NEW NEWSSSSSS::::::::Gemini Explorations Inc. Reports Illegal Naked Short Interest Position and Restates Total Number of Issued and Outstanding Shares Reduced to 32,500,000
MIAMI, FL, Jun 07, 2007 (MARKET WIRE via COMTEX) -- Gemini Explorations Inc. ("Gemini") (OTCBB: GMXP) reports that after reviewing the company's stock with an independent analyst, there is an illegal naked short interest position of approximately 3.5 to 4 million shares in GMXP. This is in very sharp contrast to the OTCBB.com report showing the short interest to be 23,972 shares as of May 31, 2007.
NASD Rule 3360 has been expanded to require NASD member firms to report their short positions on all over-the counter ("OTC") equity securities to NASD Regulation, on a monthly basis. Once the short position reports are received, the short interest is then compiled for each OTC security.
Firms are required to report their short positions as of settlement on the 15th of each month, or the preceding business day if the 15th is not a business day. The reports must be filed by the second business day after the reporting settlement date. The short interest data is compiled and provided for publication on the 8th business day after the reporting settlement date.
Michael Hill, President of Gemini Explorations Inc., states, "We are working diligently with a third party advisor to bring attention to our company, and to correct this serious problem. In late April 2007, the company's stock fell abruptly, cutting the price per share in half. The selling pressure has continued and we believe there is a very large illegal short interest position in GMXP. This is a major concern for our company and our shareholders who are of utmost importance to us. That is why we recently hired an awareness group in an all out effort to correct our stock. Another issue I would like to address would be the current share structure. OTCBB.com and most other quotation service providers do not show the correct number of issued and outstanding shares for GMXP which is 32,500,000 not 72,000,000. We will be contacting OTCBB.com immediately to update them." The current share structure is as follows:
Authorized: 100,000,000
Outstanding: 32,500,000
Float: 4,500,000
Gemini recently gave an update on the due diligence process of the Los Chorros Mine Project, placing it in final negotiations for acquisition. The Los Chorros Mine is a producing gold property in the El Bagre-Zargoza mining district, department of Antioquia, Colombia. Mr. Terry Plumber, president of RMS-Ross Corporation, has just returned from a field trip to Colombia to assess the required equipment upgrades to the Los Chorros Mine. RMS-Ross Corporation of Canada designs and builds high percentage mineral recovery systems for gold, silver and most precious and semi-precious metals and minerals. The Los Chorros is currently being mined and operated with extremely antiquated equipment and Gemini is confident that the project could be turned into a highly efficient producing gold project with minimal capital costs. Gemini is proposing a plant that would operate initially at 30 tonnes/day with production doubling every 90 days during the first year. RMS-Ross will provide a detailed report in the near future outlining the proposed design and equipment costs.
The principal exposed vein in the Los Chorros working tunnels measures up to 2 meters thick and dips down at 45 degrees. Visible sulphides and massive sulphides are exposed and run from 2% up to 70%. Visible gold is present and samples assayed along a 30 meter section of the principal vein exposed between 2 faults returned values between 15 grams/tonne Au and 250 grams/tonne Au. The Los Chorros Mine presents an excellent opportunity for Gemini to take advantage of the near record high gold bullion prices and provide an internal source of cash flow to fund its ongoing development and exploitation of its wholly owned La Planada Gold Project, a potential multi million ounce gold project in southern Colombia.
Historically one of the largest gold producing countries in the world, Colombia's vast mineral potential has remained virtually unexplored using modern exploration and mining techniques. Columbia's gold reserves haven't been tapped in part because of 50 years of armed conflict involving the army, left-wing guerillas, right-wing death squads and drug cartels, a lethal mix that made mining dangerous. Driven by a new era of political and economic stability and an investment-friendly mining code, Colombia has emerged as one of the resource sector's most attractive new mining frontiers.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation of the gold production of the property to be acquired, the minimal capital costs to upgrade the Los Chorros operating plant and the multi million ounce potential of the La Planada Gold project.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking.
CONTACTS:
StockProfiler.US, LLC
Sam Brown
603-424-9068
sam@stockprofiler.us
Gemini Explorations Inc.
Michael Hill
President
1-877-700-1644
(IR info) info@geminiexploration.com
www.geminiexploration.com
SOURCE: Gemini Explorations Inc.
CONTACT: mailto:sam@stockprofiler.us
mailto:info@geminiexploration.com
http://www.geminiexploration.com
Copyright 2007 Market Wire, All rights reserved.
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