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I think the longer it takes Doug to go back there the least likely we will ever return.
Why would the local leader change his mind or attitude or outlook?
It is early investors in SGCP that paid for the sampling, analysis and some of the major Reports on the Reserves in that area.
I think the local Leader must have already considered giving the lease to someone else at the very least.
Perhaps he is just waiting for time to elapse.
It was SGCP that showed him and local labourers how to run extractions with just local labour and hand tools.
It would have been local labour that constructed sluice boxes and they have plenty of labour to run hand tools.
That means we essentially showed him how to run the Operation.
With 2 kilos of gold extracted in one month alone using local labour and hand tools, the local leader has probably considered running the Operation himself.
We have already well proven the Resources in that site.
I see nothing that gives Doug any edge in renegotiation's on that lease.
I would not be surprised if we have already lost the rights to those workings.
eye
You are just not paying attention.
I am not painting a negative picture of how the company is using cash from dilutions and have never even suggested that.
I am clearly saying dilutions have been drastically multiplied due to sub standard management practices which not only drastically effected share price of the past, continue to multiply that same effect as new Dilution is required.
The stock never recovered after being decimated due to managements actions and decisions.
Therefore additional Dilution be it current or future will still be adversely effected for that same reason.
We had other Operators in the country as well don't forget.
Who ran the first dredge and wash plants?
There is no excuse for not placing and Operating the wash plants and first dredge we acquired even if our new dredge and Operator were not available.
To this day we don't know what is actually in place and running for the current dry season.
All we know is what their intentions were and they have clearly fallen short in delivering on them in the past.
The longer we go in Jan with no news the more likely IMHO they were not able meet recent targets and announcements.
If they actually announce 4 dredges Operating by the middle of Jan I will give you all a break and see what develops.
eye
eye
So what is your point?
That we have produced gold since leaving the Pampana even though by the companies own admission we would still be producing 10 times 2 kilos per month there.
Thats 20 kilos per month with just our wash plants and didn't even include the amount they claimed could be gotten with a dredge as well.
Based on all the lab analysis, testing and reports shareholders of the past have paid for at Pampana, it doesn't matter what we produce now, we would have produced far more in the Pampana Project.
Current Revenues are so far all we could do somewhere else but the dilution we have suffered to get it was all multiplied due to the abandonement of the Pampana Project and the direct impact it had on the stock price at the time.
The stock plummeted which meant more shares had to be placed to raise targeted Capital.
The current stock price reflects that huge increase in O/S shares.
With all the Revenues generated you are inferring since leaving the Pampana be they reported , exaggerated or merely claimed, the recent filings show were still not able to fund Ongoing OperAtions nor stop the need for additional Dilution.
Its not over yet.
Any dilution occuring since leaving the Pampana River including all Dilution yet to come has been drastically mulitplied because of leaving Pampana in the first place.
eye
Truth is I would love to hear of actual sales of diamonds because there hasn't been one sale of any diamonds recovered published yet.
It would also be good to hear of Revenues for any Quarter but doesn't seem likely.
All we are getting is Balance Sheets and actual Income Sheets just can't be found.
No one prepares only Balance Sheets, you prepare all Financial Statements and the very minimum in any Industry is an Income Statement and Balance Sheet.
The strange thing is they have prepared both for other Fiscal Periods, I wonder what they are trying to hide now.
Revenues from Sept to Dec would help to defer massive dilution at least so they would surely be helpful.
Now if there was some however, why would anyone concerned about shareholder value withhold that info from their shareholders.
A real Junior Miner would be publishing that info on every News site they could to bolster their accomplishments and properly show their accomplishments.
eye
Glad to see you are finally getting on track on the dilution situation.
Obviously I got through to you.
The truth is the company has diluted however and when ever they chose to.
Their actions at the Pampana Site decimated share value and multiplied the amount of dilution required to raise finances because the share price was crippled by those actions.
Dilution isn't done.
With only a few dollars left in chq from the last Balance Sheet,
additional funds are imperative.
Hence the recent filings and intentions.
One thing is certain IMHO, any current dilution will take months before investors are likely to find out.
If you are inferring there were no Revenues in 2009, you had best do some research.
It was the early 2010 Dry Season they had serious problems with extractions because they did not get their equipment on site and operational until late in the season.
Every other year they disclosed near monthly extraction reports at the start of the dry season.
Not hard to see why they tried to hide 2010 Results.
eye
For you I will respectfully disagree.
After massive pumping of the Pampana and Hard Rock sites, near instant desertion or those sites without a word of warning or explanation after only just announcing a ramp up in the Pampana and a ten fold increase of 2 kilo's per month proven results of extractions, certainly constitutes abandonment in my opinion.
I absolutely believe you received an explanation years later via personal discussion with management but the damage had already been done.
The impact that resulted from that decision was devastating to shareholders and after multitudes of PR's for years building up those sites and sampling test results, the sudden and complete abandonment sent the stock reeling.
It wasn't the first time however they simply hid bad developments from shareholders and it certainly wasn't the last.
I have been wondering how long we will continue to hold the lease.
If one of the local rulers was the problem he isn't stupid. He does realize what we were recovering and he is likely aware of Menhke and Madhi Reports as well as the 43-101 Report.
With that kind of proven Reserves its just a matter of time before that lease is given to someone else.
If SGCP has and is refusing to work the Pamapana the local rulers will not just let it sit there dormant indefinately.
They don't need equipment, we have already proven that and the workers themselves could likely restart the same Operations SGCP had already established and left.
Sluices and hand tools is all they used in the first place.
Anyone in free enterprise world would simply pass the Lease on to someone else or at the very least, make plans to do so.
I wouldn't count on keeping the Pampana Lease the way things are going.
eye
Maybe you are finally catching on a bit.
Wasn't it you that said:
You didn't' mention the fact that dilution didn't start till late in 2009 when company needed the cash to turnaround its fortune.
You are simply confirming what I posted in the first place.
The reason the company only operated one dredge is because that is all it ever did obtain.
The dredge it actually purchased was supposed to be the second one that was claimed.
The first one that was claimed as purchased never did surface because it was never acquired in the first place.
The company just claimed they had acquired it.
Like they had done so often before they simply did not mention it again and hoped no one would notice.
Glad to see you finally realize dilution occurred long before you claimed it did though.
eye
That's hogwash.
The company was diluting before they even bought the two dredges of which only one showed up in 2008.
Inferring otherwise is just outright deceitful.
Oh yeah that was after they abandoned the Pampana River after repeated 1 kilo extractions which had actually only just built up to 2 kilos in one month with the intention to increase that with our yet awaited for equipment.
Abandoning that area after that build up without not so much as a word and continued under performance according to their own projections and claims and simply avoiding the issues is what sent this stock reeling.
Perhaps a real history lesson is in order.
That's why the stock tumbled and with no Revenues left the long journey of dilution truly began but the stock was so decimated it took massive dilution to raise targeted Revenues.
That would be because the stock became so cheap due to substandard management practices it took massive dilution to raise Capital at all.
At two kilos of gold recurring in 2008 how much more would the company have yielded if they didn't leave the Pampana Are in the first place.
That is not even talking about the results that were projected at the Pampana River using the wash plant and dredges that were supposed to multiply the 2 kilo results.
TORONTO, Oct. 6, 2008 (GLOBE NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) announced today that the two new 10 ton, state-of-the-art, gold processing plants arrived in Sierra Leone last week. These plants will enable the company to process up to 20 tons per hour and boast a 95-98 percent recovery rate. This technology offers an environmentally friendly process with no chemicals and reduced water use. Given their portability, these units can be moved easily to locations deemed appropriate for greater gold recovery. Later this fall the company will now have the ability to speed up production by a factor of 10 times or more. In contrast to the 1-2 kilos of gold that Sierra Gold produced per month using local methods, the new gold plants will have the capacity to produce 20 kilos per month. Our figures are based on 8 hours per day with a past recovery rate of 4.5 grams of gold per ton. The plans are to operate 300 days per year.
In the area of communication, we launched a new website recently as a first step to keep our shareholders better informed. The next step is the appointment of John Semachko Jr. as Vice President of Sierra Gold Corporation. Mr. Semachko's primary role will be in investor relations. He brings over 25 years of business ownership and management experience with a track record of success.
Doug Evans, CEO of Sierra Gold, commented: "The company is looking forward to moving into the next stage of development with the addition of new state-of-the-art equipment. This is a giant step forward from our present local methods of processing gold. We are also excited to bring on a new highly qualified member, Mr. Semachko, to our team. Our goal is continue to improve the investors' ability to access updated information from the company."
I find your explanation of the decimated stock price contemptible and deceitful.
You must be in way to deep to infer the stock plummet was due to a financial crisis in the general market.
That decimation was solely due to scandalous management practices and it cost their shareholders dearly.
You must be in way to deep to even suggest a stretch like that IMHO.
Now your claiming it was all part of their planning in the first place.
That's ridiculous.
eye
I'll think about it but there just so much to share and I've only scratched the surface.
eye
I am simply using the facts as provided by the company themselves.
Not second hand, biased material. It's what they actually claimed themselves.
I have posted entire PR's for all to see.
Anyone can view past PR's to see what the company has claimed.
It is not my fault if the company made false declarations or was unable to do what they said they would.
The company simply has a history of failing to do what it claimed it would or did do.
It also has a history of simply ignoring those same targets and claims and simply not mentioning them anymore.
If the purchase of the two dredges was dependent on outside variables they should have said so instead of claiming the purchase of both.
It is the one actually claimed as already purchased that never did show.
The one purchased for the Sewa River is the one that eventually was bought and placed.
As to the financial crisis of 2008 the price of gold dipped slightly near the end of 2008 not at the time they made that claim.
Gold had risen steadily from 2006 to that time, fell back slightly and continued to rise again.
The plunge to $ 650/oz lasted less than a month and has been more or less rocketing ever since.
Recession has increased the value of gold not vice versa.
The dredge that was actually placed as the other was never mentioned again was actually pro and con as history played out.
It was our first actual equipment placed and Operated but shareholders were given the impression that its Production was extracting gold and diamonds.
History and much later communications showed the dredge simply washed the gravel in preparation for our much delayed wash plants.
Second hand Communications much later also showed that much of those washed gravels were lost and washed away.
The company has often failed to do what they claimed they would which is one of the reasons the stock plummeted in the first place.
One other thing when the company puts out actual PR's why should it be up to Investors to check with IR to see if the company actually does what it says it did or would.
If the company claims something they should be telling the truth or follow up on failures to deliver.
If there are problems and delays they should be announced through PR's if they are pertaining to developments PR'd in the first place.
That's about as Industry Standard as you can get and the absolute least the company should do.
I have made way to many excuses for this company, its up to them to do what they claim they are or will do.
eye
Funny you should mention that because you just never know what to believe with this management group.
TORONTO, July 22, 2008 (GLOBE NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) announced today that it has entered into an agreement to purchase an 8" dredge from a South African company. This equipment will enable the company to expand its river dredging operation to another part of the country. The first dredge purchased last month will be employed on the Pampana river while this second dredge will operating on the Sewa river.
The 8" dredge is presently located in Sierra Leone and will be transported to Sierra Gold's Sewa river concession licensed by its joint venture partner. Operations are to begin in 3-4 weeks time. The Sewa river is well known for its richness in both gold and diamonds. The company has done preliminary testing on the property to substantiate the presence of gold and is encouraged by the initial results.
The first dredge announced purchased in the PR never did appear but the second one did and went to the Sewa River.
Actually this was very close to the time they abandoned the Pampana River without a word of explanation or communication to their shareholders.
I take all their claims with a grain of salt as they have underperformed time and time and time again.
IMHO if we do not hear shortly of all the dredges being placed and Operational it will likely imply more delays and shortfalls.
Four dredges is doable but don't hold your breath waiting for them.
It is interesting to note that during last years disastrous start the company still had two wash plants and the only dredge they actually attained through the posted PR still in the country and at their disposal.
Even when they have equipment they have been slow to deploy it and get it Operational.
I hope they actually come through for a change.
eye
Then you obviously haven't been here long.
You must have missed when the company was pumping the Pampana and Hard rock sites with real market reaching PR's and was actually pulling out more recurring extractions monthly with local labour and hand tools than they have been able to do ever since they started using equipment.
That was also over a billion and a half less shares O/S.
Not surprising why the stock was trading in the pennies back then.
The truth just doesn't support your emotional bond to management.
This company is far from the best position it has ever been in and will likely be forced to dilute sizable amounts of shares once again to fund Operational Expenses.
Next to nothing in cash according to their own Financials, filings of dilution, discussions of raising a million dollars through dilution, don't forget that claim of the worst rainy season ever ( like they haven't used that one before) and the fact they have not been able to cover Operating Expenses yet from mechanized Production and Extractions.
This company has clearly seen better days.
They closest they ever came to profitability was in their initial target with local labour and hand tools.
It was cheap labor and Production costs yet yielded excellent recurring extractions.
This should be their best year since leaving the Pampana if they actually get all the equipment producing in Jan they claimed they would.
Unfortunately this company has fallen far short of expectations and targets in the past as we all should know.
Our costs are not so cheap any more and we will need to produce much more to even break even let alone show a profit.
If they don't get Production rolling quickly the shares are likely to drop again.
Especially if they do start diluting substantially.
eye
Are you that afraid of the truth or does it threaten your position in this stock in some way?
If he does it will be reinstated as it is totally on topic and factual.
That's the kind of thing that would really make things interesting.
You must be desperate to protect your position for even suggesting it.
eye
Why would I ever leave with all this entertainment?
If you don't want to here the truth ignore my posts and see if I care.
Everything I have ever said is entirely true and easily validated.
I could care less if you are simply protecting your position.
We are not only in danger of not covering costs for another but facing serious dilution because of it.
If you want to ignore that go ahead but those consequences would devaluate all shareholders interests whether you care or not.
There's a lot more reason to be concerned than merely the things I have posted so far.
eye
eye
They were probably smiling to :)
History is all about how we got to where we are at and it can and does repeat itself at times.
eye
Here's one more for now verifying recurring one kilo extractions at Pampana and the ability to increase those results tenfold with the delayed equipment.
FREETOWN, Sierra Leone, April 16, 2008 (GLOBE NEWSWIRE) -- Sierra Gold Corp. (Pink Sheets:SGCP) today announced that the Company has received confirmation of the delivery schedule for two self-contained high tech gold processing plants previously ordered by the Company in November 2007. The plants will be ready for shipping to Sierra Leone no later than May 1, 2008. Assuming 8-10 weeks for delivery to Freetown and an additional 2-3 weeks for delivery to the Pampana Gold Concession property and recently announced Joint Venture properties, the new portable units should be in production no later than August, 2008.
The two gold processing plants will enable Sierra Gold to process up to 20 tons of earth per hour, 10 tons per unit per hour at its mining sites, speeding up the existing gold production process considerably. Additionally, the portability of the two units will enable the company to move the gold processing plants to whatever location they deem appropriate.
Ideally suited for alluvial/placer operations, hard rock mines or sand and gravel operations, the gravity separating technology allows for cost-effective gravity separation of materials of differing densities utilizing a revolutionary, patented transverse spiral belt separator which helps the system boast recovery rates of 95%-98%. Additionally, this technology offers an environmentally friendly process with no chemicals and reduced water use.
Doug Evans, CEO of Sierra Gold, commented, "After a lengthy back ordering wait, we are very excited at the prospect that our state-of-the-art processing units will be at our production sites and in production in a mere matter of weeks. Currently we are using rudimentary and inefficient manual separation processes that utilize local labor. As such we have only been able to extract 1 Kg per month on average from the Pampana Gold Concession." He continued, "With these two units in place, processing up to 20 tons of earth per hour, we should be able to speed up production and monthly yield by a factor of 10 times or more in the short term."
eye
Another kilo extracted and the Mar 24 JV's are just starting to come online.
TORONTO, April 9, 2008 (GLOBE NEWSWIRE) -- Sierra Gold Corp. (Pink Sheets:SGCP) today announced that production from it's initial joint venture partner resulted in slightly in excess of 1 Kg of Alluvial Gold during the month of March 2008. The Company also announced that, in the case of other local Joint Venture partnerships mentioned in an earlier press release, three of the joint venture properties have begun the gravel extraction process and will begin processing extracted ore in the coming weeks. The other three joint ventures anticipate reaching the gold bearing gravels in their areas of operation this week and will commence the extraction process shortly thereafter
Doug Evans, CEO of Sierra Gold, commented, "We are very pleased with how quickly we have been able to expedite the extraction of Gold from our recently announced Joint Venture properties. Our local joint venture partners continue to work hard for us, as we in-turn strive to enrich their lives." He continued, "We anticipate that as the other three joint venture properties come on line and begin producing in the coming weeks the Company will have meaningful production data to release to shareholders once production is in full swing on these properties."
eye
This next one is important as well.
TORONTO, March 27, 2008 (GLOBE NEWSWIRE) -- Sierra Gold Corp. (Pink Sheets:SGCP) today announced that the Company has concluded negotiations and executed licensing agreements with six villages in two different Chiefdoms in the Tonkalili district of Sierra Leone -- through which Sierra Gold Corp. and the local populations are jointly mining more than nine separate parcels of land that have exhibited evidence of high-grade gold deposits within Chiefdom borders.
Furthermore, the Company reported that all nine Joint Venture parcels have initiated alluvial gold extraction and production operations as of March 24th, 2008 while the longest-running Joint Venture parcel, one that Sierra Gold launched in December of 2007, has been producing approximately 1kg au per month since it came online. The Company anticipates that the new Joint Venture properties will yield an aggregate monthly production of 2 kg au (gold). Gross profits from successful Joint Venture parcel development, estimated by the company at more than $450 per ounce, will go to expanded operations in the region and increase production capacity.
Doug Evans, CEO of Sierra Gold, commented, "The relationship between Sierra Gold and indigenous populations in Sierra Leone is truly symbiotic. They represent our single best resource for finding and extracting gold quickly while minimizing the up-front capital expenditure burden on Sierra Gold shareholders. We provide these prideful and normally impoverished people with access to honest work for honest pay and the ability to share in the profits when ore from their land is extracted and then sold. It is also helpful to our continued operations in the region as the Sierra Leone Ministry of Mines, and by extension the Administration, are happy with our support of local populations." He continued, "We are delighted that we have been able to conclude win-win agreements with indigenous populations to mine land parcels that are known to contain high grade gold ore and look forward to increasing shareholder value and improving the lives of these inspiring people."
Any other gold producing JV's did not come into production until after March 24th, 2008.
the Company reported that all nine Joint Venture parcels have initiated alluvial gold extraction and production operations as of March 24th, 2008
This PR also shows that the Pampana Area was producing 1 kilo of gold per month since coming online.
eye
Here's a couple I found showing the first two recurrent 1 kilo extractions. I have skipped the disclaimers and posted only the meat.
Sierra Gold Announces Initial Extraction and Sale of Gold From Sierra Leone Property
FREETOWN, Sierra Leone, Feb. 12, 2008 (GLOBE NEWSWIRE) -- Sierra Gold Corporation, (Pink Sheets:SGCP) announced today that after four and a half years of research and exploration, the Company has extracted and sold the first-ever kilogram of alluvial gold from its holdings in the West African nation of Sierra Leone. Proceeds from the sale of the initial gold production are being used for continuing operations and will facilitate the purchase of customized equipment that will allow SGCP to advance its alluvial operation and commence the 'hard rock' phase of gold production.
Sierra Gold CEO Doug Evans commented on the progress of the company: "The extraction and sale of our first gold production validate our years of research and exploration. Needless to say, we are extremely excited that the company has entered the production phase." Mr. Evans added, "Our alluvial production, coupled with our soon-to-be initiated hard rock production, should provide significant returns on invested capital throughout the second half of 2008 and beyond. We look forward to sharing our successes with shareholders along the way."
While the preceding PR does not mention the Pamapana area by name, that is the only area that was producing at the time.
The next PR confirms the extractions did in fact come from the Pampana Project.
FREETOWN, Sierra Leone, March 4, 2008 (GLOBE NEWSWIRE) -- Sierra Gold Corp. (Pink Sheets:SGCP) announced today that the Company, as of February 24th, 2008, has extracted and sold a second kilogram of alluvial gold from its Pampana River property in the west African nation of Sierra Leone. The Company also announced that is has retained the services of a local Geologist, Mr. Joseph Kamara, to aid in Sierra Gold's continued exploration, development and mining of the West African region.
Doug Evans, CEO of Sierra Gold, commented, "While we are excited that our gold production at Pampana River continues, we are eagerly awaiting the delivery of new machinery that will dramatically increase our extraction and production times over the local labor that is currently being used. We are also pleased to have retained Joseph Kamara, a seasoned West-African Geologist, to our team. His extensive local knowledge will help Sierra Gold continue to successfully explore and develop this and other properties in the region"
Also worthy of note is that the second kilo of gold extracted took less than a month after the first was produced.
Also note the first inference that our mobile wash plants would multiply the extractions of local labour which had already produced successive extractions of 1 kilo of gold in less than two months.
eye
There were other JV's Operating at the time and the PR's were vague at times.
I will search through the PR's when I get a chance and I only have one site remaining you can even find SGCP's Pr's going that far back.
I had others that simply stopped going that far back.
The recurrent 1 kilo of gold each month at Pamapana is clear though as was the inference of multiplied results by using dredges and our wash plants.
I had actually hinted at the hard rock sites.
There was actually clearly two identified in PR's that most don't even realize.
I can likely find those PR's as well but you have to review most of the PR's of those days to verify that info.
It was the Pampana and Hard Rock Promotions that drew me to the stock.
At that point the farming and local support was simply a way to increase the quality of life by feeding our workers.
That was a good thing but had nothing to do with drawing most investors into supporting this company.
We liked to see humanitarian aid but were invested in the Projects heavily Promoted and the assays and reports funded and verified through lab analysis made possible by the investors of that day.
I'll take a quick look now.
eye
Its way to early to tell.
There has been a lot of decimated shareholders that deserve to be angry.
On the other hand even though we are miles behind in some aspects we are also miles ahead in others.
IMHO we will never be successful unless we at least meet the same output as we had in the Pampana Projects.
There actually was more than one but that is beside the point.
If projected equipment is indeed deployed and Operational in the companies relayed projections we could get there this year yet.
Based on the Financials it does appear however that dilution is imminent.
The only question in my mind is how much will be required.
In saying that it is important to note that even at decimated stock prices of years ago the stock has had a substantial Uptrend and is holding of late.
I am also suggesting that it is unlikely the company will issue more stocks than required to meet Operational Expenses.
Although dilution could be sizable I do not believe it will happen unless required.
That means that are simply not going to raise 1 mil through dilution just to have at their disposal.
I expect they will release smaller amounts but with their Operating Expenses, I expect it to still be substantial.
I still think they will only release them as needed but there is clearly the need presently.
We just don't know how much.
eye
Well spoken.
I have been an extremely long time supporter of this stock and made many excuses for poor management decisions but I have also seen and noted the shortfalls.
This stock is entirely bitter sweet.
It has good points and bad and while pumpers and those protecting their positions will oppose anything negative to protect their positions true bashers will not point out any positive prospects.
I do believe additional dilution is a necessity.
Cash flow is essential and Operational costs must be met.
I don't believe they would dilute 450 Mil all at once to raise 1 mil and if significant Revenues occur they may not need to raise 1 Mil in Capital.
Everyone should entirely take everything printed on stock chat boards with a grain of salt.
Many, simply promote their own bias for their own financial benefit.
I wish you well but consider that your voice may well be one of reason by which the board can benefit.
eye
I probably will ease up eventually but the Pampana abandonment and the way it was handled has the sole reason we needed dilution and has significant effect on all dilution after wards as a result.
I will back off a bit if not goaded but fully expect at a minimum monthly or near monthly extraction reports.
That is the very least the company can do IMHO and I will call them to task if they don't.
For the minute I will with hold back a lot of info on the Pampana and Hard Rock Projects.
They need to release news of Production shortly and extraction reports at least the end of Jan which is later than already previously targeted to maintain any momentum.
Any dilution moving forward and past however has multiplied due to the abandonement of the Pampana project and the plummeting share price that followed that decision.
eye
They always have had liabilities and when comparing the same Reporting Period last year to this you will find Assets increasing 303,486.24 and Liabilities increasing 277,032.00.
That shows progress somewhat at least. Assets increases were more than the Liability increases.
The dangerous thing is the Income statement which I have not been able to open or find.
Net Losses will effect the next Balance Sheet negatively.
I do repeat there was at least visible progress and even though net Losses could adversely effect the next Balance Sheet,
significant Revenues made possible by the additional Liabilities can positively effect future Balance sheets as well.
I may post details later but at least some progress has been made.
Increased Revenues will enhance that progress where as additional dilution will hinder it.
Only time will tell which way we go.
eye
Believe it or not I hope you get there and if you do I should at least be able to afford solid gold plating at least.
If they refuse to Promote themselves and build on momentum you could easily be in the same position or worse if significant dilution occurs.
They can not build Shareholder value simply though in House declarations.
Perhaps they can generate some that way but the Opportunity will continue to be greatly diminished.
eye
I do believe the company is situated the best it has ever been since abandoning the Pampana Project.
The Hard Rock Project in accord with the Pampana Project was unquestionably the high point of this company and they actually Promoted themselves through PR's and regular extraction details at that time.
The stock was trading in the pennies back then.
I am going to go through PR's but I do not recall the company ever producing 1 kilo of gold per month ever since they left Pampana and started using machinery.
We had actually produced 2 kilos of gold in one month and dredging and the wash plants were supposed to MULTIPLY those results at Pampana.
The Pampana Region was the Company's sole purpose for business in Sierra Leone and most do not realize the significance of abandoning that Project and simply refusing to mention it again for years.
The Financial impact was immediate as was the market in general.
The stock plummeted shortly thereafter and a good chart clearly shows that.
Not only that but with the sole source of Revenue gone, the only way to raise Capital became dilution.
That is where Dilution began and because the stock had Plummeted we needed to dilute far more stock to raise targeted Capital.
The stock dropped even more after that also increasing the size of Dilution to raise Capital.
The result of dilution over that time was at least 1.7 Bil and would have been much less if they had not demonstrated sub standard management practices in leaving the Pampana Project as they did.
If they had communicated properly and explained themselves at the time the impact of dilution would have been significantly less.
Whether any one else agrees or not is of little consequence as the Market did as a good chart will tell.
If you want to talk about dilution you have to look at where it started and where and why it had the most impact.
All dilution after leaving the Pampana was multiplied due to the plummeting of the stock because of that decision.
It was also upon leaving the Pampana the company slowly transitioned out of PR's as well until they are almost non existant at present.
Finding diamonds, extracting gold, early placement of equipment, new production methods as in rainy season Operations, and additional equipment are pretty standard developments deserving of PR's in the Junior Mining World.
Most in the industry would consider them Material Events.
None the less the company has used Revenues generated by dilution to continue and rebuild Revenue Generating Projects that have still not equaled Recurring Revenues from Projects which essentially incorporated only local labour with hand tools.
They didn't even have equipment.
They are going to have to show significant extraction increases to maintain a fighting chance and that will require near monthly Updates.
Without Promoting themselves and PR's the company is shortchanging their investors and certainly not developing Market awareness that could actually increase share price and reduce the impact or number of shares diluted to raise Capital.
One thing is certain. With only a few dollars in chq which is incidentally roughly 10,000.00 less than the same Reporting Period a year ago, additional dilution is imminent and the companies recent filings already show the tip of the iceberg.
I do think this is the best position the company has been in in a long time and quite possibly on the brink of better days.
The Carbon market has dissolved which I had put a lot of potential in but that is no fault of managements.
GG sold us down the road for a bigger piece of the pie but I actually credit management with the insight to se it and sever those ties.
Our CC Projects are not dead just severely stunted.
Gold Production should pick up significantly this year and maybe just maybe either this year or the next we may be able to match gold extraction with our equipment that we were able to do with hand tools at the Pampana.
If and when we reach that point we should begin to surpass those accomplishments.
Our biggest danger at this time is dilution.
Revenues have clearly been insufficient to fund Operational Expenses and with only a few bucks in the bank dilution can not be avoided.
It will take at best 450 Mil shares at .0023 to raise close to a a million bucks.
Hopefully they do it in stages if that is their target but O/S will have to be increased if indeed that is the target.
eye
You are entitled to your opinion as am I.
Past practices is exactly what it is.
What they have done before they have done again and with just a few dollars in the bank will be forced to dilute once again.
IMHO they did not handle dilution nearly as well as you seem to think.
I have never posted anything false and don't need to.
The company has made numerous mistakes and shortcomings right from the beginning.
If I get bored perhaps I will share some of it.
eye
Thx for posting the Balance Sheet.
Is the Income Statement there as well?
That Statement is far more important at this stage.
It will show Revenues and Operating costs and should show increasing Revenues over the years but Summer fall production should be minimal due to the rainy season.
Despite what all would like to believe I have lived through significant dilution with this stock when it it had even more cash in the bank.
Significant dilution is likely much sooner than anyone expects based on past management practices.
eye
So there's 46.04 bucks in chq filings of recent dilutions and intent to raise up to a Mil dollars through dilution, no PR's and according to posts here will already delay the Jan extraction results which will also be released in a FR.
Anyone denying dilution here must be living in the dark ages.
This is a picture perfect example of a company on the brink of significant dilution.
Obviously the cash rec'd from Operations is well spread out with the JV's, locals chiefdoms, governments and maybe even taxes.
I do believe they will ramp up Production faster this year than last if they have been telling the truth but with miniscule Operating Capital they must clearly resort to past practices of stock sales and Placements to raise Operating Capital.
It will take 450 Mil shares at .0023 to raise 1,035,000 but keep in mind that Private Placements in stocks are generally always placed at a Premium less than current stock values.
Large shares distributions on the Open Market generally send share prices plummeting.
Still haven't been able to open the financials on Pink Sheets but if there is indeed only $ 46.00 in cash, significant dilution is imminent based on past practices and obvious shortfall in Operating Capital.
eye
I do respect your opinion however they did abandon those projects withouty a word after a massive promotion of 15 to 20 PRs on the pamapana and Hard Rcok formations.
Disseminating an explanation 2 years down the road through Posters on a stock chat forum hardly construes reasonable communications on an industry standard.
They had just announced expanding those Operations and the expected increase both our wash plants and dredges would have there before they lapsed into complete and utter silence for years.
eye
The company diluted shares long before that despite their original management inferance that they would avoid doing just that.
Sub standard management practices had already decimated share price when initial dilution occurred which made it necessarry issue larger amounts of stock to raise targeted capital.
Deny it if you must but I know exactly what happened and felt the brunt of those decisions every step of the way.
The 1.1 Bil shares you referred to was also well after share price had been decimated.
Glad to see you think we are within days of reapng rewards for the 1.1 Bil shares diluted as you stated and all the ones diluted before that you forgot to mention.
eye
Yet just a few short years before that after massive pumping and promotion of the Pampana and Hard Rock sites and the absolute abandonement of those projects with no explanation or communication the stock plummeted to the trip zero's, the dilution required to raise Capital was amplified by a dismal share value.
That means more shares had to be sold because the price had collapsed.
Three one million share offerings in Dec is nothing compared to dilution in the past.
If one mil in Revenues has been targeted through offerings than dilution will go up significantly in the process.
In three years or so I never once heard John or Doug say they needed to turn the company around.
Truth is they just left the Pampana River and Hard Rock projects and moved into the Sewa and Mano Rivers.
Based on all the work, extractions and testing done in the Pamapana and Hard Rock Projects that was a step down not up.
That's probably why the stock was worth so much more then.
No turn around there.
eye
Are you insinuating the summer rainy season dredging was Unproductive?
Are you sure they didn't find any gold or diamonds?
You best rethink that one.
The company, not I divulged through filings the company is indeed diluting.
Not one but 3 different offerings in Dec.
Hopefully they were only 1 Mil offerings as I first declared.
There is no telling how many more Offerings are yet to come.
It is one of the many supporters of the stock who claimed the company has plans to raise 1 Mil in Revenues through stock offerings.
1 Mil in Revs from stock offerings would be pretty scary so I hope whoever declared that is wrong.
If the company raises 1 Mil in Revenues through stock Offerings just how many shares would it take?
Do your own math, I know what my calculator said.
You can stay in denial if you like but not even the company agreed with you. They are the ones that made the filings in the first place.
They are also the ones who declared the off season dredging activities and recoveries.
For those that have been here two or three years, this company starts late every year for one reason or another.
There was no Harmatten winds last year or the year before.
It just generally isn't discovered until months down the road and if history repeats itself, the same goes for the announcement of machinery actually Operating.
They have failed to meet Operational targets numerous times.
Newbies would no nothing about that though.
I quit making excuses for this company a long time ago but I can understand why some of you are still doing it now.
Like I said, I spent a lot of years supporting this stock doing the same thing.
I understand many are simply protecting their position and believe it or not, I really don't blame them.
eye
So if the other company has the equipment why would Doug need to raise Capital.
We have the claims a JV provides the equipment for a cut of the take.
If we have to supply the money why would we consider a JV in the first place?
The share count will explode if a million dollars is raised through Placements.
Most Private Placements in the Pinks are usually issued at a discount as anyone trading these stocks should already know.
If its just not a million shares here and a million shares there we could see some sizable dilution.
A Million bucks in Dilution would decimate shareholder value once again.
It would be interesting to see how Posters here would justify it though.
eye
haha What are you implying?
I know exactly where I stand and I'm not trying to desperately defend a low average or newbies buying in now.
This company has cost me dearly I will call them to task on any bonehead, substandard practice I see.
I have given them plenty of support and cudos over the years for proper developments. Unfortunately they are far and few between as history has shown.
I even supported them in those times primarily but enough is enough.
I know exactly what management is capable of and I also know how many times they have underperformed and under delivered.
I find the most adamant supporters of this stock the ones with the greatest motives.
You should be asking yourself why after all the gold and diamonds that those self same supporters rant about , Revenues are not sufficient to cover low Operating costs.
Why is there a need to dilute any shares at all with all this gold and diamonds flowing?
God help us all if the company does try to place 1 mil worth of stock even if it takes a year to fill because it would take at least 450 Million new shares.
Perhaps one should also wonder why financials and quarterlies can not be opened for this stock on Pink Sheets and why it has a yield in the first place.
Lets see, a gold and diamond mining company actually finding gold and diamonds that for all intensive purposes only relates that in house through FR's is about a substandard a practice you can get in Junior Mining World.
Most companies would see those discoveries and Production as Material Events.
Unless this company gets real and starts practicing up to industry standards it will never go over a penny unless it finds a gargantuan diamond or solid gold vein.
It probably won't get close to half a cent until the company actually starts to Promote itself like it did when they started.
I have no problem ever calling them to task and have no intention of stopping.
eye
It is for the Period end Sept 2010.
Hopefully it will be able to be opened, unlike the past ones located at pinksheets.
I believe you are right about them being released tomorrow though.
eye
AHH hopefully I was right in the first place when I claimed the three filings in Dec were for 1 Mil share Offerings.
It was someone else that claimed they were raising 1 Mil in cash.
At todays value of .0023 that would have meant offering about 450 Mil shares.
A Million shares here and there is far better than that.
The company's Dilution practices could be much worse in relation to other Pinks.
We do have some equipment to show for it.
It has had significant negative impact on investors over the years don't feel like getting into it today.
eye
Just because you don't like whats being said you don't have to get Juvenile.
My points are clearly made and I don't drink alcohol by choice.
Maybe you should quit tipping yourself and it might make more sense.
I have highlighted text from the documents themselves if you don't like it its your problem not mine.
I will discuss my concerns and observations clearly and as I choose
eye
Actually contrary to your accusations.
I had thought they were making multiple 1 mil share offerings.
It is others here who pointed out the target of 1 Mil in Revenues from Offerings.
I simply did the math to show how many shares at current prices would be needed to raise one million in Revenues.
At current prices that equates to about 450 mil shares.
Whether they do it today or in six months is irrelevant.
The filings they filed show their intentions.
eye
This company has generated many reasons for concerns and has cost its shareholders dearly.
Hard to ignore the facts when it is the company declaring them in filings to Governing agencies.
Its not jumping to conclusions when the company declares the facts despite the vagueness it seems accustomed to.
If the company is raising 1 Mil in Revenues through Offerings a lot of stock is being sold or will be shortly.
That is extremely pertinent to current and future shareholders.
If they are not why did they file documents saying they are?
Lots of investors here have bought in low or have been able to lower their average over the years.
I can understand why they want to protect their Positions.
I have also seen clearly the damage management has done to shareholders in the past and far more willing to see the dangers here exposed as well.
Most just want to pump the stock in house and get others to buy into it.
They don't like hearing anything negative or contrary to their Position or bias.
Truly informed investors would be well versed in staying attuned to both positive and negative developments and would do well to examine past Management Practices.
Especially if they tend to repeat themselves.
The company is selling shares by its own admission and sadly that is a fact.
eye