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Sorry, I forgot to ask this important question of all. Is it true that the BOD has scheduled a special shareholder's meeting on Father's Day, that is tomorrow? Inquiring minds want to know.
Well, if I knew where it was being held, I would definitely not miss it.
Thank you RD759 for your usual professionally presented discourse. So we are in for a long term exploration program. Sounds like we need to hunker down and wait for the execution of whatever plan, to which we re not privy, with which Medinah and partner will follow through.
We're in this for a long ride gals and guys. Buckle up your seat belts, take a lot of bromine, if you can't stand the ups and downs of this epic story, and hang on, or sell now, or when the sp bumps up again, and leave this ride.
It would have been refreshing and exhilarating to have received an announcement today that was fully executed and all contingent items already removed by both parties.
But it does not surprise me that updates and announcements from this company will always have the same template, meaning, incomplete and full of holes and always leaving us in limbo as to who needs to take what action to close on a mutually agreed contract.
Verbiage such as these bring to rise questions on the legitimacy of the existence of any real deal.
For all the time it has taken so far since the property was back in play, one would think all the relevant issues would already have been ironed out and by now we should have been presented with a fully baked agreement, signed, sealed and delivered.
I don't think it's asking for too much for an agreement with a proper suitor, to be completed by now.
One stuckholder's view, worth reading.
http://mdmnblog.com/thinking-mdmn/
http://wp.me/p4D90d-7d
Reading and interpreting charts is not for the weak or faint hearted. It is a tool among many other's to be used with good judgement and care. Being nimble comes to mind, as any bad news could derail a perfectly good pattern.
So far, since the recent lows, this has been a great looking chart. Let's see what the BOD does to this great setup we now have. They could easily put the kabash on this chart and we could easily slide down from here. But as it is today, again, the path of least resistance at this point is upward.
Let's see what is in store. Got to be quick if the news is less than excellent, as I believe the sp is like a balloon that has some air left in it, but it will easily pop if nothing of substance comes of the June 9 drop dead date.
Whilst we await the news of ...to be or not to be partners with a capable group and finally prove up this mountain or fold up the tent and go home...the stock chart is behaving in text book form. From the lows of the inverse head and shoulders pattern, to the highs of May 9, and now it has retraced from the recent high of May 9 highs to the $0.07 level, where if it again continues to trade as it should, we should proceed upward to new highs.
So this is the path of least resistance, according to the chart. This upward continuation from this level
may be giving us a good smoke signal that the Pope has been elected, or in Medinah speak, the BOD has elected to partner up with the big boys, or some positive news i.e. confirmation of assay results that will be the catalyst to prop up the stock.
We shall wait and see if the offer is accepted, and if not, if the BOD has made a decision, based on really reliable assay results, to go it alone, or if another offer is being considered which may be the sweetest offer ever to move the needle in a dramatic way for Medinah.
Beth, at this point, making hay on this stock has become secondary. I find it strange that I even say that, given that the only reason I first got involved was and should still be to hit pay dirt.
However, as you, it has become difficult to do a clear read of the tea leaves with Medinah. Or as they do in Turkey, reading the Turkish coffee cup after the dark, rich bitter coffee has been eaten (it's not Starbucks, you don't drink Turkish coffee).
If you will indulge me for a moment, upon emptying the cup, as the coffee residue sticks to the sides of the cup, the consumer hands the cup to the sage who has been reading coffee residue patterns for generations. So, the fortune telling, or the read starts. And of course it is amusing to hear all the preponderance of things to come. Life changing events are unfolded, along with fortunes gained and lost which are only evident to the sage. And the one who just put down three ounces of Turkish mud doesn't quite know how to take all this new vision which is offered by the sage. He/she is amused and also gains hope with each tale of the golden years that are still in store.
Staying long in this stock has been analogous to the above description. I have made fortunes, and lost and made fortunes in stocks, but this one takes the cup.
A part of me is totally in the camp of Krak, and the other, with the longs who have hope. And hope alone never made a dime for anyone in the stock market or any other investment/endeavor.
I see through their fluff announcements. I am fascinated that a well respected man of the stature of JJ, a long standing member of the legal profession, can and does say the things I read. In fact, those phony, idiotic, and clear as mud announcements kept me from taking the first leap when I first discovered the stock at sub $0.02 many years ago. The kinds of promising announcements were just too penny stock fraudster announcements. So I stayed away, until I bought into a much respected friend's insight into this company/stock. So, while I did not bet the farm, I also in turn brought in a few of my friends. So together, we have been suffering this tale for a few years now. As we mostly got in at the tops, did some averaging down, we are now waiting for pay day.
As you, we await for each daily ridiculous event that reinforces the notion that this was and has become an amateur show. Yes, we now have the piano man who plays a different tune. We even have the new member of the renowned Letts family on board. But so far, those two additions and $0.99 have not added to an amount that could get me bottled water in my neck of the woods. I have to pay Jerry Brown his share, so it costs me $1.08 each time I stop in at the gas station to fill up, and pick up a bottle of water to quench my thirst as I head into a meeting or appointment.
So, we sit. I don't even have a definitive plan as to what to do if it goes down from here or if it explodes from here. I may take my profits if I see $0.20 plus. But then what if it runs as a fraudulent penny stock did as I sat and watched it run from $0.10 to $1.30 in seven trading days on huge volume and now is begging to trade above $0.05. So, it is a dilemma.
I may average down some more if it hits below $0.04 again. I do believe if nothing of substance is produced by the company in the near term, and this stock trades lower to the sub nickel level, it then becomes a trading stock for me as I can, with a fairly good level of prediction get in and out of this stock, especially when it hits high volume days.
I don't know about you, but I have decided to add to my CV. For years I had completely ignored the huge value I brought to the table to my investment community, from all the seminars I attended. I see that is clearly one of the top reasons Letts was brought on board. So here it goes. My CV just turned from one paragraph summary to 1,897 pages. You know! all the seminars I attended add up.
I will end my morning torture. I coach my grand daughter's volleyball team. I will go and enjoy the day with them, and put this on the back burner for now.
Enjoy your weekend.
So here is my take on today's shareholder update. My interpretation of or translation of the update.
Speaking as the BOD, as usual, we delivered nothing of real substance to you shareholders at the shareholder meeting on Mother's Day. Well what exactly were you expecting, 100 ounces of gold for every attendee?
We are planning our next AGM now, which we believe will best be held on Christmas eve or Christmas day. We haven't made up our minds yet. Once we know which day will be less attended, then we will publish the date. By the way, what are you guys doing on Easter of 2015? We want to throw a bash for all you loyal shareholders.
As you are aware, we announced that we have an offer. Just so it is clear to you, we have an offer on the table that we will not accept. It's not in our best interest. It's not even as good as Ulander's.
Just think about it. If you were in our shoes would you accept an offer and end the whole show? We want this saga of the ADL/LDM/NUOCO to go on forever. Just like trading in sardines. The last one to buy the can of sardines who eats it kills the business. So we keep going with our latest drilling news, latest assay, latest offer. AHH! What a business model.
We know when June 9 rolls around and we have not accepted the offer, many of you will be more than outraged. So we have devised a plan to keep you at bay. Here it is:
We know we need to deliver, and you expect us to, but it's just not happening. So the second best we can do is to give you hope of hitting the mother lode by giving you these stepped up announcements of fantastic assays, off the chart assays, surprising discoveries, major findings of gold, tunnels full of other metals just waiting to finally see daylight after many millennial reigns, to finally be shipped to the refinery.
So, we have now decided it would be silly to team up with a major. We will explore and mine our claims ourselves. We believe there is too much to split with a third party major mining co. We want to keep it all to ourselves.
We obviously hope that you will buy our story. In reality, what other choice do you have? Not much. You can always sell your shares, and maybe make a little, make a lot, or lose a little or lose a lot, but if you do, you will miss the greatest discovery of gold ever. So do you want to miss the show? We don't think so. Hang on and just focus on the future. We will keep on updating you with our progress. Isn't this fun? Our assays just keep getting better and better. Now what other mining company, Jr. or major, can do that?
We want you to focus on the potential of our mountain, forget the past promises that never materialized. The potential is great. Just hang in there. Some day, we will deliver. Some day.
Signed:
BOD
And what would you say is the new norm for the highs? $0.11 or ???
If we do not break through this recent high of $0.11, we are totally screwed, for a long, long, long time.
Not even a Swedish meat ball sandwich will help mitigate the pain of watching this stock take the next slow steps down below even $0.04.
I am truly concerned at the inability of the stock to punch through and make new highs above the $0.19 highs with strong volume. That is what we need to see a new day on MDMN.
Look, let's get rational here. Why has it been way too cheap for too long?
With a billion shares outstanding, say at $0.25, the company has a valuation of approximately $250M, give or take a few Yankee Dollars or several million Chilean Pesos.
So even if Medinah were successful at mining, smelting and finally bringing to market product, let's ask the question: At what cost?
Even if the currently available numbers are accurate, what is the cost of extracting the metals?
The jury is out on this too. I just wish statements on valuations were delivered to us by experts in the field after they have performed their utmost due diligence, and less of this "cheap" talk. And even then, there is no guarantee of accuracy, until fully verified with actual operations and attendant thereto market conditions when the product comes to market.
Let's just cool our jets and wait out this phase of Medinah's sordid history.
abz, respectfully, you cherry picked from the announcement. You intentionally or unintentionally omitted the fact that in addition to his other accomplishments, "he has attended numerous courses and seminars locally in Peru".
Really, I am not bashing. But this line was in quite a few of the announcements that hit the wires. However, I noticed in JJ's announcement, it was removed. Thank the Lord and pass the ammunition.
I don't know of anyone who has not attended at least one seminar throughout their illustrious career. What relevance is there for a stupid line as that to show up in someone's cv. Man oh man.
I'm just saying that was pretty amateurish, again. Glad it was taken out in JJ's announcement that was made through Business Wire.
The above notwithstanding, I do feel more positive about the recent developments. Let's see if all this will translate to an economically viable extraction of metals and minerals.
The jury is still out.
One more thing. The intraday chart looks great. If it closes in this range, we will have a clearly defined hammer, portending a reversal from the two day downtrend.
Let's see how it all works out.
For those who are in an early celebratory mode, I would caution that the goose has not laid the golden egg...Not Yet!
Reserve your indictments of those who have not thrown caution into the wind and have no ax to grind, but calling it as they see it.
You may agree. You may disagree. So far, the longs have not done well. The shorts, from the highs, own the playing field. Here is another cliche: Don't count your chickens until they hatch.
I would love to see the sp north of $0.20. 400% from these levels. Not too easy a task.
Market value of $200M? That is a dream come true for JJ and gang.
You summed it up well my friend. It's another waiting game.
I am not the resident chart technician, but I am seeing a reverse head and shoulders pattern being formed. So on technical grounds, the share price may pop to $.06 or higher. It will take either speculative buying and or accompanied by more positive sounding updates to drive up the sp.
We are in the territory where if the sp breaks down again to below $.04, we may have a hard time getting the sp to bounce above these levels, unless of course, some earth shaking news comes out of Santiago. Yes, the sp can and may well fly as we get close to the GM and June, but...
IMO, it looks as though sp wants to move up from here.
The above may sound contrary to my earlier posted sentiment, but then again that is the mixed signal one gets from this stock and company.
Obviously 7 million shares gave a vote of no confidence both on this update and the credibility of the people behind the update.
2.5% blip, hardly moved the needle on 7M volume. Pathetic. Cried wolf too many times.
I am quite fuzzy as to who in the world is NUOCO. Is it my imagination or is this the entity that is the fabrication of Les, Greg, JJ, Dennis et. al gone wild.
Is this the last resort because the BOD could not find an actual, a real functioning miner who would step up. So these guys sat around the campfire on the mountain and had an epiphany.
JJ: Hey Les, if we don't come up with something real soon, the shareholders are going to rebel. Then what do I do. I am a Chilean lawyer. I cannot tell a lie.
Greg: We had this Swedish meat ball on the hook. He really believed us when we told him we have billions of dollars worth of rocks here, yes right here in Santiago. Too bad he did not raise enough funds to pay us. Now what do we do. Maybe we can go after the Norwegian gafilta fish.
Dennis: He guys, I want no part of this crazy shenanigans. You asked me to come on board to convince the world that you are all legit. So, that's what I am doing. After that, I go back to Utah and take a couple of ski runs before the snow melts and retire with millions of shares of Medinah.
Les: Oh hell guys, don't worry so much. I'll call my trusted dentist. You know, the guy who pulls teeth. He knows exactly what we should do. He is smart. I'll reach him on my iPhone. He DeCosta, what should we do next.
DeCosta: Les, I am so sorry I am not there with you around the campfire. I bet it is great to be there among all that gold and glitter. So, here is what you do. You just make up a company. You call it NUOCO. It doesn't mean anything. It's just a way for us to finally look legit. NUOCO has no money, no liabilities, no experience, nothing. That's the beauty of it all. It means nothing. But the shareholders will think it does. And they will buy the worthless stock, and keep buying.
By the way Les, I am bringing my mother to the AGM. I know, you were a bad boy, so your mother hates your guts because some people have her convinced you defrauded widows. But hey, she doesn't know you like I do. You are my hero. You and me, we think alike. NUOCO. I like the way that sounds. Why it sounds so much better than the patients screaming when I pull their teeth. NUOCO. Yes NUOCO. I want to write a song about NUOCO. Don't cry for me Santiago, NUOCO was meant to be. Yes you feel cheated. But just wait a few years more. NUOCO, you are my song, my inspiration. NUOCO.
Alright. I admit, I am getting punchy at this late date. This is too much. Just having fun waiting for the green, .06, .10, and who knows, maybe two decimals to the right even. Great chart. Just watch as the share price flies off the charts. You'll see.
The entertainment is just beginning folks. You have a front row seat to the most incredible mining story yet to be performed on May 11.
Can't get a straight story from these guys, so why not make up my own stuff. The above is all fiction. None of the characters are real. It is intended for fun and entertainment only. Am I not entitled to fiction, as Les and gang?
NUOCO you are my destiny. NUOCO you are my fantasy. NUOCO, I see you in my dreams, but when I run to hold you, you disappear. NUOCO, Les and DeCosta Love you so!
I would like to float the following out there. If any of you would agree, perhaps you could send an email to any and all the members of the BOD to vote to postpone the AGM to July.
I think that makes more sense than meeting in May when there will still be incomplete matters of far more significance than elections. I am more interested in the substance of any agreements being out of the way, and meet at the AGM to elect and to view a signed, sealed and funded agreements to explore or otherwise exploit the resources of this mountain.
I don't want to give the BOD to again dangle dates out there that have no real events tied to them, except for the usual, this week, next week routine, but calling it by another name now.
So, at the risk of being repetitive, perhaps no more than the BOD has been, I again implore all of you to support the postponement of the AGM to July. I think since they picked June as another date of significant events, I am willing to give them until July to tighten up their ship and come to the AGM with agreements in hand.
Am I dreaming? Yes. They cannot sail this ship on a straight course.
One other comment. Please note that when Dennis Tenney came on board, the updates following his appointment were signed by Dennis. Of late, JJ is the one who is putting out the updates. What if anything do you read in that? When the fit hit the shan, JJ went into hibernation, so they brought on Dennis to run things. Was that a ploy to deflect any shareholder ire from JJ for the Swedish affair? Just axing.
Rick,
I have had mixed and conflicted feelings about this in every respect from the BOD's actions/inactions to...you name it. So we agree for the most part on this latest update.
Further, I feel this is almost another one of those meaningless fluff tales. I can't overlook the fact that already they are starting to plant the delays to any potential announcements of any agreements. Notice before even the AGM, the June date is already hurled at us. Also notice that this date is totally arbitrary as they give no significant reason for putting off anything to June. Notice that also they do not go out to November, or December.
The notion the plant in the shareholder's mind is...hey this is only June, so it's right around the corner. I bet when June rolls around, there will be the usual excuses for delays again, and whatever was the planned event for June, will be pushed off week by week, month by month, quarter by quarter.
Honestly, even if I am wrong in my judgement, their repeated modus operandi leaves me with no other way to call or see this type of unfinished, incomplete and always hanging agreements, that never ever get done, done, done.
So "mixed signals" is the best I can paint this update, and at worst, another attempt to now spill over to 2015 for the magical outcomes we have all been waiting for.
RD759, I appreciate your quick and insightful remarks and professionally derived opinions. Thank you!
Your points are well made and objective enough for all to accept at face value.
I do appreciate your experience and vast knowledge of this field. There is no part of your post, or previous posts, I would highlight or quote, as in totality, you not only make sense, but also present your position from a well seasoned professional's point of view that has to be regarded exactly as presented. Great stuff.
Thanks much!
Rick, the right thing to do is to concede when in the wrong. Yes, I did attribute his opinion to a possible insider leak. So I concede. The point however you seem to miss, (and by the way, no outrage on my part), is that those who are close to the BOD should be extremely careful on what they opine and how they opine, let's just say for future reference.
On the part of forming the affiliation and looking to hire a management team, person, group, to spearhead NUOCO, and exploration efforts, haven't we been there and done that with Ulander? If I am wrong on this point, then I stand corrected. It seems to me that such a person(s) entities were brought in to Santiago to start the above process and we got bub-kiss.
IMO there will not be a JV partner identified due to the formation of NUOCO. And quoting from your post which is a direct quote from the Feb 25 update:
"to expand work to include significant exploration and prospecting with the goal of leading into a large production project." And the parties "have agreed to immediately hire a prominent Mining Manager to oversee all mining production matters." And that as of late February, "four mining faces have been opened on LDM and 3 targets on the Mambo claims have already been identified and tested".
I think the above implies, based on the BOD historical parlance, either the JV is off the table or I might even possibly give the BOD a bit of "atta-boy" pat on the back.
If they formed NUOCO to deflect shareholder ire, then it may possibly work for that purpose. Or, the side of me that is "the glass is half full" might think this move may pressure the JV partner to hasten its willingness to sign an agreement. In which case, they deserve the "atta-boy".
At this point, I give the BOD little room in this effort to monetize the copper mining efforts within the bounds of NUOCO. So until I see real results, I am quite skeptical of their motive to form NUOCO.
I am sure you have read RD579's posts, both previous and current. Without an objective and industry applied and accepted quality mining and reporting methods being followed, i.e. NI43-101 or its equivalent, or a final outcome of refined ore, substantiated by an independent refinery, any findings by NUOCO will be suspect, in my eyes.