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Great news, cfpjbs. I'm looking forward to joining DOS on this trip to Russia. If he can arrange to fly into NYC, we will fly out together. I just hope I recognize him at the airport. Remember when you and I met? Maybe I should let him know I am not of Indian descent.
In addition to sponsorship, we'd like to see an agenda, a schedule of meetings, field trips and so on, proposed by Aurus
execs. Not that we expect to be received like the Pope at Andrews Air Force base, but we really want some assurances
that the trip will be worth the time and money.
Lochan
If Slava is the corporate secretary and has corporate
letterhead and the corporate seal, he could handle the
sponsorship applications for us. I don't know if he is actually a corporate officer, but if he is, it would make
official matters a lot easier. First, though, we have to hear
whether the Company will receive us. I wouldn't want to go there and have them give us the cold shoulder because we're upsetting their ordinary routine. We must have meetings scheduled with the top brass, so we can get answers to all of our pertinent questions, and a scheduled field trip to Krong
with Mr. Dovgan as our tour guide.
Now that the tax season is over, starting tomorrow I'll be working on getting my passport renewed. It must be valid beyond six months of the travel date to qualify for a visa to enter Russia. My current passport expires on May 28, 2008, and it will take three weeks to obtain a new one by expedited service. I guess we should know by then whether Aurus will sponsor us and whether this trip will actually take place.
They said they would begin in January to take steps to become fully reporting. They never promised to publish audited financials in January. Of course, it would be nice to see those figures, but it is just as important to have someone
on the ground, an independent third party, someone we trust,
to report back that the Company is indeed in production --
just my opinion -- especially since the Company extended the invitation in a PR some months ago, in case shareholders wanted to confirm their processing activities.
I say, let's call their bluff and send DOS.
No matter what information the Company releases, it won't sustain an increase in PPS. What we need to see is that the
processing equipment is in place and operational at the Krong site, and that iron and precious metals are being produced and shipped out.
Having someone on site to confirm these developments is
probably the best way to move the stock price, because our own verification will restore faith in the Company. This, together with a declaration and distribution of a cash dividend, should work wonders for Aurus credibility.
We need to meet with management face-to-face and let them know how to handle this situation.
I was busy preparing tax returns when the last meeting took place. Now that the tax season is over, I will definitely
attend the next meeting in NYC. Can't wait to meet D. Suave
and P. Taillefer.
Eik, would you be interested in going to meet with Aurus
execs? The more information we can get first hand, the less
will be the need to speculate. We want them to give us the facts so we can make informed investment decisions. If it was Gazprombank that Kartex represented, they are more likely to tell us in person than by email or through Slava.
Amazing! Five million shares traded and we're just even.
Excellent suggestions, Doc. Please make sure DOS sees this post.
I think we will be able to clarify what is going on in terms of buyout proposals. Supposedly, they were expecting some kind of offer in January from a Canadian or European company, but they have not reported anything in that regard to shareholders. We should also be able to find out who was being represented by Kartex last year. The more information we can pry out of them, the better idea we will have of where this company is headed.
We won't do their work for them, but we can advise them how to do a better job of promoting AURC. Mainly, we want to encourage them to uplist and issue a cash dividend. Uplisting means audited financials. All we can do is point them in the right direction, or find out what steps they have already taken to that end.
I think we all know that a lot more can be accomplished in face-to-face meetings over several days than in an exchange of ugly emails with a middleman who won't engage in conversation.
Absolutely! And I expect them to tell us when would be the best time to visit to make it worth our while. We want to talk to them about issuing a cash dividend, about 2007 revenues and production projections, uplisting and audited financials. There are documents we would like to see and reproduce with their permission and, while there, gather whatever third party verification is available. Your suggestions would be very helpful.
DOS emailed Slava this morning with his proposal to visit
the Company in Russia. We should see what response DOS gets from Slava before making any moves. I don't think Slava would tell any of us more than he already has. He is not authorized to do so. Slava also doesn't like to engage in conversation with shareholders. In his reply to my last email he wrote: "Are you trying to engage me in conversation?"
Let him act as the middleman. That's his comfort zone.
Point taken, Buddy. One thing we may do is get Dovgan to authorize us to contact the supplier of the new equipment. That way we could confirm that it was purchased by Aurus (or Krong). We could then find out more about the output this equipment is capable of directly from the manufacturer. Every bit of third party verifiable information gathered is a plus
in establishing the Company's credibility.
The Company is not obligated to make public its audited financials, but if shareholders show up in Moscow to tour their operations, it will encourage the Company to keep us all in the loop.
Thanks, Buddy. Just a few months ago, the Company issued a PR inviting shareholders to visit its processing operations. If we take their invitation seriously, it is likely the Company will take its shareholders more seriously.
cfpjbs - Thanks for your confidence, but we would want you
there with us so we could keep track of the AURC pps from moment to moment with your blackberry.
Exactly what I had in mind.
My suggestion is that we approach the Company in a supportive role, not as adversaries represented by lawyers. Let them invite us to meet with them and they can then act as our host. They can arrange to meet us at the airport. They can arrange to make a presentation of their business model, organize a field trip to the production site, and prepare for our lodging, meals, translators and so on to show a little appreciation for shareholders who paid to come all the way to Russia to show their support.
We can begin by letting them know how disappointed we were that the shareholders meeting scheduled for Nov. 7, 2007 was canceled and that we would now be willing to come to Moscow for the meeting. We can offer to meet with the officers of the Company and make suggestions how to rebuild credibility in the marketplace.
If their impression is that we are frustrated and angry, they will become defensive and aloof. I believe it would be better to approach them with the objective of lending a helping hand in the area of investor relations. We should take a step towards them and see if they take a step towards us.
A cash dividend of $.01/share would offset the cost of a trip to Moscow. Something worth negotiating for.
Tickets in June or July from Chicago to Moscow (R/T) would cost $1,500 to $1,600, and from New York City, between $1,200 and $1,300. Maybe the Company would be willing to schedule
a shareholders' meeting in Russia this summer, including an on-site tour of the production facilities.
DOS - I would contribute to your ticket if you could plan to go when the new equipment is up and running at the Krong site.
I might even go with you.
All we can do here is wait it out. Slava told me by email this morning that he has no information concerning a cash dividend, and he is not saying anything concerning a buyout of the Company. He stands by the most recent PR's (what choice does he have?) which state that Aurus is going ahead with the processing of iron and precious metals at the Krong site.
Aurus claims that Krong is its subsidiary, and that Krong is owned 100% by the parent Company, AURC. Assuming this to be true, and that 40 million tons of Roshal pilings belong to Krong, and that the equipment to process those pilings will soon be operational, we should be seeing some of the fruits of these endeavors translated into a rising pps before too long.
True, Buddy. Either way, I don't see us coming out of this with significant profits for many months, possibly years. Just my opinion. Not selling until I can at least break even.
According to the last two PR's, Aurus Corp. is going ahead with the processing of iron and precious metals contained in the 40 million ton Roshal pilings owned by its subsidiary, Krong.
This indicates to me that the Company is not presently
considering offers to be acquired but is determined to realize its full price potential by the sale of iron and precious metals on the international market.
GLTA
Lochan
That's why I like this statement from the report under Research and Mineralization:
"Preliminary assaying of samples performed by TSNIGRI (October 2007) showed a high exploitability of the Site in terms of iron, gold and silver content. At the same time full spectral analysis of samples was performed, which confirmed high content of useful components."
And under Evaluation of Mineral Resources and Mineral Reserves:
"In terms of potential cost (value) of the useful components, Roshal technogenic deposit is equivalent to a large gold-ore deposit with the reserves of 120-140 tonnes of gold."
We're literally sitting on a gold mine.
ThSeeker -- I'm sure Slava was just passing along some information, but when dealing with a Russian company's timetable, let's be prepared to give them a lot of leeway. "Soon" usually means "within a month or two." And when they give a specific date, Aurus time is calculated as "within a few days of the stated date." That's how I understand their announcements after following them for two years. But what I have also found, at least over the past six months or so, is that when they make a promise, they intend to keep it, just as they did with the stock dividend. That's why I am sure they will produce the translated 43-101, and it will probably be this week. If it takes an extra day or two, does that decrease the value of the underlying assets? Not at all. And soon (in Aurus time) I expect them to announce a special shareholders meeting and call for a vote on the new buyout offer as per the December PR.
I can't wait to see how this unfolds.
Thanks for your reply.
Lochan
Hi Axel -- As far as I'm concerned, Aurus is not obliged to respond to every Tom, Dick and John Helmer who writes something filled with opinion and innuendo about their company. Who cares about this unknown author, anyway? The article was mainly written by others, and Helmer made a couple of one minute phone calls and wants to take credit for this unsubstantiated expose. What a jerk!
Anyway, Aurus has bigger fish to fry than going after John Helmer. I would imagine the Board meeting was called long before this article came out on Mineweb. The real purpose of the meeting was most probably to discuss new buyout offers that were mentioned in the December PR.
I'm sure we will get a PR this week. It's just unbelievable, though, that posters think Slava, who has been working for Aurus for less than six months, is in a position to make promises by email that the Company must follow. He's trying to do his job, but it is unrealistic to put a specific time frame on website reconstruction and the translation of a technical scientific document from Russian to English which may be as long as 100 pages.
I was once hired by a law firm to translate fifty pages of magazine articles from French to English and it took me three weeks. In the case of the 43-101, I would imagine that the translation will have to be certified, which is another reason why it has taken so long.
Buddyrich -- I believe that AURC came to the attention of other mining companies when it was making announcements about nine months ago concerning the original buyout offer. These interested parties requested that a 43-101 study and valuation report be prepared to determine the fair market value of the Aurus assets. In the meantime, the Board of Directors decided the .55 offer was ridiculous, so they proceeded to ramp up production to prove their pilings contained real value.
What we should know soon is the offer that has been made by
these other mining companies. Then there will be a meeting
with a new proxy sent to shareholders and a vote on the new buyout offer. I expect this to happen over the next couple of months. All in my opinion.
Who is John Helmer, anyway? Harvard educated, they say, but no degree from that prestigious institution is mentioned in his resume. Teaching sociology, but what level? High school? Advisor to government leaders, but no confirmation of this or any part of his background anywhere on the Web except on Mineweb. If he is such a notable journalist, why are his achievements not mentioned anywhere else?
Does anyone believe he was the first westerner in modern history to own private property in Russia, as he claims?
If Aurus looks for dirt on John Helmer, they will probably
have a field day. As for myself, I have to thank this dirtbag
for helping me pick up more shares today at .023.
Thanks, Jerry, and, yes, our business is doing nicely. We have plans to expand into Canada, Malaysia, Singapore and Australia
in 2008.
AURC longs are not bagholders. We should be getting an update
soon concerning offers from Canadian mining companies. The last PR said it would come to a vote, and I expect a SH meeting
to take place in the coming months. I just hope L2I stays on board. They have an important role to play in executing AURC's business plan.
This is probably my last post today, Jerry, but I'll be back online soon.
Lochan
Aurus IS real, but they're a little slow to respond. I have no doubt that Aurus owns Z-prom and Krong. People have become confused because the officers of the Company are also owners of other related companies. Interlocking directorates are very common within many industries, and much care must be taken to keep assets separate. Dovgan is a smart guy. I'm sure he has seen to it.
I agree, adams, and he has decided to work with 2C because of his competence. I would expect 2C to become Dovgan's North American representative in future ventures. These men are not scam artists. Dovgan is just successful at what he does. If Aurus were not a real company with the assets they claim to own, I assure you that 2C would never get involved with Dovgan in any other venture, whatsoever.
If Aurus decides to put out a PR, they will probably want to do it through L2I, so first they will have to mend that relationship. I would expect to see a PR some time next week. Judging from their past behavior, I don't think the Company considers this a crisis situation, although many shareholders do.
Right. He called into question John Helmer's journalistic integrity. Aurus should do the same.
Judging from today's price movement so far, it would appear that shareholders are beginning to see through John Helmer's innuendo.
I'm with you all the way, Strongus, and I would add a cash dividend to my NWOL wish list.
May all those who post here or who just read our message board have a wonderful happy holiday. Spend time with loved ones and enjoy the spirit of giving as 2007 comes to a close.
And let's keep the faith as we enter 2008 looking forward to good news from North West Oil Group throughout the coming year.
Peace on Earth.
Lochan
With approximately 10M shares outstanding, a cash dividend of .05/share would come to $500,000 distributed, or about 10% of the 2006 net income.
Good point, dragon man. I think as many shareholders as possible should write to the Company asking for a cash dividend, however small, instead of a stock dividend, citing the projection of $6M in net income. They seem to be quite naive about financial matters, so we should spell out why it would be to our advantage and theirs to avoid a forward stock split and instead pay out a little cash from retained earnings to loyal shareholders. How does $.05 per share sound?
You're right, elcheepo1, it has been a comedy of errors, and no one is laughing. That's why I recommend to whoever has lost faith in this company to step away, sell their shares, take the loss in 2007 and get back in when they feel more hopeful.
Personally, I believe there are many opportunists who will be picking up shares in January because of the report of $6M in net income for 2007 and $5M in 2006. But that probably won't affect the pps very much.
I agree that the R/S was poorly timed, and the freezing of our accounts was another catastrophe. I can only hope that the underlying assets of this company and revenues from the sale of oil will one day see their true value reflected in the pps, or that there will be a buyout for $100M which is thirty times the current price per share.
Malyshev stated in a PR about six months ago that the Company could be sold for $100M, and he's still singing the same song.
Personally, I don't doubt it, and it will be worth even more if he can close the deal for SNGF.
Staying on the pink sheets is a death knell for the pps, and I am convinced of Maly's intention to get us uplisted, but I don't see that happening for 9-12 months.
Like many, I'm down thousands of dollars here, but I expect to make it all back over the next twelve months when Maly comes through. The oil is there, they're pumping it, and there's more in the pipeline. We are way undervalued, so Maly is going to do whatever it takes to increase shareholder value. He told me that personally when I thanked him for last year's Christmas PR. I always take a man at his word unless I hear treachery in his voice.
I think we should keep writing to his crew (civilly) with our questions and suggestions. I don't think he is backing down from his promise to dialogue with shareholders. Anyone who doesn't have the patience or the stomach should sell now to declare the capital loss in 2007 and then buy back after thirty days. Just a suggestion. Then you can thank Maly for the tax deduction and get back in in time for a 2008 multi-bagger.