longer then 1 year, the 3% NSR can be reduced to 1% by any partner in exchange for a US$2,000,000 payment for each 1% increment. It is also agreed that Lateegra will have an 18 month option to increase its interest in the Picacho Groupings to 70% thereby reducing Tara's interest in the Picacho Groupings to 30%, whereby the price for the 5% will be determined based on a sliding scale of daily production averaged over 3 months. A finders fee in accordance with TSX policies will be payable.
The above proposed transaction is subject to TSX Venture Exchange approval. The technical information in this news release has been reviewed by, Michael Sandidge, P. Geo. a Qualified Person as defined in national policy 43-101 and acknowledges that the property specific data is historical and believed to be accurate but should not be relied on."
I presume Tara will issue a similar PR before opening tomorrow.
looks like HKBV is setting up for a run...at least I hope
what is the current OS on LFWK? 800 million? float?
OTC Equity Short Interest Data
As announced in NASD Notice to Members 06-14 (April 2006), in accordance with the amendments to NASD Rule 3360 that expand the short interest reporting requirements to over-the-counter (OTC) equity securities which became effective July 3, 2006, NASD collects and disseminates OTC equity short interest data on a monthly basis.
Commencing upon the close of business Tuesday, July 25, 2006 (but no earlier than 4 p.m. ET), OTC equity short interest data will be available on the OTCBB website. Please refer to the publication schedule below for a schedule of subsequent OTC equity short interest publication dates for 2006.
NASD intends to launch a new web page that allows users to query a specific OTC security’s reported short interest position for a particular month. The query will return the security name and symbol, OTC market type (Bulletin Board or other-OTC), current month short interest, percent change from the previous month’s short interest, average daily share volume and days to cover.
In addition, the web page will allow users to download a pipe-delimited text file containing all OTC equity securities with a reported short position for a particular month. The file will provide the following data:
Data Field Definition
Security Name Name of the security
Security Symbol Symbol identifier
OTC Market Type Indicates whether the security is OTC Bulletin Board or non-Bulletin Board
Current Month Short Interest The amount of shares that were reported as being sold short for the month by reporting firms
Previous Month Short Interest The amount of shares that were reported as being sold short for the previous month
Change in Shares Short from Previous Month Difference in short interest between the current month and the previous month
Percent Change from Previous Month The percent change from the current month's short interest compared to the previous month's short interest.
Formula: (Current Month Short Interest - Previous Month Short Interest) / Previous Month Short Interest, x 100, Rounded to Hundredths.
Average Daily Share Volume The daily average share volume reported for the security during the current month
Days to Cover The number of days of average share volume it would require to buy all of the shares that were sold short during the reporting month.
Formula: Short Interest / Average Daily Share Volume, Rounded to Hundredths. 1.00 will be displayed for any values equal or less than 1 (i.e., Average Daily Share is equal to or greater than Short Interest). N/A will be displayed If the days to cover is Zero (i.e., Average Daily Share Volume is Zero).
Historical information will be available on a rolling 12-month basis.
Publication Schedule for 2006
Monthly short interest information will be available on the OTCBB Website after 4 p.m. ET on the dissemination date.
Month of: Trade Date Settlement Date Dissemination Date Publication Date
July 7/11/2006 7/14/2006 7/25/2006 7/26/2006
August 8/10/2006 8/15/2006 8/24/2006 8/25/2006
September 9/12/2006 9/15/2006 9/26/2006 9/27/2006
October 10/10/2006 10/13/2006 10/24/2006 10/25/2006
November 11/10/2006 11/15/2006 11/27/2006 11/28/2006
December 12/12/2006 12/15/2006 12/27/2006 12/28/2006
Questions regarding OTC equity short interest data may be directed to Orlando Cortes at (212) 858-5143; e-mail: orlando.cortes@nasd.com. Questions concerning the short interest reporting requirements may be directed to the Legal Section, Market Regulation at (240) 386-5126, or Office of General Counsel at (202) 728-8071.
Have they announced the ratio for RS for LFWK.PK yet?
I have had a lowball bid on FDEG since early am and may have to up it. Its moving nicely. Been good to us b4. Anyone get any?
HKBV's website is up and running. Supposedly financials will be posted there soon. Will be listed on new pinksheets filing "OXY" or whatever. Larry said he paid months ago and wants them to get it up as he paid $50k for the audit
Tara Gold Acquires Gold Mine and Production Plant
Monday July 24, 9:00 am ET
CHICAGO, IL--(MARKET WIRE)--Jul 24, 2006 -- Tara Gold Resources Corp. (Other OTC:TRGD.PK - News) (Frankfurt:T8N.F - News) is pleased to announce that it has signed a definitive option agreement to acquire a 100% interest in the Picacho Gold Mine and production plant located within the Northern Sierra Madre Occidental Gold Belt 120 kilometers south of the United States Border, in Sonora State, Republic of Mexico.
ADVERTISEMENT
The Picacho mine is comprised of 3,236 hectares of mining concession encompassing several areas of hydrothermal alteration. The project is 24km by haulage road from the town of Bacoachi, which is serviced by the electrical grid, a 1200m airport and a paved highway accessing the mining town of Cananea and state capital of Hermosillo.
Under the terms of the option agreement, Tara Gold Resources has the right to acquire a 100% interest in the property and plant by making payments to the vendors totaling $7,000,000 over a 5-year period.
Mr. Francis Biscan Jr., President of Tara Gold Resources, stated, "Our strategy is to acquire high-quality gold, silver, and mineral projects with near-term production potential which also offer clear potential to expand the mine-able resource. Tara Gold is now poised to benefit from production cash flow from 3 of our projects."
Picacho has been intermittently mined by the current owners and includes an extensive processing facility that was operating at a rate of 250 tonnes per day. Shareholder value will be created by adding operating efficiencies, expanding daily throughput and operating days per month, along with expanding the existing resource.
About Tara Gold Resources Corp.
I am wondering if anyone saw the show on CNBC last nite (Sun, July 23) called Global Players with Sabine Christiansen. It was fascinating about investing in Russia with a very knowlegable panel, including the shareholder activist (William Broder) who has invested $3 billion in Russia, but because of his questions on theft in Russian companies he had his visa yanked. I encourage anyone investing in Russia to watch the show once it is posted in the archives. Main concerns are there are no property laws to protect investors, lack of infrastructure, lack of contract laws, graft and corruption is inherrent and is how business is done. A real eye opener!
http://www.globalplayers.tv/
Rrufff, I beleive thats what you are supposed to do. If I had a 5 or 10 bagger I would sure lock in some profit.
How did 2c pull off that coup and have you removed as the moderator? I am sure you are as fed up as many of us but I didn't think he could oust you. What gives with IHUB?
an old favorite
Posted by: MeLikeMoney77
In reply to: Gateway_Stocks who wrote msg# 2198 Date:7/23/2006 6:11:28 PM
Post #of 2215
check out FDEG, they just announced the commencement of drilling (which is more than you can say for 90% of O & G companies). Stock price has been pushed way down due to multiple delays. Currently at 0.08, if they hit and get the oil they say is there, using a 10X P/E ratio (conservative), stock should be valued at 0.90. If they have other prospects lined up, who knows?? :) GLTY
Friendly Energy Commences Drilling On the North Asher No. 1 Prospect
Thursday July 20, 8:47 am ET
CARSON CITY, Nev., July 20, 2006 (PRIMEZONE) -- Friendly Energy Corp. (Other OTC:FDEG.PK - News) announces today that the North Asher #1 prospect will Stub-In`` this morning. The Drill rig has arrived and has been assembled and is ready to commence drilling.
``The company has been anticipating this day for many months,'' states company President, Douglas Tallant. ``This is the beginning of many wells that Friendly Energy will be drilling over the next 36 months. We anticipate that the prospects the company has identified for development will provide significant shareholder value in the near future. With oil prices at all time highs, Friendly Energy is pleased to commence on its commitment to its shareholders by drilling the first of many development wells over the next 36 months.''
The Asher #1 Prospect is located on the western edge of the giant St. Louis oil field in Pottawatomie County, Central Oklahoma. The St. Louis field has produced over 300 million barrels of oil and 26 billion cubic feet of gas from reservoirs of the Earlsboro sand (Pennsylvanian), Hunton and Viola. Estimated reserves for the Asher prospect are indicated to be 350,000 barrels of oil.
Visit the corporate website at http://www.fdeg.biz for updated photos of drilling progress as they are posted at the end of each day.
Friendly Energy is a development stage company in the Oil and Gas
How can rufff be removed as moderator and now its 2create with benzdealer2. I went to the bottom of the page, clicked on contact us and pm Matt about the abuse of the AURC board.
This is getting more absurd by the hour
congratulations mark on your new duties
http://www.russiablog.org/2006/07/investors_betting_on_surging_r.html
Private Energy Producers Rising in Russia?
An anonymous Moscow-based blogger writing for Ruminations on Russia is making some interesting claims about a report issued last week by UBS, an international investment bank. According to RoR's Thursday July 13 blog post, foreign investors are seriously underestimating how quickly the Russian economy is growing, and therefore how much gas Russia will soon burn at home instead of having available for export. For those of us hoping that Russia can provide the U.S. and Europe with a major alternative to importing more oil and gas form the Middle East, at first glance this sounds like very bad news.
Contrary to the dire predictions of Peak Oil doomsayers, the main obstacle to Russia meeting the world's need for more energy is not geology, but waste and corruption.
RoR quotes the UBS report arguing that the real issue is not the amount of gas in the ground (Russia holds a quarter of the world's proven reserves) but the massive subsidies and price fixing that distort the Russian domestic market:
Their conclusion is that the supply/demand equation is just in balance (“tightness means 'crisis risk' is real”). They believe that domestic demand and hence domestic pricing, is and has been under-estimated (which is definitely my view). In order to stimulate supply from independents (i.e. not GAZP) the regulated domestic price needs to rise faster than currently forecast. As they point out UES already purchases 1/3 of its gas on the (quasi)-open non-regulated market. In the Volga Region, for example, FOB well-head gas prices are about 40% higher than the regulated price. I can confirm that this is stimulating investment. UBS forecasts that non-GAZP [Gazprom] producers will account for a 27% share in total production in 2015, up from 15% today, and will account for 43% of domestic sales. 2015 is an unimaginably long time frame in a Russian context, but the trend is clear even if forecasting that far out is fairly meaningless. Their forecast for domestic price rises are the most aggressive of any Russia-based investment bank; forecasting netback parity (i.e. it's equally attractive to sell domestically vs export) by 2011.
The UBS report suggests that private competition for Gazprom and Rosneft may force the state-owned behemoths to become more efficient in response. The first step for Rosneft would be to stop flaring gas from its Siberian oil wells.
Before asking why competition is limited in Russia by a monopolistic Kremlin, our readers should understand why these policies are popular with many Russians. First, the "privatization" of the early 1990s, led by Yeltsin's advisors Gaidar and Chubais, was a disaster for Russia. These Western-backed reformers were blamed for lining their own pockets while massively enriching the oligarchs. Most Russians have a very bad taste in their mouths left over from this period. The Putin years have been a logical backlash to the 1990s attempt to create free markets overnight without the rule of law. The Kremlin also has some justification for its claim that since the state began to collect its "fair share" of energy profits, either via taxation or kickbacks, Russia is at last receiving market prices for raw materials. As one our Russian readers commented, the oligarchs were happy to sell these resources to foreigners at below world market prices, to avoid paying taxes.
None of this means that the Kremlin's state-driven model of energy development will work well for Russia indefinitely, only that it is far more popular than Yeltsin's "reforms". As the American libertarian P.J. O'Rourke remarked in his book Eat the Rich, there was no way Russia's gross domestic product in 1999 was actually smaller than that of tiny Belgium. In a country as vast as Russia, there is still far more business activity "off the books" than is recorded in official statistics. For the last 15 years, these off-the-books deals have spurred many business-related murders in Russia, since people could not sue for breach of contract. Now even The Economist admits that mafia violence has been reduced under Putin. In a recent article, they declared that Yekaterinburg's gangsters were "mostly dead, in jail or 'legitimate businessmen' now."
The problem for foreign investors is that even the capital-intensive energy sector is not immune from the endemic Russian drive to pocket millions under the table. This is why it is difficult to tell if the statistics above reflect Gazprom and Rosneft being wasteful and inefficient, or local Governors and operators making sure that some gas has slipped through the cracks. Russia faces the same problem it deals with at home in its relations with equally corrupt officials throughout the former Soviet Union. For example, the dispute last year when Gazprom temporarily stopped the flow of gas to Ukraine had less to do with the Orange Revolution, and a lot more to do with prominent Ukrainian politicians cutting into Gazprom's sales to Europe. This history of Ukrainian siphoning was not widely reported in the Western media, so the Kremlin looked like a ruthless regional bully.
Nonetheless, Gazprom understands that it cannot become a global exporting powerhouse until it sets market rates for gas, thereby forcing its customers to stop wasting so much energy. It is far easier to start this process externally, by making former Soviet republics pay up first, than internally against powerful industries in Mother Russia that don't want to give up their subsidized gas. Gazprom also understands that with world gas prices continuing to climb, eventually burning natural gas for domestic heating will be seen as a form of waste. This is the official reason Russia has supported Iran's "right to peaceful nuclear energy" even while discouraging Iran from enriching uranium.
To illustrate the demand side of the energy equation, Chevron-Texaco published a pie chart ad in several popular magazines, revealing that 49% of U.S. energy consumption is for heating and cooling. In Russia, where freezing temperatures usually last much longer than in the U.S., the percentage of gas burned to heat homes and offices is even higher. Russia (and America) could substitute relatively cheap nuclear power for natural gas to keep people warm and air-conditioned. Eventually, natural gas will be used mainly as a transportation fuel for heavy trucks, or be refined into diesel and jet fuel. For now, consumption from NG power plants built in the U.S. in the last twenty years has depleted supplies in the lower 48 states. Since natural gas prices quadrupled in the last decade, utilities around the world are again looking at nuclear power plants and coal to meet their needs. As Peter Huber explains in his book The Bottomless Well, this strategy of "burning uranium and coal" instead of oil and gas is pivotal for the future of the world economy.
Westerners tend to forget how important codifying mineral rights were in establishing the rule of law in 19th century America. Add to this worldwide issue a Russian cultural legacy of centuries of thievery, hoarding and violence, and you begin to understand why Russians wanted stability after a turbulent decade. Russia's transition from a massive centralized, state-directed model for energy development to some Western-style competition will probably take at least another generation. But for now, having the Kremlin act as the mokre kryshe (good roof) limits the competition within Russia for control over energy resources from turning violent.
Someday Russia will recognize that state-directed firms are too large and inflexible to tap the most remote parts of Siberia, far from multi-billion dollar pipeline corridors. To do that, Russia will need a new generation of independent entrepreneurs and wildcatters equipped with truck and railmobile gas to liquids (GTL) machines that only the West can provide. More importantly, it will need the rule of law, and that is something that the West cannot provide.
all I see is abbam is no longer listed
I think I will post here and infrequently read the other board as I am sick of the whole subject. Its a total waste of my time and prefer not to follow a kid. He said he would pm me his age and investment experience but just deleted my question and never responded. I'll stick here for now and my board. I guess he feels he is employed by AURC and I will allow him his delusions. Sooner or later, people will wake up and realize that as long as nothing but pumps are allowed then its a worthless board. Investors need all views and I guess the investors are here!!!!
I wasn't questioning his motives, I was just curious about his experience as so many here think he is the be all to end all.
Can't beleive it. I asked 2C his age and investment experience and he deleted it as being OT. Seems like that is relevant to knowing something about the moderator. We might be following a 17 year old with 3 stocks...
2C, asking the moderator of the board his age and investment experience is not OT and should not have been deleted. It is a valid question
I am sorry..that was corvette mark and I attibuted it to marcg....thanks for catching that...several marks here including me
Napoleon complex?....sounds like he promoted himself to the BOD after reading all the bold and italics of his welcome to management...LOL
I am not sure of what value he dug up though
CASEY - Rising Global Interest Rates Point
to Good Times for Gold
by Doug Casey
with contributing editor Bud Conrad
CaseyResearch.com
July 20, 2006
Interest rates around the globe are going up because inflation and default risk are going up. Lenders want to be compensated for the chance they might not be repaid. When the currency seems to lose purchasing power, lenders want to recover the loss by collecting more interest, and borrowers are willing to pay it, in anticipation of even more currency depreciation.
In the case of government debt, default risk is minimal since, if need be, the debtor government can always print what it owes. So rising interest rates on government debt are a clear reflection of rising inflationary pressure. And that’s unquestionably a positive for gold.
A key measure of interest rates is how high they are after subtracting inflation. By that standard, they aren’t high now. Even though rates have risen, inflation has also risen, so the effective real rate is still low. But higher inflation is going to lead to higher rates.
In the past 12 months, the CPI has risen 4.2%, and it is running at a 5.2% annual rate so far in 2006, accelerating to a 5.7% annualized rate over the last 3 months. Yet, with rates on short-term Treasuries around 5%, they are still close to zero after inflation.
And real interest rates are almost certainly lower than they look. To avoid reporting high inflation, the Commerce Department has been cooking the books over the last few years. One example is that it uses residential rents in its CPI calculation rather than the cost of houses, simply ignoring soaring housing prices. But from here on, that accounting slight of hand may have the opposite effect, as rents continue moving up and housing prices stall. There is more: the rental equivalent rate included a deduction of the utilities included in rent, so as energy prices rose, the rental equivalent rate was calculated to be lower than the actual rents. We could write a book on government deception, but the bottom line is that inflation is higher than the government indicates. Going forward, this means that one of the most watched measures of inflation has some big rises already baked in. When the general public is shocked by higher inflation numbers, interest rates will reflect that.
When viewed from this perspective, the recent short but sharp fallback in metals has little importance for investors. Gold ran ahead of itself, over-leveraged traders profited and then panicked, and the price took a dive.
But there’s been no change in the big picture for gold and silver. The world continues to be awash in a sea of debt, with sea levels still rising from the rivers of spending by the U.S. and other governments. The debt-heavy governments are egged on by organized constituencies and prevented from cutting spending—even if they ever wanted to—by statutory entitlement programs, entrenched bureaucracies and, in the case of the U.S., the war against Islam.
In fact, the situation is much worse—“intractable,” as Paul Volker recently put it—than it was leading up to gold’s bull market in the 1970s. Back then, the economy wasn’t perched on a housing bubble perched on a pin. Back then, the world’s central banks still sought dollars. Back then, you didn’t have hundreds of trillions of dollars in exotic derivatives.
And back then foreigners, many of them now truly hostile to the U.S., weren’t holding trillions of dollar assets as reserves.
What To Do and When To Do It
While it is heartening—speaking strictly as a speculator with a current interest in the 10-to-1 leverage offered by high-quality but low-capitalization gold shares—to see gold’s price rally in the face of yet more turmoil in the Middle East, or when North Korea shoots missiles and talks about immolating its neighbors, it is important not to expect too much, too fast.
Even as we write, the war rally has stalled, with traders selling gold due to the laughable contention that the U.S. dollar is a “safe harbor” currency, and because of the misperception that higher interest rates are bad for gold.
The fact of the matter is that we are still in the traditionally slow season for gold, with Indian wedding season buying of gold still a month or so away. And while the now inevitable monetary crisis is coming soon, it likely won’t come in the next month or two. Meaning the summer will continue much as it has, with weak volumes in the gold stocks and interim price swings as gold positions itself for a breakout this fall.
Therefore, the best advice I can give for the next couple of months is to buy gold and quality gold stocks only on dips, and not on bomb-inspired rallies.
In time, you’ll know when the pieces have fallen into place for the next phase in this bull market of a lifetime. When it happens in a year or two years from now (I doubt it will be longer than that), inflation will be soaring, traditional equity markets in ruin, bond holders left holding empty bags, and gold will be trading well over that of the peak in the previous secular bull market. If you don’t buy now, you may not regret it for the next month or two. But you’ll regret it soon. And for the rest of your life.
Between now and then, by being disciplined and only buying the quality gold and silver stocks on the dips, you’ll have multiple opportunities to make life-changing returns.