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Well then, we should get 2 of them!
Legacy4u,
And exactly what piece of equipment is it that they are waiting for? I have not heard anything about this.
FFF
Copper King Mining is in Milford, UT, which is about 3 or 4 hours south of SLC.
FFF
I visited the mill / mine in Utah and met the CEO. I talked with several members of the BOD and they had a very compelling story. A ton of copper, gold, silver, moly, etc. in the ground and nearing completion on their state of the art floatation mill. However, things did not materialize as they had planned and I have watched the stock drop from $.02, where I first bought in, down to around $.0017 now. I don't believe it is game over yet, but we may need a hail mary pass to connect sometime soon.
FFF
RDG,
Why do you say they would be forced into a Chap. 7?
FFF
arpj,
Hopefully MDMN/CDCH and/or CPRK hit nicely for me. My wife is already not too happy with me about the CPRK mess and I don't want to have to let her know I did it again here! I am sure if one of these hit then all will be forgiven.
FFF
DEQUOY,
2 things:
1. The chart I looked at is in IHub and it looks like the bars hit the $.04 mark, but like you said, maybe they were a fraction short. http://ih.advfn.com/p.php?pid=webchart&btn=s_ok&ihsymbol=&ihpagelist=Quote&idtddm=&symbol=USOTC%3AMDMN&s_ok=Get+Chart&period=1&drawmode=2&size=19&volume=1
2. You state "I am way past comfortable". Does that mean you are ultra comfortable or uncomfortable?
Thanks.
FFF
Trav,
I sure hope so!
FFF
Web,
Where have you been? Since when didn't you think they needed money? Is this really something new to you?
They need money and they are all working really hard to get it done.
FFF
I do not know the intentions of psuedomoney, however, as a new investor in MDMN and CDCH myself, I thought I should add my thoughts here.
I just looked at the chart for the last month and it did hit $.04 the week of April 19, 2010. It didn't go over $.04, but it hit $.04 a couple times that week.
I just started buying this stock in the last couple weeks as well and I have buys in between $.031 - $.037. From all I read and heard this was about to take off. However, the reality is that it has not taken off yet, and in fact it has gone down. So to say no one buys in on the high is kind of silly as I don't believe any of us thought that $.04 was going to be as high as it went. Hindsight is always 20/20. The attitude conveyed on this board during the last few weeks was that anything under $.04 was a bargain - and hopefully, at some point that will be the case.
Now, I have to admit that I probably bought more of this than I should have, but I really thought we were just starting to see the stock take off - and it still may! But seeing the price drop down to $.0221 today really sucks. I have talked to a couple people I know that have been following and investing in this stock for years and they are telling me to relax - so I will. And "No", I do not know any insiders or "people in the know".
But I do think that I really need to learn my lesson not to go in on a stock with more than is comfortable for me. I have been investing my money for years in mutual funds and am relatively new to stocks. CPRK is my first big foray into the pink sheets and so far, that has not gone too well for me either.
FFF
Here are my thoughts on your 5 points.
1. I do not see them making any improvements right now to deal with the ore they cannot process. I have heard that they are deep enough into the HT mine to get some of the correct types of ore (sulfide ore) from there. The higher layers of most deposits are oxide ores and the deeper into the deposit you go, the more sulfide ore is encountered.
2. Find and mine ore compatable with the mill( any ideas on which mine location that might be?) I believe the Bawana mine ore is more compatible for floatation.
3. Mine the ore and precious metals to create revenue to construct the retention pond. If you cant get the metals at this time up production and become profitable with the iron ore.Get approval of the new pond and permit to continue use of the temporary pond. They already built a leaching and cementation circuit. Why not start using that to get most of the copper out of the ore?
4. I doubt Massay will want to loose 10m instead of not throwing in another 1 mill to pay for proper leaching equipment and/or SX/EW (hope that is how it is spelled). to get their money back. I have no idea how receptive Massey would be to that. It probably wouldn't hurt to ask. However, I don't think that $1M will do much for CPRK. I believe they need a lot more than that to get caught up with their past due bills, get in the proper reagents, pay the workers back pay, legal fees for PN lawsuit, make some payments to the lien holders to keep them happy, finish cementation line and get in the proper chemicals and supplies, etc. Buying and installing an SX/EW mill would add significant costs on top of all those.
5. Just get the dang thing running. Drill, Test, Start the mill and process the compatable ore. Easier said than done. Show me the money and I am sure that they would get-r-done.
If I was on the BOD (and I am not), I would be talking to everyone I knew with deep, deep pockets about an LTF and / or with larger mining firms about doing a joint venture, a merger, or a buyout. An LTF gets you the money you need, but not the mining expertise we could probably use. A JV, merger or buyout from a larger mining co. with deep pockets could get us the money and the expertise. But again, this is probably easier said than done.
FFF
TVI Pacific Announces Fourteenth Shipment of Copper Concentrates and Zinc Circuit Update
CALGARY, ALBERTA, May 10, 2010 (Marketwire) -- TVI Pacific Inc. (TSX:TVI) ("TVI" or the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its fourteenth shipment of copper concentrates produced at the Canatuan Mine on May 5, 2010.
-- Gross revenue expected from fourteenth shipment US$9.1 million
-- Gross revenue year to date US$35.3 million
-- Copper concentrates shipped year to date 20,799 dmt
As previously discussed, mining has progressed into the portion of the ore body containing increased amounts of zinc. In advance of the availability and commissioning of the zinc circuit, the mill encountered difficulties in increasing the copper grade in the copper concentrate being produced, without increasing the zinc content of the concentrate. Accordingly, the company elected to maintain the previous mill plan of producing larger quantities of copper concentrate at a grade of around 19-20% copper for this shipment, achieving roughly equivalent quantities of payable metal.
The concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG ("MRI"). TVIRD expects to earn gross revenues of US$9.1 million from MRI for 5,285 dry metric tonnes ("dmt") of copper concentrates.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. After the fourteenth shipment, inventory of about 1,300 dmt remained in the warehouse.
Zinc Circuit Update
The newly installed zinc flotation circuit was powered up on schedule on April 30 and is undergoing plant debugging as the first step in commissioning. Additional elements of the zinc separation and concentrate production process will be added in the coming weeks as the company continues with the zinc circuit commissioning. The company anticipates that the commissioning process could take up to three months as is typical in such operations and similar to the company's experience with the copper circuit.
In the meantime, the company's objective is to produce copper concentrate such that payable metal quantities will be constant and grade and shipment scheduling will be adjusted in accordance with zinc separation performance. The company's plan is to achieve an increase in copper concentrate grade to the 25% level as soon as practicable.
Additional information on the zinc circuit process can be found here http://bit.ly/6hvgJC on TVI's official Corporate Discussion Forum on Facebook.
About TVI Pacific Inc. (TSX:TVI)
TVI Pacific Inc. is a publically traded, profitable, low cost copper producer focused on the production, development, exploration and acquisition of precious and base metal mining projects in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.), Inc.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
Be a Fan at www.facebook.com/tvipacific
FFF
Got 35,000 at .045 today.
FFF
When I first met MD in Feb. 2009, he said he had 3 LTF deals on his desk, but he was going to hold out for better terms. I never actually saw any of the deals, but he did claim to have them.
FFF
Chuck,
You are correct.
FFF
There are 2 sides to every story. And the truth usually lies somewhere in between.
I can tell you that MD would agree with most, if not all, of Thunderbell's posts. But I don't know for sure if MS and the rest of the board would agree with all of that. Given that they removed MD and put MS in charge, I would tend to think that they have a different view of what happened.
FFF
TBell,
If you look at the Pink Sheets compliance document, MD's 200M shares is the current share count. MS and EB's were 20M in 2008.
FFF
I believe they have all been quit claimed to CPRK and WUCC.
FFF
This is accurate.
PW,
Look at the date of MS and EB's shares on the PS compliance document. It states they have 20M shares each and I believe that was before they were upconverted to CPRK shares. Someone on this board will have to verify the number, but I think WUCC shares were converted to around 16 CPRK shares each.
FFF
MD does not have more stock than the rest of the BOD combined.
FFF
Trav G,
I do not believe that MD is working with the current BOD.
FFF
The documents were downloaded from Pacer. They are part of the recent filings from the PN lawsuit.
FFF
Ally,
Thanks for getting the documents up!
FFF
Ally replied back that she will post it.
FFF
Dr. D,
You inspired me to do a little digging. Based on a tip from one of our favorite posters, who has recently been advised to stop posting here, I have a couple documents containing CPRK financial info and business plans.
I am sending them to AllyAustin to see if she knows how to post them. I have no idea how to post a .pdf file here.
FFF
Rich,
I agree with you. I just try and sort through the posts and determine which is BS and which is worthwhile.
FFF
Dr. Doug,
I appreciate your comment.
I have been attending to some family matters and have not done any DD on CPRK in the last couple weeks. I have been watching the board but do not have anything to add right now. I am surprised that the pps has held up so well. I thought the last PR would have been seen as a negative, but it appears to have given people some confidence in the new management.
FFF
What is the OS?
FFF
Sese,
The 2005 report you are looking at has a HUGE error in it. We are talking about Copper King, not Tungsten King. Doesn't it seem a little off to you that the tungsten value is 2x the copper value? The 2005 report took the pounds of tungsten and multiplied it by the price per ton of tungsten. So the tungsten value is inflated by 2000X. There was a correction to this report that was published in 2005.
The value from that report is still significant, but not as significant as in the report. Also, they have done a lot of drilling since then, so there is even more proven and inferred deposits.
FFF
It's awfully quiet here. I just bought 20,000 shares at $.018 the other day.
Anyone have any new info the company?
FFF
RTR,
I'm down with that. But we are still going to need money from somewhere.
Come on RTR. You and I both know that they need money. To say they better not take any free money, borrow any money, or sell shares is the same as saying they should throw in the towel and file for BK. And none of us want a BK.
So if you don't want them to bring any money in, how do you suggest that they hire the experts, finance any improvements, pay for the running of the mill once it is back up and until revenues start coming in, meet payroll, and take care of the tailing pond in question lately?
I am sure they are open to any suggestions you might have for them.
FFF the Realist
Marc,
I have no info on timelines, what is needed, etc. I don't think anyone will know that until after the experts evaluate the mill and make their recomendations.
I would imagine that if the new cells were working as planned they would not have include the following statement in the last PR: To continue operations ...... without better recovery of its copper oxides would be irresponsible.
And I sure hope that they get their ducks in a row this time. If they don't, I can't imagine that things would go too well for us shareholders.
FFF
Dunphy,
They have 2 vacuum belt presses that didn't seem to work, so they are currently sitting outside of the building. Is that the equipment you were referring to?
Their plan was to run the tailing through the belt presses to recapture the water and then have the tailings feed outside the building to the cementation process or SX/EW. The floatation mill is to get the gold, silver, and as much copper as possible. Then the leaching process was supposed to get the rest of the copper.
I believe they have been dumping their tailings into a pond so far, which means they are going to have a tough time getting them back for further leaching. I believe that is one reason they need to re-look at the process as they still have too much copper in the tailings to let them go to waste.
FFF
Tommy,
The original plan was for the water in the plant to be recycled, but I am not so sure that is actually happening. The belt filters were supposed to pull the water from the tailings and recycle it. However, I don't believe that those belt filters are even installed right now.
FFF
Trav G,
Do you know this for a fact or is this your opinion? My guess is that it is your opinion, but you state it like a fact.
"They produced enough con the last 2 weeks to pay for the additional upgrades and already knew they would need to do this, therefore they ran the mill to create revenue for more improvements. There will be NO reverse split on this stock."
FFF
Ken,
First, I do not know if they are even selling any shares at this time. You would have to ask them to find out.
I have not purchased any shares from the company in over a year, so I do not know what they would offer.
I paid 80% of the previous day's closing price, and had a 1 year restriction on the stock.
You also had to be an accredited investor. There are several ways to qualify for this, one of them being you have a net worth over $1M or an annual salary of over $200K.
I hope that helps.
FFF
BMR,
All of the certificates I have deposited were past the restriction date. I did not ask them if they would accept certificates that were still under restriction as I do not have any certificates that are like that.
FFF
I deposited certs last Friday and this Tuesday. They are showing in my account but are still restricted. They said it could take up to 2 weeks to get the restrictions removed.
FFF