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I would like to know the source that provided the information that Les Price is under investigation by the Canada Revenue Agency for tax fraud on the money he received for the unauthorized shares he was issuing. The Canadian Revenue Agency has strict laws to not release any info as to who may be under investigation.
Canadian Privacy Act! "The Privacy Act came into force on July 1, 1983. It protects the privacy of individuals by outlining strong requirements for collecting, keeping, using, disclosing, and disposing of personal information held by government institutions.
http://www.cbc.ca/news/politics/canada-revenue-agency-tax-privacy-breach-dvd-
"The Canada Revenue Agency has fired an employee for the biggest single privacy breach ever detected involving confidential taxpayer accounts."
"The CRA reported nine material privacy breaches in the year that ended March 31, eight of which involved employees improperly accessing taxpayer information. All the workers involved were fired, said Samson."
Maurizio’s lack of transparency/communication is finally getting the attention of shareholders. There has to be a reason for his lack of transparency about what is going on. Is there a possibility that Maurizio intends to continue to dilute our percentage of Cerro until our investment is practically worthless?
Now both websites are down, the yield sign is up on Cerro, and just last week, Maurizio allows some of the Alto claims to be lost in the judicial tax auction. Maurizio and his inept, manipulating and scheming minions have control of our company. They know they have a majority position in our company and there is little we can do.
From what I have been able to ascertain from my research,
the estimate of claims that were lost in the last judicial tax sale was about 1500 hectares. The next judicial tax sale is on April 10th. Some other very important claims are up for auction on April 10th, such as the Caren 1-80 and Las Dos Marias 1-30. These are assets of a public company and Maurizio is obligated to tell shareholders how much of our assets have now been lost due to his failure to pay the taxes.
Tic toc, tic toc…silence…and then more silence!
Great job Maurizio…now the “YIELD” sign is on the Cerro stock due to their failure to provide adequate financial information. Of course the “apologist” are content to stand by and let Maurizio and Company drag their heels all the while Cerro’s share price continues to flounder at .0080 and MDMN is at.0030.
The recent annual report really leaves a lot of unanswered questions. One of the most important to me is the date when the one year holding period will start for Cerro shares.
Maurizio said (Dec.15 release) that a copy of the purchase agreement, complete with a list of properties would be posted when it was practical…of course that means practical for Maurizio. I guess they need to wait until after the next judicial tax sale auction on April 10th, to see what properties remain after they pay the taxes. I just hope they are honest enough to tell shareholders which of the Alto claims remain.
The very bright future they referred to for those who have invested in the Altos de Lipangue mining district really doesn’t look very bright to me right now.
From the information I have available to me, I believe that these are some of the claims that will go up for judicial tax sale on April 10th.
1. Caren 1-80 Auryn mined five truckloads from the Caren but the results have yet to be released to Medinah shareholders. (silence and more silence)
2. Altamira 1-30
3. Larissa 61-114
4. Las dos Marias 1-30
Hopefully, I will be able to find out which claims Maurizio saved from the judicial tax sale by paying the taxes.
So far we have heard nothing regarding Cerro as to a late filing regarding the quarterly report or the annual report.
Why the delay? Since Goodin has known since January 1st, 2018 that these reports were due by March 30th, why the delay?
Silence and then more silence!
So Maurizio did not pay the taxes on all the Alto claims. I also would like to know after the April 10th, judicial auction of properties, just how many of the 10,500 Alto claims will be remaining in the Alto package. Of course, it may be in shareholders best interest for Maurizio to only pay the taxes on the claims that would be most productive.
Now we find they have been granted 5 additional calendar days to post a Quarterly or Interim Report and 15 calendar days to post an Annual Report.
Two plus months since we have heard from Maurizio...and Maurizio continues to keep us waiting for an additional release.
Tic, toc, tic, toc.....Silence and more silence.
https://www.otcmarkets.com/stock/MDMN/disclosure
NOTIFICATION OF LATE FILING
For Period Ended: December 31, 2017
Name of the Issuer: Medinah Minerals, Inc:
Reason for Delay in Posting Financial Report
State below in reasonable detail why the Annual/Quarterly.
Report could not be filed within the prescribed time period.
Anticipated Filing Date:
[Please note that the filing of this notification grants issuers 5 additional calendar days to post a Quarterly or
Interim Report and 15 calendar days to post an Annual Report.]
April 15, 2018
This from the State of Nevada!
Action Type: Amendment
Document Number: 20180131707-00 # of Pages: 1
File Date: 03/22/2018 Effective Date:
Previous Stock Value: Par Value Shares: 500,000,000 Value: $ 0.001 Par Value Shares: 500,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 500,500.00 New Stock Value: Par Value Shares: 7,000,000,000 Value: $ 0.001 Par Value Shares: 500,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 7,000,500.00
Hi to you! Whoever you are. If you are implying that I am Les, then you are so mistaken. I have nothing but contempt for Les, Juan, Greg, and Gary for the corruption and destruction of my investment.
I am moving along age wise, and I had hopes this would support my retirement. So much for that. But I have not given up hope! It does not give me much comfort to know I have to wait a year before my cerro shares would be available to be sold. And then, who knows what they will be worth.
I just hope that Maurizio doesn't follow in their footsteps. So far, he has done very little to make me think that won't happen again.
Financials are soon to come out and hopefully that will tell us whee things stand.
You are right, Maurizio cannot bid on his own properties. But I am in the camp that says he will pay the taxes on or before March 27th.
I did real what he had to say, Doc knows a lot, and I respect him for his knowledge, but he is not the final source of all information. I stand by what I posted today. Believe it or not, the information came from the official government agency that is responsible for the properties that will be subject for judicial tax sale. I contacted them today to be sure my information is correct.
A lot of discussion from posters regarding the “grace” period available to pay the taxes on a mining property in Chile. Obviously Maurizio has already depleted the grace period for the Alto properties because it is now listed for auction. If the taxes are not paid by the prescribed date for payment, and the property goes to auction, then the property can be rescued from the auction only by paying twice the amount of the assessed tax liability.
For the Alto it would amount to about $300,000.
This from a “Official Journal Analyst” with the Ministry of Interior and Security. “once the mining property goes to auction, it can be rescued from the auction by its owner paying twice the original value of the debt.”
So I am called a “basher” because I have brought this to the attention of shareholders. If the main and only asset of a public company like CDCH is at jeopardy of being lost, that is a material fact that I feel must be brought to the attention of the shareholders. I seriously doubt that Maurizio will allow the property to go to auction and will pay the taxes prior to March 27, 2018. If he failed to do so, I cannot begin to imagine the problems he would face legally.
You are right. The amount to be paid is about $150,000.
The question is, why has Maurizio/Masglas/Auryn failed to pay the taxes?
I have maintained that their pockets are not deep enough financially to accomplish their business plan for the properties, especially the Alto. Obviously, they need to secure a JV partner with sufficient financial standing to get the exploration and production moving forward. It will be interesting to see how much information comes out in the financials.
The article 146 of the Mining Code says:"failure to pay any annual fee may cause the loss of title to the concession through an auction procedure."
It has been brought to my attention by another shareholder that the taxes on the Alto de Lipangue have yet to be paid. My research has proved the rumor to be correct. The website, “Boletín Oficial deMinería” (www.boletinoficialdemineria.cl, search in "Otras publicaciones", "Nómina Concesiones para Remate) list mining properties for Judicial Tax Sales”. The Alto, (Gordon 1/31, 61/118), along with several other properties including the Caren, and Fortuna, Las Dos Marías 1-30, still have unpaid property taxes. It is my understanding that unless the taxes on the Alto are paid on or before March 27th, 2018 the property will go up for public auction to satisfy the unpaid property taxes.
As I understand it, Les and Juan are completely out of the picture. The success or failure of Medinah rest solely on the shoulders of Maurizio,Masglas and Auryn and their ability to execute their business plan. Most of what they have promised has yet to be realized, but the ball is in their court. The fact that they said they would be transparent and yet they have just been the opposite. Just speaking for me, it doesn't lend a lot of confidence that this is going to turn out well for me as a shareholder.
Maurizio! Since you have said you wanted to be treated the same way that we would want to be treated. This is how I, as a shareholder, would like to be treated:
From the December 15, release: “We will post the complete contract with a detailed list of the properties as soon as practical.”
•As promised, post the complete purchase contract between Cerro Dorado and AURYN Mining Chile SpA.
•Post the financials for Auryn Mining Chile, and Masglas so that shareholders can know the financial standing for both companies.
Also shareholders are entitled to know how much our percentage of Auryn was worth when Auryn purchased the ADL.
•The September 21, 2017 release said, “AURYN continues to execute its mining plan.” Please tell us how you are executing your mining plan.
•From the December 15,2017 release,“Launching a massive exploration program on the Altos de Lipangue mining district including entering JV agreements with companies that have the specific expertise necessary for exploring and mining the variety of targets. Release all information relative to any and all mining operations as well as any J.V. agreements that have taken place since the sales contract and or now in progress on the Alto.
•You announced that production on the Alto would begin in November 2017. Did the production take place and if not, why?
•Announce the plans and date for the exchange of Cerro shares for Medinah shares.
•Are the 10,500 hectares as reported as owned still in good standing with all the taxes paid?
•What steps have been taken to consolidate the capital structure, change the name of the company, and move it to a higher exchange or tier on the OTC as was mentioned in the December 15, 2017 release.
No one really knows what Maurizio’s objectives were for having a booth at PDAC. I can only guess it was to network with other mining companies and present all the properties that they have accumulated in the hopes of securing financing or better yet, a joint venture partner with deep pockets. My sources tell me that they seemed to be more focused on the smaller properties and their development rather than the Alto.
What is interesting is that Maurizio can reach out to one of Medinah shareholders with a phone call but can’t communicate with all of Medinah shareholders with timely updates. He just can’t treat us the way he wants to be treated.
I really believe Greg Chapin knew that Maurizio/Masglas/Auryn didn’t have the financial resources to develop the Alto, especially after they pulled the $100 million off the table. But he went ahead and sold it to them knowing it could be years before the Alto would see any kind of mining production. Why should he care, he gave back most if not all of his Medinah shares. What about Gary Goodin, Raul Solar, and Atalo Volante fiduciary responsibilities to Medinah shareholders. They are no better than the others who failed in their fiduciary responsibilities to Medinah shareholders.
Dante Conetta, chief executive officer of Auryn, says great and promising news will be coming from Masglas.
When…..Dante?? When?? Will it be good news for Medinah/Cerro shareholders?
tic toc….!!..silence, and then more silence.
Here are the links:
http://aurynmining.com/come-visit-us-pdac/
http://masglas.com/come-visit-us-at-pdac
https://cerrodorado.com/come-visit-us-pdac/
Of course they aren't going to hire a marketing company because they don't have anything relative to production to announce. They can't market our investment without activity on the property and most importantly a steady flow of factual news the new investors can rely upon.
So far...silence! Just hope Maurizio is a good salesman and can get a company with deep pockets to fund production on the ADL.
Masglas, Auryn, Cerro all announcing they will attend the PDAC Expo in Toronto, Canada. The PDAC International Convention, Trade Show & Investors Exchange is the world’s leading convention for people, companies and organizations in, or connected with, mineral exploration. They will be in booth IE3343.
Not sure how many representatives will attend, but with travel, hotel, dinning, etc. the cost is sure to be substantial. They will be showcasing the properties owned by the three companies. Is Maurizio and representatives hoping to attach investors to the properties? The question is, do they have the financial resources to begin production on the ADL, as they said they would do in November of last year? If they are showcasing their properties to people, companies, and organizations connected with mineral exploration, how about hiring a marketing firm to showcase our investment to the investment world. So far, nothing that Maurizio and associates have done has supported our share price but rather the share price has seen some pull back in price. Today the ask is .00320!
Masglas, Auryn, and Cerro can tell us they are attending the PDAC but they can’t tell us what happening on the ALTO.
Tic Toc….silence and more silence…!!
Scottrade is becoming T.D. America this weekend. They provided many updates and were able to complete the transfer on schedule as announced. A massive undertaking but they are getting it done.
Should be finalized this weekend.
Medinah owns 23.559% stake in AURYN Mining Chile SpA. AURYN shareholders now own 95% of the issued and outstanding shares of Cerro. These shares have a one-year restriction on them. AURYN announced that it will work with its shareholders to convert their AURYN stock to CDCH stock.
Maurizio/Masglas/Auryn when are you going to finalize the conversion of our Auryn stock to Cerro? T.D.Ameica/Scottade got the job done..it appears you can't.
Tic Toc....many shareholders are tired of waiting for an update telling us where this conversion stands. Instead we are just being served a "cold plate" of "silence". You sure aren't treating us the way you want to be treated. How are you working with your shareholders to convert our Auryn stock to CDCH stock? Tic Toc!!
How about performing like T.D.America/Scottrade and keeping us informed and updated. Of course if nothing has been accomplished other than escorting students from the University of Toronto in Chile, you have nothing to tell us.
Tic Toc…silence and then more silence!
Is Maurizio/Auryn/Masglas trying to hide the fact that they have not kept their word to begin production on the ADL? Where is the announcement for the 15c2-11 filings. Has Cerro satisfied all applicable requirements of Rule 15c2-11 and the filing and information requirements of FINRA Rule 6432. Have they asked for an extension? A lot of questions that need to be answered but nothing but silence from Maurizio. As I have mentioned before, I don’t believe Masglas/Auryn/Maurizio have deep enough pockets to accomplish a comprehensive mining program on the ADL which means they need to partner with a major to come in and start mining the property. Maurizio, have there been any majors up on the mountain?
When Auryn executed their “sales” contract with Medinah, expectations were high that finally the mineral rich ADL would be in the hands of a competent mining company that knew how to produce revenue that would finally bring about a reversal of our share price. Today it closed at .0034 with 100,001 shares traded and CDCH is .0119 with no shares traded.
Tic Toc…Tic Toc….
I think it’s time to stop touting all that Auryn has done for us in the past and look at what is taking place with them today. Did Maurizio/Masglas/Auryn over promise and under deliver? It appears that way to me. Of course the jury is still out until we hear from them via a release/update/financials.
Here is what we were promised:
•Creating a management team and Board of Directors suitable for an exploration company intent on becoming a junior and major mining company.
•Launching a massive exploration program on the Altos de Lipangue mining district including entering JV agreements with companies that have the specific expertise necessary for exploring and mining the variety of targets we believe we have in the district.
•Focusing our resources on becoming an active gold producer by reopening the Fortuna gold mine and actively exploring and mining the gold veins found in the Larissa tunnel.
•Subject to regulatory approval, consolidating the capital structure, changing the name of the company, and moving to a higher exchange or tier on the OTC.
“AURYN, could have abandoned the Medinah and Cerro shareholders,”
This from the latest release from Maurizio, Executive Chairman of Auryn Mining Chile SpA.
It does appear to me that for now, Maurizio has abandoned Medinah shareholders…they aren’t treating us the way they want to be treated. If Maurizio wants to change this narrative, then he needs come out of the closet and tell us what progress they are making to fulfill their commitment to Medinah shareholders. There is just so much going on here that doesn’t pass the smell test, beginning with the withdrawal of the JV agreement which called for $100 million for the ADL, to where we are today.
sniff, sniff, whew…this is getting bad.
They encouraged shareholders to subscribe to shareholder notifications through their website (https://cerrodorado.com)to receive further announcements and updates regarding corporate matters and the Altos de Lipangue mining district. Okay, where are the announcements, and updates??? It has been almost two months since we last heard from them.
Over promising, under delivering.
TIC TOC, TIC TOC, Maurizio treat us as you want us to treat you!!! While you are at it how about returning to our treasury those millions of Medinah shares Juan “gave” his daughter who is your wife.
Is Freeport McMoRan negotiating with Masglas to partner with them in a joint venture agreement to mine the ADL? We know from what Maurizio has said, is that they were interested in other properties that fall under Masglas umbrella.
From one of the mining journals, Chile Explorer Report, quoting Maurizio Cordova, regarding the ADL, “The project has already attracted the interest of some major mining companies. Representatives from Freeport McMoRan (NYSE) were recently on site to assess the Pegaso Nero and Dos Marias targets.”
Freeport McMoRan is a very strong mining company. In 2016 their revenue was 14.83 billion dollars, with assets of 37.32 billion dollars. It is interesting in that one of their subsidiaries is Cerro Verde, a Peru based mining company. Their activities include the extraction, exploitation and production copper from the porphyry copper deposit located southeast of the city of Arequipa. The Cerro Verde Production Unit Expansion is considered not only world-class, but is also the largest one-time built copper concentrator on the planet. .
Last January their stock hit a low of $3.52, but has since recovered and is now showing an appreciation to $19.55 a share. Many investors are expecting the stock to move even higher.
I realize this is all just empty speculation but is no different from other empty speculations that I am hearing. Maurizio, let’s get this project moving forward! We need to hear from you!
Tic, toc, tic toc…..break the silence and give us some good news.
From this release by Auryn: AURYN Sells Mining Claims to Cerro Dorado, Inc.
“AURYN, could have abandoned the Medinah and Cerro shareholders, but chose to treat everyone fairly, the same way we hope to be treated.”
Questions I want to ask of Auryn, “are we being treated fairly” when there has been no update to answer the following questions relative to your release?
• When will the date be announced for the share exchange.
• When will the massive exploration program on the ADL be launched?
• How long will it take to accomplish the exploration on the ADL before actual production take place on the ADL?
• Have there been any major mining companies who have indicated an interest in a joint venture with Masglas/Cerro?
• Have you received regulatory approval which would allow for consolidating the capital structure and changing the name and allowing Cerro to move to a high exchange or tier on the OTC?
• Has the Fortuna gold mine been reopened?
• Have you begun exploring and or mining the gold veins of the Larissa tunnel.
Geez…all I hear is the clock ticking…tic, toc, tic toc..
Maurizio where are you?
(Marketwired - Nov. 27, 2017) - Revelo Resources Corp regarding the purchase by Masglas of the sell of the Araya Breccia Copper Project and Options the Los Azules Copper Project to MASGLAS Limited. Maurizio said he anticipated a market turn around in the next couple of years. In the near term, MASGLAS will start a small-scale mining operation at the Araya Breccia copper project, and it will also commence exploration at the prospective Los Azules project".
Payment for the Araya Breccia copper project is as follows: Pay US$100,000 in cash to Revelo in three tranches within 90 days from closing of the transaction. At Closing:US$30,000; After 45 Days: US$30,000; After 90 days: US$40,000).
Maurizio, has Masglas paid the first tranche of $30,000?
Under the 4-year Option Agreement at Los Azules Copper Project, MASGLAS gives this as their payment schedule and their four year drilling plan for the property: •Paying US$500,000 in cash to Revelo according to the following schedule: End Year 1:US$50,000; End Year 2: US$50,000; End Year 3: US$150,000; End Year 4: US$250,000.
Completing a detailed 4-year work program, including 17,000m of drilling, according to the following schedule: Year 1: Soil & rock sampling, IP geophysical surveying; Year 2: 2,000m drilling; Year 3: 5,000m drilling; Year 4: 10,000m drilling.
So, in light of what Masglas plans are for a small scale mining operation at the Araya Breccia project, and four year work program consisting of drilling on the Los Azules Copper project, what is the schedule of exploration, drilling, and actually beginning mining operation for the ADL? Will the ADL also be a small scale mining operation? Does Masglas have the financial strength or backing to begin production on the ADL? Unfortunately, if they haven’t begun production on the ADL, it could possibly be years before any stream of income is produced from the ADL.
Maurizio, if you can announce your plans for these two properties, why didn’t you do the same for the Medinah shareholders? As for me, your three releases just don’t provide enough information.
Tic, toc, tic toc.
Last release from Masglas/Auryn list quite an impressive group of members of the management team. Christian Hub will lead the geological team and David Brownrigg will lead the mining development team. Great! But when are they going to start managing. Maybe they haven’t even begun to carry out their designated responsibilities because there is no financial backing to pay them. Very impressive in a release, but so far, nothing from Masglas/Auryn/Maurizio as to their performance and efforts on the properties.
Tic toc, has Maurizio left Medinah shareholders at the altar?
One shareholder’s speculation is that Maurizio pulled the JV Option Agreement off the table because his financing fell through. Could be, but we can’t say because we don’t know their financial strength because a financial statement was never provided when the “sales contract” was announced.
This from one of the mining journals quoting Maurizio. “the company is aiming for significant production volumes, but with careful management of cost.
We want to develop the veins and generate the cash flow of a small scale mine, almost artisanal, but still significant.”
For what I know they are only permitted to produce on 5000 tons per month.
Will this be enough to generate a cash flow to pay for the management team, exploration cost and diamond drilling cost which is very expensive???
Tic, toc..we need to hear from you Maurizio!
Auryn was able to get their hands on “our” very valuable property, namely the ADL without even leaving a single dollar on the table for payment (just a percentage of a company that we still don't know what it's worth). Thank you Greg, Les, Juan, Gary and crew. Now we have Masglas/Auryn in charge and we are still waiting to hear from them since the last three releases. Tic, Toc and the price of gold and silver according to those who study the market, has a very bright future.
Matt Warner, director of research for Monday Morning says, “the upward path taken by gold prices over the first nine months of 2017 bears a remarkable similarity with how it performed over the same period in 2016.
I'm here today to tell you I expect that momentum to pick back up in 2018.In fact, I'm following 10 global events right now – and if some of them were to happen in quick succession, gold could soar all the way to $3,000 in 2018.
Peter Krauth, Resource Specialist, Money Morning “Last week, I showed you several charts that prove a powerful gold bull market is back.Today, I'm here to show you that it's got good company.
You see, silver and gold usually travel in a pair. So the silver bull is also back."
Although silver prices are currently around $17, I think we could see them reach as high as $22 later this year and eventually peak somewhere around (no kidding) $250 per ounce.
All of the above is very encouraging, but no one can say if these two men have it right, but the bottom line is Masglas/Auryn/Cerro have their hands on properties with substantial reserves of gold, silver, copper, etc. Maurizio even estimates the ADL is worth billions of dollars. But when, and how long, before Medinah shareholders reap any substantial benefit from Maurizio, his board of directors and management team, to successfully monetize the ADL.
Tic, toc Maurizio, shareholders are waiting to see how you are going to monetize the ADL. Tic, toc, Maurizio, how about a news release telling us what is going on!
Tic toc, when will the the exchange of Medinah shares for Cerro shares take place?
It’s not difficult to understand why we haven’t received a recent update since the last three releases from Auryn.
Board of Directors for Cerro Dorado:Maurizio A Cordova, CEO, Chairman of the Board, Dante Conetta, CFO, Walter Casquino, Gary Goodin, Raul del Sola.
Medinah Minerals: Gary Goodin, President, CEO, Italo Voante, Raul Del Solar
All members of both Cerro and Medinah are handpicked by Maurizio.
Since none of the officers of Medinah have been elected by shareholders, and since all have been appointed by Maurizio, is it any wonder that we haven’t had a recent update from Auryn relative to their execution of their business plan for the ADL. We have no one to represent Medinah shareholders and call for Auryn to provide a timely, informative update on their mining efforts on the ADL.
Talk about a “conflict of interest”. Gary Goodin is an officer on both boards..
Tic, Toc, the clock just keeps ticking and all we get is “silence”.
From the Dec. 15, 2017 release:
“We will post the complete contract with a detailed list of the properties as soon as practical”.How definitive is this? Practical for Auryn, not practical for Medinah shareholders.Just another example of Auryn of knowing they can do business in a time and fashion they choose without giving Medinah shareholders some information relative to the progress they are making executing their business plan. Tic toc….we wait…”the silence is deafening”.
Auryn sold it’s mining claims to Cerro for 6,650,000,000 common shares. How long will it be before Medinah shares are exchanged for Cerro shares? Since there is a one year restriction on the shares, the longer they wait, the longer Medinah shareholders have to wait before they can sell their Cerro shares.
Tic toc….we wait….”silence isn’t golden” for Medinah shareholders.
Some shareholders that I talk to are not expecting the share price to reach much higher than .03 or .04. Of course, in the eschaton it may reach much higher with production and or a JV partnership, but who is going to be around then. Many shareholders are much older since they first bought into this investment. Some are already selling and moving on to other investments. How sad....failure on the part of our previous directors, namely Greg, Les, Juan, Gary,etc...to allow Auryn to pull the JV option agreement off the table and give us this "sales" agreement has taken us to where we are today. And once the exchange takes place,we are facing the challenge of getting Cerro shares into our brokerage accounts. Then we have to wait "ONE YEAR" before we can sell the shares.
Tic toc, tic toc…the clock is ticking and questions abound from disgruntled shareholders about what is happening on the mountain and what is going on with the beloved savior of our investment. The Chilean summer is drawing to a close and we haven’t heard any news as to Auryn getting into production on the ADL. My sources tell me that “nada” is happening on the ADL. Guess that’s why we haven’t heard from Auryn because they have nothing to report. Auryn tells us that at they were going into production in November and then “SILENCE”! I know I will hear from the defenders of Auryn making empty speculations as to the reasons why we haven’t heard from the one who has rescued our investment. I guess they will hide behind the fact that as a public company they don’t have to report anything until they release the quarterly or annual filings.
And how about the 700 billion shares that were issued when the Nevada Corporation information sheet for CDCH only shows they were
only authorized to issue 500 million shares.
The only legal way to increase share count is by a 51% majority of shareholders of the company. They continue to do business with Cerro just as they did with Medinah. It seems they just aren’t concerned about the legality of their actions.
From the August 16, 2016 Informational Meeting announcement. “This is an informational meeting. An official MEDINAH shareholder meeting will be scheduled for a future date.” When did Auryn schedule that “official Medinah shareholder meeting?” Oops I forgot, they don’t have to hold a shareholder meetings to transact business as required by law, they just do it.
Gold hit its highest levels since late September on Tuesday, extending a year-end rally that saw the metal rise 6.3% in the last three weeks of 2017. The weaker dollar, which posted its most significant annual drop since 2003 last year, helped to lift gold by more than 11% in 2017. The metal surged $78 an ounce over the last three weeks of the year alone. Gold prices are trading around $1322 an ounce.
All this could be good news for Medinah shareholders..that is if we knew that Auryn/Cerro is presently monetizing the ADL. But of course, as usual they are silent on their business plans to monetize this awesome world class deposit of minerals. I am anxious to see what the year-end report will look like.
What we do know is Auryn owns and controls over 10,500 hectares of mining claims in the Altos de Lipangue mining district. And Medinah owns 23.559% of AURYN.
In the latest release, Maurizio said that they chose to treat everyone fairly, the same way they want to be treated. Maurizio how about you set the example by returning to our treasury the millions of shares that Juan freely gave to his daughter, who is your wife. How about exchanging Medinah shares to Cerro shares on a one to one exchange instead of the ratio of 0.558 shares of CDCH for each share of MDMN that our shareholders own. How about putting some Medinah shareholders on the management team and or proposed Board of Directors instead of friends of yours who obviously will always make decisions that are in the best interest of Auryn. How about you pay your percentage of the $375,000 legal fees that were incurred in getting our common shares reduced, since you also own, a large position in Medinah shares.
Christmas Morning! Let me see what’s in my Christmas stocking. Looks like Maurizio has put some Cerro shares in my Christmas stocking. Awesome…thanks Maurizio. That’s really nice of you. Where did these Cerro shares come from? You mean you traded two of my Medinah shares for one Cerro share. It would have really been nice if you had traded a one for one share. But anyway, I’m excited to have the Cerro shares. Hey Maurizio, I still have a few more Christmas presents to buy, so I think I will need to sell some of my Cerro shares to pay for the gifts. WHAT! You mean I can’t sell the shares. You mean I have to hold them for one year before I can sell them. Bah Humbug, what kind of Christmas gift is this! Hey Maurizio, how about you put some of those MDMN “free shares” Juan gave his daughter and your wife in my Christmas stocking. Now that would be a really great Christmas gift.
Anyway, I wish all Medinah stuckholders a “Merry Christmas”.
You can ask Maurizio to do it. I understand he or his cohorts read this forum. Les,Greg,etc actions have defined them and for me, what Maurizio has done to our investment clearly defines who he is for me.
Amparo is Juan's daughter. Married to Maurizio. Juan gave her a large block of Medinah shares. These shares were supposed to be returned to Medinah but there is no record to my knowledge that the shares were returned.
If the shares were not returned by Maurizio this only shows me he isn't as concerned about the share reduction as he wants everyone to believe.
I think it’s way too early for me to jump on the Medinah band wagon when it comes to touting the merits of this latest action of Auryn selling their mining claims to Cerro. To start with, I have always felt that Auryn would continue to reduce our percentage of their company and this latest action only bears out my concerns. It has been diluted from 27.5% to 23.559%. One shareholder even estimated that we actually own 22.5% of Auryn. And the shares of Cerro are restricted for one year: “When this transaction is complete, Medinah will own 1,649,130,000 shares of Cerro with a one-year holding period.” Lots of speculation as to the conversion of Medinah shares to Cerro shares and we have to hold them for one year. How difficult will it be to convert them into free trading shares? What should also be of concern is that Cerro doesn’t have any funds, we don’t know if Auryn/Maurizio have deep pockets, because we haven’t seen a financial statement. So how will they monetize the properties? Taxes alone run into the hundreds of thousands of dollars. Just too many unanswered questions for me to feel good about this latest action of Auryn.
The Christmas season is very big in Chile. Workers will take off from about December 22nd until January 3rd. So since we are so close to Christmas and since we have not received any news, notifications or updates from Auryn, that production efforts have begun, the statement from Maurizio that production on the ADL “might” begin in November has probably turned into a “production has not begun” on the ADL. And as I posted, my sources tell me that no production efforts are underway on the properties. It doesn’t matter to Auryn how loud the demands are from shareholders for news. Since we have no leverage to hold them accountable for provisions in the purchase contract that call for timely updates, Auryn can just take their time and keep shareholders in the dark as to what is happening, that is, if anything is happening.
My sources are telling me that there is no mining work or production efforts taking place on the Caren or Alto properties. Since it is the season for mining efforts, if Auryn has any intention on mining the properties this year, it should be taking place now during the summer months. My contention is that Auryn does not have the financial strength to carry out the mining efforts alone but needs a joint venture partner. But it's time for Auryn to tell us shareholders what is going on."
The endless bashing of Les continues. I fully understand that. He deserves to be the subject of shareholder anger as to the damage he has done to our investment. But what seems to be swept under the rug is the possibility that others were complicit in the issuing of shares to themselves and possibly others.
From the October 2, 2016 update:
“During the meeting MEDINAH announced that Greg Chapin and Les Price signed an agreement on August 23, 2016, cancelling all alleged debts owed to them by MEDINAH. In addition, former directors and officers Vittal Karra and Greg Chapin agreed to return to MEDINAH all of their shares of MEDINAH stock (common and preferred.) Furthermore, Greg Chapin agreed to give MEDINAH the shares he owned in AURYN Mining Chile SpA which he obtained through his ownership position in NUOCO.”
Anti-money Laundering Specialists, LLC (AMLS) was retained by legal counsel. AMLS specializes in Forensic Accounting and investigations. They were hired to examine the discrepancies in the financial disclosures. It was “not” determined who signed the documents calling for the issuing of the additional shares. Nothing was provided to Medinah regarding their findings as far as I know. All fingers were pointed in Les direction, and deservedly so, but I am not giving Greg Chapin, Vital and Gary Goodin a pass.
Greg Chapin forgives a debt Medinah owes him, returns all of the shares he owns of Medinah, gives Medinah the shares he owned in Auryn Mining Chile SpA. And he does this out of the generosity of his heart. (Doesn’t pass the smell test!) If he wasn’t guilty of being complicit in this whole mess, why all the generosity?
IMO one who is innocent doesn’t give back shares, and forgive debts.
I realized Greg has done a lot for Medinah and funded a lot of their expenses, but this, IMO opinion goes beyond anything done for Medinah in the past.
Greg Chapin and Gary Goodin were not novices; they knew what their fiduciary responsibilities were to Medinah shareholders. Their fiduciary responsibilities require them to check with the transfer agent, regarding the amount of outstanding shares before a quarterly update was issued. Had they done so, it would have been known to Medinah shareholders early on and possibly limited the issuance of illegal shares.
And why did Greg negotiate a “purchase” contract that was so favorable to Auryn?
Was a trade off in the works, forgive debts, give back shares and no legal action for signing this purchase contract?
And then he resigns shortly after signing the contract. I think I would have also headed out of Dodge after signing that contract. And what are the shares we own of Auryn worth…?? Seems no financial statement from Auryn can be found.
No thanks Les, Greg, Greg and Vital, you didn’t fulfill your fiduciary responsibilities to Medinah shareholders. Your actions=.0039
Shareholders can gripe and complain all they want to but Auryn as a private company doesn’t have to follow through on any of their announced intentions. Greg Chapin’s no demands “purchase” contract leaves Medinah defenseless and without any contractual provisions to make any demands on Auryn. They have said they were going to start production on the ADL in November, but as yet nada…nothing from them.
How some disclosure on the District-wide Analysis that took place in February.
“Dr. Jannas will work with other mining engineers, geologists, and consultants during the month of February to help AURYN determine the best strategy for expanding and developing the project. This effort will help us refine our “business plan” as we consider the development of the entire project, including the possibility of bringing on additional partners for the porphyry targets.
How about some updates on the partners, how about some disclosure on their business plan….???? Nada..nothing from them.
How about the Sec Form F-1 fliling…nada….nothing from them.
“AURYN is pleased to announce that it intends to provide increased liquidity to its shareholders by accessing the U.S. capital markets as a Foreign Private Issuer. Our intention is to file an F-1 with the U.S. Securities and Exchange Commission and become a fully reporting company. If our registration is accepted, we anticipate an initial public offering of our shares on the OTCQX® or OTCQB® tier of OTC Markets sometime in the fourth quarter of 2017
But they have the rest of the month to come through. They haven’t followed through on these promises, so why expect them to follow through on this? IMO, so far they have done very little to merit the confidence of Medinah shareholders. IMO that stems in part from the lack of disclosure and transparency.
It seems to me that shareholders have indicated an unjustified confidence how Auryn is going to act relative to the best interest of Medinah shareholders. I am not of the company of shareholders that believe Auryn is out to “screw” Medinah shareholders. I just believe that Auryn is going to always act and make decisions that are in the best interest of Auryn. That’s just good business. No one should expect anything less. But it so obvious that Auryn has deliberately positioned themselves where they have complete control of our company. Subsequently Medinah shareholders have no recourse or defense relative to any decisions Auryn has made or will make that influence our investment.
For me Auryn’s actions speak louder than anyone trying to convince me that Auryn is going to make business decisions that are in the best interest of Medinah shareholders. For example, they have failed to make timely disclosures as to following through on their timeline as set out in sales agreement regarding any exploration or production efforts on the ADL. They opted out of the joint venture option agreement, and somehow convinced Greg and other members of our BOD to take a purchase agreement that failed to have the following terms in the sales contract. There should have been a cash payment of some amount, a percentage to Medinah of all the revenue produced from mining efforts on the property, any unpaid taxes are to be paid by seller or to deducted from the cash payment, no assessment of cost back to the seller for any exploration, drilling or mining expense. penalties to be assessed in the event the buyer fails to execute the business plan in a timely manner. This entire sales agreement was highly weighed to Auryn’s benefit.
Plus the fact that our Board of Directors passed a resolution to pay themselves one million shares of Auryn stock as compensation for corporate governance. A BOD of Directors filled with appointees by Auryn. Should we have expected anything less? Not a problem for them to be paid, but these shares were set aside to be sold at a later date. Why the urgency? Does anyone have a handle on just how much that is going to cost us relative to our percentage of revenue from future mining efforts on the ADL? IMO it could be substantial and this would only be to the benefit of Auryn.
Only time will tell if my concerns are justified. Until then, I shall continue to hold on to my shares.
Medinah Minerals, Inc. Announces Completion of Sales Agreement with AURYN Mining Chile, SpA
May 16, 2016
The Medinah Board of Directors considers this Agreement to be very significant and a major milestone event. Medinah is extremely pleased to have a well-funded, professionally run and highly competent partner in AURYN. The Company’s goals are to look at the real possibility of issuing cash dividends and initiating share buyback programs.
"AURYN is working toward the exploitation of the Caren Mine. We have hired a team of Peruvian experts in underground mining. They have completed the project engineering and mining layout. According to the current exploitation license the maximum tonnage of production allowed is 5,000 tons per month. AURYN’s engineers plan to achieve this level of production within the next 6 to 8 months with a cut-off grade of 15 g/t of gold once production begins.
"We expect to start mine preparation during the second week of June. Mine preparation will take approximately two months.
Auryn did establish a timeline for production in the “sales agreement” for the Caren Mine. They clearly state that production would begin in 6-8 months, with mine preparation taking approximately two months,(that would make it about August/September for production to begin). Their goal was to achieve the maximum tonnage allowed which is 5,000 tons per month.
Hey Auryn, how about some disclosure as to your promise in the sales agreement relative the exploitation and efforts to bring the Caren mine to production. We are well past the timeline you established in the contract. What about the five shipments that were sent to be processed?? Of course we can't make any demands on Auryn because the sales contract left us defenseless and with no recourse to make demands on Auryn.
The sales agreement says you are a well funded, and professionally run and highly competent partner.
Hey Auryn, how about a financial disclosure showing Medinah shareholders you are well funded partner.
As far as Auryn being a professionally run and highly competent partner. Well, each shareholder has a right to their own opinion.
As far as I am concerned, the jury is still out on that one.
IMO opinion, it shows the opposite.