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1. Les did fracture his femur and hurt his hand/arm/wrist, whatever. Sorry, Krak, but you're missing the ball on this one. It is way too easy to visit Vancouver and watch Les squirm in his office and hobble out the door in avoidance because he has a "meeting" - the BOD is incompetent, inarticulate, and truly "in over their heads", but they're not insane enough to publish that update if it could be so easily debunked.
"prospect generator/royalty acquirer"
The longer it takes for them to announce an agreement on ADL, the more I am inclined to believe that you are right. The entire scenario is too much like the past jokes. The jokes are different, but they are all too much the same.
There is no partner to identify. There is no definitive date for an agreement. There is no real practical plan to move forward. Just different lines, which if sifted and analyzed, sound all the same as in the previous years.
While I and others are hanging on for the announcement of a JV, I am growing in disbelief of this amazingly contrived, shrewdly orchestrated charade.
The BOD has been given a pass on all their previous promises and no delivery. This May, if they don't deliver, no other answer but a JV with a capable partner will satisfy even the most ardent supporter of this crew of inept actors. No one in their right mind will believe another concocted story of spider tales. The web will come tumbling down. And with it, the giant spider on its own weight will crash and burn. Enough is enough will be the mantra.
If there is no JV agreement to prove up the mountain and monetize the claims, DeCosta can go back to the dental chair and fill those cavities with gold. That will be the extent of gold he'll see.
I fear you may be right! We await another couple of months!
Brilliant! Bravo!
Push aside JJ, Dennis, Les, Chapin, and the other voiceless dudes and install Beth as the Chairwoman, Pres., CEO, CFO, CTO, not just IMO, but I know she would do a much better job.
In the least, she would be transparent, capable of getting the job done after she is on the job for a few hours, either make or break Medinah. And it would either be a huge windfall for all, or we would be cleansed of a scam, if that's what it was designed to be.
Beth, you have my vote. I will write you in when I get my proxy. If they ever send it.
I feel like I found my Medinah religious leader. What a spiritual hoot this will be when Beth takes over the pulpit. Yaaaaaaaaaahooo!
I don't know how much teeth Medinah can put into that "request"
Giving the BOD the benefit of doubt has not helped those who've held their positions. In hindsight, instead of trade and wait for a better entry point, those of us who held, have experienced a significant decay in the value of our positions. This wait period was in anticipation of the news after the Ulander debacle, of a major mining partner. But it only served to buy more time for many to distribute shares and move on. The further erosion of shareholder and company value has been significant.
I note that Tenney was hired to turn this ship around. So we were supposed to see clarity, candor and cash. The three C's so far have not materialized. I also note that while Tenney has made some progress with regard to the consolidation of ownership, there has been not one solitary mention of any resolution of any potential claims the company may have against partner A, Ulander et al.
I fear greatly that if in fact there is a serious partner, I find it difficult to believe this partner would continue its discussions and conclude an agreement absent a clear signal as to where we stand with Ulander. I know we have severed ties, and called Ulander on his bs purchase, but he still shows on his web site ownership of Medinah. So, BOD, how do you expect a self respecting major partner to come to our table to feast, when there is a wolf out there who could potentially disrupt this party? Just a question. Perhaps I am concerned about a non event, one that has not taken place yet. Why worry? Right?
The AGM announcement to many shareholders was potentially a signal that the JV was either near at hand or we were in the no turning back zone with the partner C. Again, giving the BOD benefit of doubt.
Prior to the above, the amalgamation of the ownership of claims into one entity had a practical purpose, which was to the end that the negotiations with the prospective partner would be streamlined and far more effective. Without which, it was claimed, the prospect would not move forward with the discussions. With that out of the way, we again give the BOD the benefit of doubt as we await the news of a consummated agreement with our partner C, as the update implies.
So, our anticipation is that this partnership will be announced soon, imminently, next week, next month. We give the BOD the benefit of doubt.
It would be quite a disaster, if we go the distance, and no news of a pending partnership is made, and at the AGM, as Dean implies, there is no partner, but the company has shifted its outlook on how to monetize our assets.
Here we go again. The aha moment has arrived to the doors of the BOD, and their decision may well be "to hell with our prospective partner", let's just go it alone. After all, each passing day, there is the accidental finding of new deposits, skarns, veins of gold. So we are now a royalty generating company, and we are not for sale or not willing to dilute our value by giving away so much to get so little in return. We will hold the properties and collect 100% of the royalties from allowing others to mine our gold laden properties.
That would be great. Just like the gold mining operations where they allow daily access for a fee to idiots who would want to pan or dig for gold.
I see it now. Medinah puts out a massive advertising campaign here in the U.S., invites those who cannot afford to purchase mining claims to come out south with the family on a gold exploration vacation to Santiago Chile. Medinah will charge daily, half day or hourly access to the property so the family could mine for gold all together, having such fun and discovering gold and silver, and don't forget the copper and lead. Oh the family ties will get stronger, and we will get rich on the backs of poor suckers.
And they will of course be greeted by none other than LP and JJ as they pull up all loaded up in their station wagons with pick, shovel and pans in hand. Oh what dignitaries await the slobs who will be lined up to get fleeced.
I can just see it now. Our royalty payments, revenues from these inexperienced slobs, gold diggers, will surely double, triple, even quadruple our share price. Why we might even see that long awaited cash dividend, finally!
Get ready folks, forget the old terminology "capital company", we are now a royalty generating company. The Beverly Hillbillies are headed down south to mine for gold. And we gonna be rich. Yankee dollars without end will be flowing into our bank vaults in such numbers as to even confound our illustrious CPA. He will have to invent new ways of reporting such revenue/wealth. Why this is our big chance to do another reality show. The Beverly Hillbillies in Santiago, with LP and JJ as their hosts.
Of course, don't forget our legal beaver. He will have to write up a legally binding general release of liability form for our prospects to sign before they step onto our properties. So he will be a happy camper too, generating income from this new profit center.
WOW! This is kinda like the "I could have a V-8" moment. Why did LP and JJ not think of this years sooner? It took a guy inexperienced in mining to come up with this scheme.
Absent a real partner, don't dismiss this plan. Incredible as it sounds, that may well be our way out of this circus.
Beth and Rick,
I fully understand your ire Beth at the craftsmanship that is always evident in these updates.
Mixed signals and messages that are left with wide open gaping holes are the norm for this crew. The verbiage always seems to be carefully assembled to keep the shareholder at bay.
I am more surprised at your reaction to Beth's frustration Rick. Given the uncanny similarity of this update to previous ones, the feeling that,at least, speaking for myself, the BOD has the hook in my nose and pulls every now and then just to make sure that I have not cut bait and run away is ever present. I think honest shareholders will also admit the same.
That is how these silly, third rate, cut and paste, well crafted messages, they call, updates have come to be interpreted as by me and possibly by other shareholders. Not that I ever really believed the stuff, I'm just saying, most of the updates really left me incredulous on many counts, as Beth and others have also commented.
Dennis Tenney was ostensibly brought on board to open and loosen JJ's fist, tighten Medinah's ship and guide and navigate it through these treacherous waters of the mining world, without any previous mining industry experience, (to my knowledge).
Time will tell, albeit a short time from now, whether his efforts were productive. No argument about the need for consolidation of ownership, etc. but if this update were the first or one of the first updates in the company history, perhaps there would be less jaundiced view of this latest, but this type of bone throwing has been going on too long, and an update item that looks, feels, walks like a duck, most likely is a duck.
I am however of your camp that if I were one of the BOD who had the assignment of being at the AGM, would not want to be in attendance, if I did not bring with me a fully deliverable product and set it on the long awaited table of feast for shareholders to partake. Talking about ire, my expectation would be that I would prepare myself to be tarred and feathered by those present, if I came with similar news as in the previous AGM.
I think due to a lack of any meaningful, [in the sense that nothing has been monetized and the share price reflects shareholder sentiment of lack of ability on the part of the BOD] progress for such a long period of time, it has been the modus operandi of the BOD to think in "strategic" terms vis a vis the shareholder updates, instead of producing value for the shareholder.
I mean, really, I can see a conference call between the players at various intervals to conspire as to what and how...do we tell them, the shareholders, next. As Beth alluded, a competent counsel would be able to guide the BOD on what and how much to divulge without losing our "strategic" partner for good.
So I encourage the company officials, absent a conclusive, signed, sealed, money, or serious and substantive consideration transferred to Medinah's control/treasury, prior to the AGM, to cancel the same, and start all over again, until such time as the JV agreement is ABSOLUTELY secure. No need for a dog and pony show to hash and rehash the same minutia.
If we have no agreement, then let the share price sink further. Those who are still long will cover their losses in other trades or, if there is a real and long term play, the sp will eventually recover to reflect the true value of the assets. But be honest, and cut the crap of all the stupid third rate governance and so called updates, and either pull it off, or get off the pot and let the ship sink, and or hand the reigns to competent operators to monetize the mountain, if it is financially feasible to so do.
Due to the overwhelming response of affirmative approval by the shareholders of the scheduled date of Medinah's AGM on Mother's Day, I have received notice that the BOD will publish the heretofore schedule of all special emergent shareholder meetings for the remaining period this calendar year on each and every holiday, including Labor Day, Father's Day, Memorial Day, Fourth of July, Thanksgiving, Christmas, Honikah, Yom Kippur, and last but not least on Les Price's birthday. While I may have missed a holiday or two and probably do not have them in their proper sequence, you get the dirt.
This will most definitely ensure the highest number of shareholder attendance. Of course we can all count on a plethora of announcements to be pouring out of the company's next designated PR contact in between these scheduled special shareholder meetings.
Apparently Roberto did such an outstanding job of company misrepresentation with all his creative responses to shareholder queries that along with the newly appointed chairman of Microsoft, the BOD of Microsoft has voted unanimously to install Roberto as the Chief Misinformation Officer for Microsoft. CMO? Of course at Microsoft, the acronym would be CMOM. Now that has a nice ring to it. I have it on the strictest of reliable information that a bidding war ensued between Twitter, Facebook, Google, Tumbler, Groupon and last but not least Ali Baba of China, to hire such a gifted PR person as Roberto. But Microsoft won out.
I hope you all join me in giving Roberto a most appreciative send off and wish him tremendous luck in putting out even more tales of "next week" at his new assignment. And oh by the way, since we are living in this incredible technological age, unlike the new chairman, Roberto does not need to move to the Seattle environs to perform his duties. He can stay in Las Vegas and field calls from the four corners of the globe.
Ah, I can hardly wait for the AGM to convene. The suspense of how they will finesse and spin is killing me. Should I forget about dear old mother and leave her sitting in the corner of her room alone on Mother's Day and attend the AGM, I will bring the most precisely engineered gyro to the meeting and compare the speed at which the gyro spins relative to the BOD's. I wonder who would be the winner, the gyro or the BOD?
Here is a thought. What if the BOD fails to deliver a JV deal at the AGM? I fully believe the BOD has plan 1 and plan 2 already in the works.
Plan one is to identify the JV partner and provide just enough info to keep the shareholders satisfied.and send us home with platitudes and their most appreciative gratitude to shareholders for being so loyal. Plan 2 is ...If the current JV partner walks prior to the AGM or if in fact there is no JV partner, I have a suspicion that Chapin, Tenney and others will return more of their shares to the company. If we behave ourselves, we might even be treated to the all you can eat carrot cake bar.
In addition, JJ will reach down in his pockets and pull out yet another rabbit and gift the loyal shareholders more shares of other non producing gold mines.
So in the aggregate, everyone will come away from the AGM totally satisfied that they got what they deserved, namely a blue ribbon award winning carrot cake and the royal Chilean shaft. (and I don't mean a mine shaft)
My gut tells me we are headed below the 52 week lows. My gut has been wrong in the past mind you. So here's to another wrong gut feeling.
The suspense is killing me, I tell ya! This spiritual experience is forcing me to look more deeply into the tangible things rather than the ethereal delivery to the promised land which I have been lead to believe will occur "next week".
What joy Medinah brings!
What amazes me is the ultimate gullibility and acceptance in the past of all the bs that was fed to the friends of the BOD. Knowing full well that a pink sheet company usually does not stand to be scrutinized there were all sorts of methods and carefully crafted messages that the BOD was able to freely disseminate to the public through friendly channels.
Lest I be accused of Monday morning quarterbacking, in retrospect, and even at the time I heard these ridiculous announcements, I always felt these wild messages that were floated out there , were incredulous. I would shake my head in disbelief and made private comments at most of what I was hearing from my sources to my sources. In almost every instance, I would be shot down as I would respond with my sense of skepticism. In deference to the esteem in which I held my sources, I would bow my head and accept what I heard. Trust me it was and is no consolation to later hear from my sources that I was right. I wanted to be wrong. There was no gain in being right and staring at wall paper peal during my holding period.
The above as a background, not a complaint, due to the predictability of the methodology of the BOD, which is based on the BOD's historical actions/behavior, below please find the following assumptions:
1. The announcement of a fully completed, fully notarized, fully executed, fully or even reasonably funded, fully compliant in every respect to contractually adherent terms with proper contractually crafted covenants with a partner is off the table. The BOD will provide all sorts of spins on an agreement, but will fall short of a contract with a partner that is totally bullet proof, and that will withstand the review and acceptance of most legally binding and sound contractual terms. There will be certain holes and cracks in an agreement between the parties to the agreement. This is how it has been. I find no reason to believe things are any different today.
2. The agreement will have clauses that will allow for delays in funding, deployment of resources, start of major exploration to the end of certain discovery of reserves as defined by either US guidelines or 43-101 standards.
3. The BOD will throw bones at the shareholders, apologies included, in order to deflect their attention from the usual and standard modus operandi that shareholders have come to expect from this incapable group. This has partially been accomplished with the gift of 30% of shares from JJ's private reserve.
4. The AGM will be attended by disgruntled shareholders who will make all attempts at holding fire to the heels of the BOD, but will fail to extract certain assurances from the BOD that the future will provide much by way of
real and discernible change in company actions to monetize the holdings.
5. The meeting will end in a positive tone, and most shareholders will come away from the meeting feeling as though much has been accomplished and there is much more great news to come.
6. SP will deteriorate further prior to the AGM, but will find bottom as the perception of a value play will override all reason and caution and buyers will make certain the SP does not fall beyond a certain point. Fortunately, this stock has more technical predictability than most pink sheet stocks, so it will find support at a perceived low and with a surge in volume around the week or days prior to and post AGM, the stock will rally.
7. If the rally is supported by more than a technical and psychological bounce, meaning, supported by fundamentals then the rally will be sustained and the SP can and will rally to new highs. But if my assumptions are accurate, then the rally will fizzle due to profit taking on huge volume and the SP will again drop, even slowly, to the newly created support levels, to eventually find new 52 week lows.
8. If my assumptions are accurate, then for future trading and predictable points of entry in anticipation of profitable bullish plays will be out the door. In my umble opinion if the BOD talks the talk but delivers the same, this stock will be a great short. (safe assumption)
If anyone cares to complete this top ten list, I have deliberately left the last two of the top ten list du jour for anyone who cares to opine. Please feel free to do so.
As a post script, let me add that I wish to be wrong in my assumptions above. I have much to gain by being wrong and a lot to lose if my assumptions are true. So here is to a memorable and a fireworks filled AGM.
The auditor did not need to provide details but if the "deal" is so far along, why no mention of it? I assume it would be a material event.
Beth, you are too kind. However, coming from you, it is quite a compliment. Lacking any real news worthy of a world class operation, I suppose a bit of humor now and then goes a long way in keeping our sanity.
That said, I am now working on my accpetance speech. Never know. I want to be absolutely prepared when I am the finalist.
That said, I will be quite nimble on my keyboard and will make adjustments to my acceptance speech as the drama unfolds, as I am sure this story is yet to unravel in the most astounding ways.
So we need to keep in mind that as witty and clever as we may seem in opining on this most entertaining of all operations, no one but no one could have dreamed of the twists and turns, the endless creations of stories upon fables, excuses and blunders, the intrigue of criminals behaving as bad actors, the international chases in the most high financial circles, the overwhelming endurance of pain and wonderment as to when this whole saga will finally complete its final chapter.
This is reminiscent of the sardine fishermen who traded among themselves until one ate all the sardines, which then ended the trading and thereby both went broke.
So, I guess this is too entertaining for some of us here who really are no longer seeing their tading accounts prosper, but enjoy a laugh or two while the stage is being set for another scene by all the good, bad and the ugly actors.
This is more fun than any pink sheet investor deserves.
The Benevolent leaders of this company who just keep on giving brings a lump to my throat. I am overwhelmed at their spirit of sharing the wealth. Why, it wasn't too long ago that some of the leaders each returned 2,000,000 shares to the company. And now, again, they have outdone themselves. Giving Medinah 30% ownership of another property that will be on the string just as the other non performing mines just makes me want to walk up to those charitable guys and give them all a big miner's bear hug.
What is there more to say but to be amazed at the "altruism" of these capable operators of "world class" mines.
The way they toss around millions of shares between themselves and the poor wayfaring shareholders is a total act of sacrifice, acts not seen with the likes of Barrick, Newmont, and all the rest of the greedy mining companies who keep it all to themselves.
I wonder if the shares were actually worth real money, how freely they would have thrown those bones to the shareholders.
You know, I wouldn't mind trading all of my shares of MDMN with the worthless shares of Ulander's stock that Medinah is still presumably holding on to for security and breach of contract, etc.
I have a better suggestion. JJ, take back the 30%, and give each and every Medinah shareholder cash. I mean, real cash. Like Yankee dollars. No diluted pink sheet junk stock. Real money. Make everyone whole, and send them on their way with your blessings. Now that would be an act of true sacrifice.
I am aware of a mining company, that will go nameless, at the time when the share price was trading at $0.10, decided to take the company private. So as they announced the company would tender $1.60 per share to redeem all outstanding shares, the share price predictably went up making each shareholder lots of Yankee Dollars. All the publicly traded shares were purchased by the original investors and now it is a privately held gold mining company with properties in Colombia and Africa.
Perhaps JJ et. al can step up and make such a bold offer to the shareholders and take the company private. After all, Medinah is a "world class" property. Work on that our fearless, benevolent leaders instead of chasing deals that never close.
Question for Dennis and JJ et. al...When do you think you will conclude the negotiations, discussions with this yet again unnamed JV partner? Just asking to see if I have time to watch "Gone With The Wind" again, before you make the next practically useless announcement.
And before you make the next public announcement, please give us a heads up. Some of us fail to understand and digest your sense of fairness. This is too good to be true guys. It just is.
Amazing!
"In their SEC filings, in addition to the disclosures required by Regulation S-K and 20F, mining issuers must include the disclosures required by Industry Guide 7. All U.S mining companies that are SEC filers are required to report under its rules."
Interestingly, Medinah was so hell bent on upgrading its listing status and become a reporting company a few years ago. At the AGM, based on the newly forged agreement with an illustrious Sweedish meat ball, they were so high, in no uncertain terms, on the propogation of their mission statement to the shareholders, the public, that Medinah had turned the corner and was now moving forward with all required steps to become a reporting company. Further, Medinah had now become a "capital company", whatever that meant. Hiring an attorney to start on that road was one of the announcements. In the least, the BOD made all sorts of forward looking statements. Whether these statements were made with intent to create a buzz and thereby promote the SP is to be proven. But, history has proven that their agreement(s) were anything but complete. So it would not be a reach for an objective observer of the company modus operandi to see through these statements.
So as long as Medinah is not a SEC filing mining company, in the eyes of the public, the BOD will continue to be less than reliable in any of their representations. Each and every statement published by the company now and in the future has to be taken with doubt and disbelief until what they claim has proven up.
Why? Because it appears they are still hiding behind the veil of the "non reporting" status and therefore cannot be held responsible for the outcome of their misstatements, under the same high reporting standard of a SEC reporting company.
In that context, any attempt at floating the notion of dividend payout again has to be taken as an intent to appease shareholders, rather than using any new funds for operational purposes to fund activities that would truly enhance shareholder value.
What would be the source of the dividend? The answer is, an investor, partner. Why would an investor, JV group that puts up any money, want those funds to be used for shareholder distribution? If I were making this agreement with Medinah, I would insist on a cooperative move in sharing the exploration capex, rather than see my investment dollars be used in paying dividends. My opinion is there is no dividend coming. Par B to my opinion is that if Medinah uses stock dividend, sp is headed south, unless it is coupled with substantive news, new capital in the bank.
So here again, if in fact Medinah is allowing information to be leaked to the "annointed" ones regarding dividend distribution, so in turn they then get the message out to their sphere of influence, and eventually to the ears of all shareholders, the company is using again a tactic to keep the share price up and appease shareholders. This type of hype is so transparent, it really is too odious even for this BOD. I wish they would simply stop throwing out bones and move ahead with the business of mining/wrapping up an agreement already. That is if there is a group out there with whom Medinah is still talking. Enough!
Rick,
Thanks for the analysis. I don't want to talk for you, but I think you
believe as I do that this week was a crucial week for the technical
trading of the sp. I am glad to see the high volume. This indicates
the buyer's sentiment of things to come.
That said, if the fundamental substantive news fails to rear its head
from the deep sleep, I think we could see a sharp and serious reversal
in the weeks ahead. Perhaps not as early as next week, but it will.
Please do me the favor of deleting one of my previous posts. I hit
the submit button twice on my iPad.
Thanks again!
so the cost of that should be quantified
Beth, Beth, Beth...You of all posters here. Sorry, you are right on. I intentionally left out the emoticons.
I truly admire your verbal prowess, as much or more than your analytical views. You are among those on this board who garner my respect.
I would never play such a joke on you. Now if Les were reading my post, I'd say it was a joke on him. The question is, are you playing a joke on me? LOL
Shame on Medinah for not handling this "world class" deposit, in a world class way.
In my Umble opinion, we are not seeing $0.20 in a few days nor in a few months. Perhaps, if a capable middle tier miner joins us, and begins to show a serious capex capability and willingness, or in other words, a solid contract, with an immediate transfer of funds to Medinah, and solid commitment to begin serious exploration, then and only then, can we again look at the teens plus in the share price and who knows where it can go from there if the mountain is proven up in time.
For certain, we will always have the dilution hanging over our heads which will keep the sp in check.
mike gold is doing stock promotion
For those who have not seen the following material...
Medinah still showing Alluvia PPM. http://www.medinah-minerals.com/pdf/2012_09_06alluviamining.pdf.
Re Amarant and Alluvia...If this is old news, please disregard. If you visit Amarant's web site, Amarant still shows its acquisition of the ADL project. FWIW
http://www.medinah-minerals.com/pdf/2012_09_06alluviamining.pdf
The December 2012 video tour of the tunnel at LDM, guided by JJ is worth watching. Quality is poor, but the content is the important item to watch.
December 23, 2012 - Las Dos Marias Mining Project - Video Presentation by Dr. Steven R. Kleen
http://www.medinah-minerals.com/projects.html
Enjoy!
Bashing DeCosta because he is not a qualified geologist or qualified as a mining expert is not even the relevant topic as far as I'm concerned.
What is disconcerting and totally unacceptable is the continued efforts on DeCosta's part to refute the facts. This was most especially clear when Ulander failed to perform.
Even prior to his ridiculous statements close to the time that the BOD finally pulled the plug on Ulander, DeCosta was apparently making affirmative opinions that Ulander would come through and fund the contract. No one should have stuck their necks out that far, especially DeCosta, whose words are always being scrutenized.
That isn't all. While he is lightyears ahead of me and others with respect to his knowledge of the ADL/LDM properties and other topics related to mining, geology and dentistry, I fail to understand how he could profer any semblance of factual opinions on the agreements, performance and or any related matters with respect to any JV or business arrangements entered into by the BOD with any past or future partners. Why would he be so "annointed" to expound on these matters?
While I find his and other posters' published comments on the geological studies, geological findings and strategies in the discovery and exploration of mining properties extremely interesting and beneficial to me personally, and I hope to others on the boards, I fail to see why that should in any way give them special dispensation to make cheerleading comments on the size, timing and the potential of any past, current or future JV.
I think that is the rub. No one but the company, BOD should offer any public or private statements as to what is or has transpired, or will yet transpire in the future with any JV, especially unsubstantiated. And couching a forward looking statement under the disclaimer of "my opinion" does not mitigate any potential damage that such a statement of opinion has and will potentially cause to shareholders who hold such persons in high regard, from those whom others(followers) regard as more "connected" to the top, the BOD, or more knowledgable,when things do not materialize, as in the case of partner A, B and so far C.
Changing gears slightly, truly, how difficult was it for the BOD to perform an appropriate amount of DD on Ulander, prior to entering into the agreement. DeCosta, being the more connected to the BOD than most shareholders, and having at stake most probably more than the average shareholders, one would think, would have gone one step further and performed some due diligence on Ulander as well as on the geological aspects of Medinah. If his investment was at risk, and he performed a serious enough research on the site, at the site, and met talked with the members of the BOD and other experts, I think it appropriate to ask why would he not conduct even a small amount of due diligence in vetting out a JV partner. He seems perfectly capable to at least look into the veracity of what Ulander was brining to the table.
When it comes to DeCosta, there are more questions than answers. While I am not in the camp of throwing out his opinions in a broad brush manner, I do take what he says with a jaundiced eye. I don't really think his hands are clean as some suggest when it comes to promoting Medinah with its sordid and damaging past events. The square peg does not fit well into a round hole.
Just my opinion.
Thank you RD759 for your well expressed, practical and professional input.
Would that those who were succored into long positions in MDMN by the BOD and friends who claimed to have the inside track on "next week's" announcements had the benefit of the type explanation you have put forth as to what constitutes a mining property as a potential investment, rather than pure wild speculation, as MDMN was and continues to be.
No amount of positive broad brush pronouncements on the WCD can be a substitute for the type of work required to bring this mountain to the point of interest by a respectable size mining/exploration company to be engaged as a JV partner. You have made this clear.
So, with this long period of silence since JJ's shares were consolidated into MDMN, the question is; what is really going on?
Either there is nothing to report after discussions with two, three or more potential suitors, or all these fluff events that are announced are merely more of the continued attempt on the part of the BOD to attract more and new buyers to this worthless stock, while the insiders use it as an ATM.
If there was anything of substance to report, I have to believe that the BOD, Tenney would have already made such. If they have the gonads to make the repeated fluff announcements, why would they withhold announcing any event that would be the most real and most practical in terms of advancing the studies, then the exploration and all related events.
Instead, we get the BS that the deal is done. There are two or more other JV partners we are talking with. There is ore being shipped to Til Til, and all the pictures that amount to nothing but more of the same BS.
Yes, RD759 you rightfully state that Medinah should have done its level best to complete the economic studies at a fraction of what it would cost today, and present the data to the prospective JV partner, affliate. Apparently a NI-43-101 report is the furthest thing from this and previous BOD's wish list.
Prove me wrong BOD. Make a true announcement of what is going on. I implore you to act in an expeditious manner to make a public announcement of what the hell you are up to.
You have nothing to lose by making an honest announcement. But you have a lot to lose by keeping this charade going. Come clean, either way. Either we have a JV or we don't. Stop sending out trickles of favorable misinformation through the "annointed" share holders.
And finally, perhaps the BOD should hire RD759 or his equivalent to do a formal study and put out an honest, professionally prepared, third party NI-43-101 report. Wishful thinking on my part.
Happy New Year to all!
I would be willing to wait another 12 months for such a report. But, I assure you, I will not wait another 12 months of the same from the BOD.
Agreed. As a rule, it is totally against sound method of investing strategy to "bet the farm". I think a healthy portfolio typically should not have more than 5% exposure in even financially viable, fully reporting, profitable with strong and clear forward looking guidance.
My apology for any potential misconstrued info. Nothing intentional nor do I have any hidden agendas.
Thanks for your thoughtful response.
After hours trade of 52,000 shares at $0.0449. Shades of tomorrow's trading, or just an another innocent trader getting ripped off by a market maker?
We'll know tomorrow. Of course, another month or two of the same from Medinah, and $0.0449 could be an awsome price. Share price could tank to sub $0.02, or who knows what, by end of Feb if there is no JV or worst yet, an announcement that partner C has cut off discussions, that's if there ever was a partner C.
communication from the company via the IR person listed on the company website should be considered the only legitimate sources of information available.
I have no idea if Roberto actually said those things to you or if you've even spoken with him. I'm not saying it didn't happen, just that I (we) have no way of corroborating a second-hand conversation between he and you.
I have no sense for this man Roberto, at all.
PS- Bonus points to ANYONE who can deliver a bona fide "Roberto's Top Five Moments" list. Heck, I'm willing to settle for "Top Three"!
Let's leave censorship for others.
WOW! This is priceless
stir up all kinds of unpleasant stuff in myself which I worked on resolving in order to help me be the person I want to be. That's as valuable as any money I'll get out of the investment. Whatever unpleasantness I've endured from all of this has made me a better person"
Are trucks currently delivering ore to til til?
If I had to guess, I'd say they met him on a golf course.
Beth and Rick,what with Medinah's abismal performance with respect to securing a capable partner, nor being able to obtain funding to go it alone, and with all the failed promises of the BOD, I find it difficult to believe that either oner or both of you would not have been able to step up to the plate and hit at least a double. One of you could have hit that double and the other brought him/her home.
I see how some have been expecting a grand slam home run out of the past and current BOD. That was a pipe dream that was too good to be true.
If we assume that your skill sets were not up to par with a mining play, I go on record to make the emphatic statement that with all certainty, neither of you would have misled the shareholders to the extent that we have been so far.
Yes, we need to give credit where credit is due. JJ did a great job at landbanking the claims. But, that was his best of skills. The job of finding the partner should have always been someone with a more objective view than what JJ possessed.
You two have my unwavering endorsement to be installed as members of the board at the next AGM.
As the eternal contrarian, I probably would want Krak to have some voice as well, or in the least, perhaps on the advisory committee. LOL
Not to worry too much ABZ. If Midinah does not make an announcement that has some teeth soon, there will be plenty of shareholders trying to beat a path out the narrow door even in the $.04's. LOL
That will happen soon enough. I am afraid to admit.
Janice,
This whole saga of Medinah has been "incomprehensible". According to Roberto, the contact person at Medinah, Volcan is shouldering the expense.
Note that roads were previously widened. Ore was being shipped. The "incomprehensible" tales just keep going on and on.
Rick,
Yes the first part is for this forum and the latter part to Tenney and also venting a bit on this forum.
No I have not sent it to him. However, I did speak with Roberto in Nevada. He claims Volcan is spending money on infrastructure as we speak. He also claims announcement will be forthcoming. He also claims that shareholders will have some great news to look forward to.
It is incomprehensible to me if in fact Volcan has already made substantial expenditures on roads, shaft safety etc. then why not make that public information.
Nice to bring 20M shares back home again. Nice to announce that. But really, this is merely a company auditor's, accountant's info and does not do much for the share price or the real crux of the company operations. Strategically, it is a relatively minor event. I agree with your assessment that this decision to cancel the agreement is the right thing to do, and shows some resolve. But let's focus on the big picture (ADL/LDM) and inform shareholders of progress in that regard, or lack thereof.
It appears that as soon as the Ulander deal started to look sour, the company came out with another diversionary message re the ADL being the real deal. All of a sudden, shareholders were to look no more at the ADL but the LDM was now the real prize. So it continues, it seems.
So the motto has been, if we cannot deliver the real deal, let's do something to keep the shareholders at bay. If it walks like duck, quacks like a duck, it probably is a duck.
I probably should send that post to Tenney.
It would be a travesty to refer to having a position in MDMN an investment. Surely those who have been in this game at prices sub $.02 and $.01 may not feel that way.
But for those of us who jumped in after the deal was done done done and who have made the fatal error of attempting to average down, since Tenney took over, have no one to blame but ourselves for making yet another error in judgment.
My comments regarding the uncanny and what appear to be deliberate attempts on the part of company reps/ceo at making fluff annoucements, when for some time, the rumored and expected annoucements are to have some material substance, i.e. annoucements re the JV, are that they are timed and orchestrated to be manipulative. If today's announcement was part of a long operating history of a company yet unblemished, it would be a no event with me. But the fact that it was again timed to come out when many were given the distinct impression that a material announcement would be made on or about the first of December, makes me wonder at the methodology of the past and present. To that I say, nothing substantial has changed with Medinah, even if Mr. Tenney wants us to believe it has. It's the same old, same old.
Here is my two cents worth.
Mr. Tenney, it's time for you to lay out the bare bone facts and truth as to what is going on with Medinah. The cloak of secrecy only breeds mistrust and conjures up visions of the historically garbage lies that the company has previously put out.
I suggest that you start today, if you already do not have one, start today and prepare a business plan outlining in narrative and projected financial terms for the next five years a picture of where Medinah is and is expected to be. When done, publish it. Now that would be material news that we can all chew on and then make informed decisions. This fluff stuff is only hurting you and the company.
I realize the plan will be full of assumptions, but frankly, what else can you base it on. Shareholders should have a picture of the status of this company now, as a stand alone and one with a JV partner. And if this partner is Volcan, come out and announce it. If Volcan is not, and you do or don't have another prospect, then make that announcement.
The notion that terms, discussions between Medinah and Volcan are conficential don't fly with me. I am over confidential nonesense. If there are those who have the information that Volcan is the partner, then where is the confidentiality. Hog wash.
So, Mr. Tenney, if your mandate was to put a new face on this company, then show it. You are beginning to sound like the previous messengers.
Those in the know have mentioned the 17 year rule for junior miners to get up and run from their baby walking steps. Well, we are going on to the 18th year in 2014 and all there is to show is still a fairly messy diaper. Someone needs to throw out this stinky diaper and put on a suit that is clean, and properly fits, and has all the hallmarks of a resectful entity, and not this fluff, pink sheet rag tag group of huksters who are out to enrich themselves at the cost of shareholders.
Mr. Tenney, you are on stage. How you perform now will set you apart or you will also lose credibility as your cohorts in Medinahland. Time to put up or shut up.
Only a matter of time. This jargon is copywritten by Les et. al. Please do not infringe on copyright laws.
It's always been a matter of time. This week, next week, imminent, soon, end of year, after notarios, after receipt of funds, after the trucks haul off the ore, after the smelter delivers the pittance to Medinah, after JJ approves the whole enchilada, or is it caviar for him these days?
There is something happening, but we shareholders don't know what it is; do we Mr. Les, Tenney, Chapin, JJ et al?
Rick,
Although your point is well taken, a picture is better than none, what is consistently lacking is the managment's candor and transparency of events that are taking place.
For instance, they have a hard time making the case that they did not know Ulander's background. And if they admit they did not know his modus operendi, then they have to be characterized as woefully inept at best. Frankly, I have a diffult time accepting that, given that JJ is a learned man, who brilliantly negotiated and amassed all these valuable claims, has been at the forefront of all these negotiations to acquire the claims so skillfully and yet refuses to ever ask or enquire as to the credibility of the buyer? Does not add up. Something is array there.
Another issue is the total silence on Ulander et. al, and what the status is of the security that Medinah held against performance by Ulander. Does Medinah just walk away with no recourse? What and where is all that worthless millions of shares of stock that Ulander pledged as security. No discussions on that. No information on that. NOTHING.
The usual method of working the claims has been to post pictures, make statements regarding progress reports of ore being shipped, the reports of the value of deposits, when it has not been fully vetted and verified, reports of yet other discoveries of even greater value deposits at LDM than ADL, and on and on. The fluff reports are unending, while substantive actions that produce cash flow is supposedly progressing now.
The problem Rick is that even when there is real progress, it is clouded by all the extraneous garbage that shareholders are asked to believe and swallow hook line and sinker. And all because JJ has spoken it.
And now we have our new CEO, Dennis the menace regurgitating all the fluff that JJ fed us, only doing it his way. Thanks for your most recent update Dennis. We are now in good hands because your bio says so. And we belive.
Interesting to note that his bio sounds like a low level managment cv more than anything else. Another fluff. Yes great, you are a great turn around artist. So show us your history as to whom you turned around and the total value of the deals. Not too impressive so far. Let's see what value he brings to the table.
So we sit and wait. When will this managment produce a legitimate payday? Anybody's guess.
[Investors are welcome to invest in those companies if MDMN does not fit their risk/reward appetite. As I stated in an earlier post, I invested in MDMN knowing full well of their reporting status and the inherent risks associated with it. Shareholders that are looking for a fully reporting company to invest in obviously shouldn't step near MDMN]
Rick,
I find this statement disturbing in the least and totally skirting the real issue as to why some "investors" jumped into MDMN.
At the much touted and heavily anticipated AGM in Feb of 2012 the esteemed members and the illustrious leader, and other seemingly large stake holders of MDMN stock appeared in public, put on a dog and pony show to persuade hundreds of shareholders that MDMN had struck an agreement to sell 1508 claims of the ADL for $180M cash, albeit with terms, with a 15% carried interest to the benefit of the shareholders of MDMN and Medinah Chile. We were told that the buying consortium would pay $18M cash per year, and Medinah would be the beneficiary of a potential bonanza, if and when the buying consortium successfully mined the full potential of the claims, in copper, silver and gold deposits. Further, (no need to go into the numbers), but even the amount of the estimated dollar value of the three major metals present at ADL were clearly enumerated, which totaled in the several Billions. I believe that was the summary of the deal.
Here were from all appearances, fully sane, clearly in control seemingly honest and totally in charge types, by way of JJ, and others, who made the statements that the deal was done, done, done. Of course, the proviso was, and in a deal, always is, the deal is completed when the funding hits Medinah's, the seller's account.
However, after the fact we discover that the methodology used in carrying out the duties of those stewards of the assets of Medinah is less than legitimate, on the face of it all, as well as in even a cursory analysis.
Let me give you the reasons why. 1. There is and was no legitimate reason for our team, JJ et al. who negotiated this incredible purchase/sale agreement to agree to a NDA in the first place, and 2. make such a protracted and weak agreement that dragged out for almost 18 months.
When our team began negotiating with an entity our negotiators should have completed the negotiations in total secrecy, (if they felt it was the prudent way to go) fully complete the transaction, collect the funds, deposit the required funds of the seller into Medinah's account, again in total confidence, and when both parties completed their respective duties to each other, lift the NDA, and make a clear and unfettered announcement that the deal is done, done done. Not until both parties fully lived up to their respective duties, and the funds were collected in good funds and other duties of the buying consortium were fully discharged should our team have made such an assumption that this transaction would one day in the future be completed. It is my opinion that this entire transaction negotiated with this Ulander was done in total negligence at best.
2. What is and what was the benefit of keeping the identity of the buying consortium confidential? Do you see a legitimate reason? I don't. Especially as the BOD had reported at the AGM that the deal was done, done, done. Why keep things under cover when the deal was done. Give the full details of the transaction out to the public. What is so sacred about the terms as negotiated and signed by both parties?
3. When the delays in funding occurred, why leak out tid bits of information through shills to the general shareholders, of all sorts of rumors and promises of the payment being imminently received by Medinah and other fluff?
4. Why make ridiculous announcements in q & a's of funding for the exploration has been increased from $5M to $6.7M (approximate numbers) as now the claims are even richer than originally estimated, when obviously, there was no intention on the part of the buying consortium to make good on even the initial deposit funds for the stock that was put to the buying consortium. Continued announcements that the BOD had verified that the funds for the exploration were located in Chile. What does that mean?
5. Why agree to have such an extended drop dead date, over 18 months beyond the done, done done announcement, when there were other suitors who would have performed if this consortium failed?
6. Why get into bed with a purchaser who had not mined a single gram of any metal? Since Medinah owned those 1508 claims, and under that ownership could not raise even a red Chilean Centavo to explore those claims, why give a non mining entity such as Amarant the cover to go out in the financial markets and raise $75M, of which funds none were delivered to Medinah. Why Medinah could not raise those funds on the strength of the estimated Billions in metals, and this non entity with a person at the helm who has a questionable past take 85% ownership of our claims, and go out and raise $75M?
7. When the buyer did not perform the distractions started to be sent out. All of a sudden, LDM became the much sought after prize, even trumping the potential of the ADL. Why, we were told our team of negotiators were absolutely brilliant not to include the LDM in the purchase/sale agreement with buying consortium. This buying consortium was given first rights to purchase the LDM, again adding to the fluff that we, the shareholders of Medinah still held the best property.
The spin started, and went on and on. The reasons why share prices were not reflecting the value of the assets were because of the short sellers. The sp would explode once the Bogdan case was resolved and Bogdan would have to go into the market place to replace JJ's shares.
The buying consortium would fund this week, next week were the bones thrown at us on a regular basis. The ridiculous fluff q & a's kept us in the game. And each time when it appeared the game was over, the spin would start again. As late as a week or so prior to the notice to the buying consortium from JJ, they were sending signals that the buyer was coming through with funding. In fact, I believe you even stated that Ulander contacted you as well. If I am mistaken, I apologize on this point.
At this current share price, there is no longer much good news coming out. The fluff has stopped, for a while. Now we are to believe that there are buyers out there who are preparing their bids. And of course, as predictable, there will be again, an unnamed buyer, who will offer us a grand deal. So, the share price will spike again. Perhaps this time, many shareholders will finally throw in the towel and leave this investment once and for all. I don't know. We shall see.
I ask again, who are those buyers? Why not tell the shareholders who these buyers are? Who is preparing a bid? What can we legitimately look forward to? What damage could a shareholder do if their identity is revealed?
OK. So withhold these four entities names. How long? When are we shareholders entitled to the identity of these prospective buyers? Again, after the deal is negotiated? Why not divulge the terms to the shareholders, and let the shareholders vote whether to accept or reject the offers that come in?
There are more questions than answers when it comes to the terms of the Ulander transaction and history of the transaction. At least what little that has been divulged to the shareholders, holds no water at all. And unless the BOD is transparent with us, the same can be expected. I will wait to see what the BOD announces as to the pending offers. I wonder how long it will be before the current silence is broken and an announcement is made of an offer or a negotiated psa.
On the face of it all, it appears that the BOD and JJ at best misled the shareholders, and continued to mislead the shareholders during the period from the AGM in 2012 until the drop dead date a few weeks ago. At worst, this was a well planned and orchestrated shell game that benefited those in the know.
So when you so boldly tell us shareholders who believed the leaders of Medinah, and jumped in, we did so because we felt we could trust JJ et. al. We did so because they made clear and unmistakable statements about this company now being a capital company with growth on the not too distant horizon. BTW, what is a capital company, vs. a non capital company. Really?
Now for you to claim that we should not trust a pink sheet stock company begs the question of whether you are telling us not to trust anything JJ and friends and BOD tell us with regard to this next agreement that may be announced?
I think its not fair for you to shift the entire burden on to unsuspecting shareholders who believed such esteemed men as JJ in getting into this stock. I did not buy a pink sheet stock. I bought JJ and his and my friends word.
I don't know about other investors, but my chief decision was based on those who know JJ, and the impression they have of him as being in the know, an honorable man and a man of contacts and connections in Chile who could monetize this mountain. Is believing the CEO of your company an unforgivable quality? If so, tell me Rick, and I will never invest in a guy like Warren Buffett, Steve Jobs, Bill Gates, Michael Dell, Steve Case. Am I making my position clear. When I bought Apple stock at $40 per share, I did not buy a Fuji apple. I bought Steve Jobs word that he will turn this company around. When I bought Ford at $5, I did not buy a Mustang or a Lincoln Continental. I bought Allan Mullaly and his word that he and his team will turn this ship around. When I bought high risk biotechs, I bought their pipeline of research and development, and the team at the helm. Just as I bought MDMN.
It is not so much as buying the stock of a non reporting company that is the question, it's more like the person at the helm, who professed to be honest, clear with his signals, and powerful enough to demand and get his terms and monetize this mountain. And I did it through the honesty and clear representation of my friends who know him.
So far, you are right. My impression has turned out to be false. I should not trust even friends who know JJ. They trusted him. And look where it got us all.
A very important fact that everyone on this board seems to be forgetting is that this company is a "Capital Company".
Well, no one bothered to read the fine line. If the fine lines were read, clearly what was meant by "Capital Company" is the insider's game of how to part shareholders from their "Capital".
This company was created to issue and sell worthless stock from the beginning to now. Digging rabbit holes is simply a dog and pony show.
This company is an embarrassment to itself and to its leaders and BOD. How can they truly expect that any future information will be of merit and acceptable to shareholders? Zero credibility.
How can the background and previous and present history of the acquiring principal of this companies assets be so ignored. Any form of due diligence would have sent red flags so high as to be visible even from as far a distance as the North or South Pole.
Now we are to believe that there are at least four suitors clamoring and falling and tripping over themselves to submit a bid for 1508 claims, while Medinah keeps the real prize, and does not include it in the mix for this next round of purchase sale agreement with who knows whom, this time.
Mark my words, if this next yet unknown group who concludes an agreement, no matter the scope, the size or the terms of the agreement, is worth its weight in salt, it will also want to include the LDM in the bid. If it doesn't, then you will know this round of news, hearsay, rumors and tid bits of crap they throw out, is also likely to be a scam, just as the the Amarant deal turned out. Why would any self respecting mining company leave the "best of all" property to Medinah, when it could easily buy up the entire mountain now from this inept, inconsistent, woefully lacking in integrity of a company, when it has nothing but claims on record.
Clearly and loudly absent from any news or q and a is what Medinah is doing with its collateral from Alluvia/Amarant. Where are those shares that were entrusted to whoever for safe keeping as collateral against performance. Why do they skip the meat, and always, always, always send out fluff and fodder. What a joke.
This company and its directors have violated all the tenets of judicious practice of their duties and responsibilities to their shareholders.
After so many years, now it is high time for the BOD to be more transparent. What? Suddenly they all found religion. Where were they for the past two so called agreements? Why not be transparent always? Is being transparent, open with your information, honesty, integrity and a clear signal to shareholders against public policy? What did the BOD discover now that it did not have before? Why not disclose names, terms, amounts in the contract. Let the market forces then decide on the merits of the deal, or lack thereof and let the SP then reflect a true and unbiased picture.
The obvious shameless crooks who promote worthless penny stocks need to come to the University of Medinah to learn from the masters of spin and empty promises.
What a shame, Medinah!