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Bullish engulfing pattern. Let's see if this chart pattern will correlate with anything of substance coming from JJ et al. At this juncture, I really don't expect much from this company. The rubber band is sooooooooooooo stretched as to make it either snap and hurt or simply collapse when let go and bruise.
These guys are master minds when it comes to keeping shareholders at bay.
JJ and BOD have certainly tested the will and perseverance of all longs. This crap about naked shorts is just that.
I really want to know what company officer(s) who claim and hide under the guise of an NDA leak out certain bits and pieces of information to those who then spurt out their own home grown announcement of a pending announcement from the company. Which then causes some, including me, to go out and buy at the highs. How stupid am I.
Really, why is it that there are certain people who seem to always post information passed on to them from insiders, that certain announcement or certain event or certain persons of significance will do certain things within a short time, hours, days, weeks away.
These false signals are sent out by these individuals through the message boards, MP being one, sent as emails to their trusted groups, and then as time lapses, it is apparent that it was a ruse.
I cannot see how the BOD and JJ can have their cake and eat it too, but they have so far succeeded. NDA they claim, so they keep shareholders in the dark, and then they give certain bait to others to spread rumors of great things to come, and voila, nothing, nothing, nothing. Imminent, next week, Tuesday, next month, if only, need signatures, money is in Chile (love that one), it just goes on and on. Who cares if the money is in Chile or hiding under an iceberg in the north pole. If it isn't duly delivered to Medinah, then what difference where the funds are. Shut up. Really. Really disgusting and obscene in terms of the way they play this out.
They either have a deal, or they don't. Done, done, done means done, done, done. It does not mean subject to done, contingent on doing something and then done, it is done and funding is imminent. When we were given the bs about the funding was imminent, and I asked what does imminent mean. Boy, the answers were interesting.
Masters I tell you. They are masters.
So, I'll come full circle. Let's see if this chart pattern is merely a reflection of the grossly oversold sp, and this is a short lived technical rally, or there is something about Uly and his wallet being opened finally. ( I am way too cynical at this point to believe Uly will come through). I have my scenario, but that's mine, and mine alone. So, I'll keep it to myself.
Regardless, if the needle does not move this time in an appreciable way, whether Uly comes through or not, I am certain, after this technical bounce, there will be massive selling again. Nothing but substantive moves on the part of the company, i.e. full scale exploration, official confirmation of substantial amount of ore sent to Enami, and great results, not bs, serious commitment and initialization of exploration by the so called consortium, funds transferred to Medinah, and full documentation of all these events, will be convincing. I just don't know how they can continue to find the greater fool.
I am tired of looking at pictures of rabbit holes and being told this adit is one that contains massive amounts of metals and minerals. Give me a break. If they had taken the ore by wheel barrow to Enami, there would have been an Egyptian pyramid size ore at Enami by now. Enough.
For all those who relied on this speculative play to bring you financial relief, I certainly hope you will find another vehicle that will bring you that end. Let's see if we see imminent new highs or imminent new lows as the weeks roll on.
I wish you all the very best.
Shareholders are not entitled to "answers" from Medinah. They are only "updated". You need to get on board with the Medinah jargon. What's wrong with you? You want answers? Heh! LOL
Massive highway rigs? Really? And I thought the ore would be shipped via Tonka toy trucks. What ridiculous statements. Take the ore to Enami already. It doesn't matter how, even if you have to do it on burros. Just move something.
That's all well and good for all the others who finally got their funds. But as to Medinah, you rightfully point out, the pudding is in performance, not a bunch of fabricated words about how the funds are landed, they are in Chile, the money has been transferred to this account or to that account etc, etc, etc, as the King would say in the King and Medinah.
In the grand scheme of things, the question of why a measly sum of $5.7M is not paid out to Medinah for the Alluvia stock that Medinah punted right back to Amarant is beyond me. This is chump change to Ulander.
It's not obvious, but one has to reasonably come to certain conclusions. One of those could be that the "Agreement" between Amarant and Medinah looks like Swiss Cheese.
The reason it's worth noting the above is because it is not unreasonable to go out on a limb and make that statement due to the fact that Medinah has not yet mentioned anything about Amarant being in default of Amarant's obligations. In fact, the opposite seems to be true. Medinah has gone out of its way to attempt to placate shareholders by making the statement that to date, whenever that statement was made, Amarant has (paraphrasing) has met its obligations to Medinah. Yes?
So if Amarant has met its obligations to Medinah, then the delivery of even a red Chilean penny is not in the cards until those terms of the "Agreement" are met. And since Medinah is not necessarily all that transparent with its dealings with its shareholders, we don't know what the "Agreement" says and will not until this so called, self imposed confidentiality agreement is lifted.
Let's see, the confidentiality agreement as to Amarant may still not be lifted as this deal is still alive and seems to be going in the direction of closing. But what about the previous partner who failed to deliver. Why not publish, make known, let us see who it was that failed to perform. What could be the detriment to Medinah if Medinah discloses to its loyal shareholders who, what and when of the previous partner/non buyer.
Well, again I digress. So I say, great for your aforementioned companies who finally got paid. But where is our Chilean Beef? And why we haven't even eaten a chili cheese burger, never mind the steak.
I am totally at a loss as to how the funding of the contractual obligations that Medinah's previous "non" buyers and current buyer(s)have been characterized.
What the hell does it mean that the money or funding has landed. What the hell does it mean when the company makes a statement that the buyer's obligations have been met.
All this foolish gobbledygook is just that.
Look, when there is a deal without money, there is contractually no consideration, and therefore no deal (until there is consideration, money transferred from buyer to seller).
So, Amarant can make statements such as "we have purchased 85% of the entire mining output of the countries of Russia, Geogia, China, Mongolia, the Galapagos Islands, and finally the entire output of the flatulent gas emissions from the principality of the Vatican.
But without getting paid, I bet the Vatican will not send one once of the flatulent gases to Amarant's storage tanks.
So, my brothers and sisters and fellow Medinah flatulents, just wait until Amarant/Alluvia and its controlling companies fleece the innocent buyers of their stock when they float their shares on the you know where stock market and take that money and pay Medinah the $5.4M they owe for that worthless stock that they gave Medianh which Medinah threw back at them like a hot potato. BTW, this was probably the smartest thing Medinah has done in years.
Anyway, I digress. Continuing on, then comes the $18M of cash, all again from selling the worthless paper to unsuspecting buyers of this stock that will be floated out there this coming spring, because Amarant has purchased 85% of Medinah, 100% of another company, 15% of another, 47% of another and on and on. So it looks as though Amarant is potentially sitting on tens of Billions dollars worth of metals and minerals, all for nothing down and a bunch of paper that is sold to others who are happy to hold that paper who think they are going to get filthy rich. Ya know my dear brothers and sisters, investing in stocks and making a killing is not that easy folks. There aint no free lunch.
All that said, we will all get our share soon after the Alluvia/Amarant stock is sold on the you know where exchange. Then we will roll in the dough.
When that happens, I say, cash out and run from the hills instead of to the hills.
Good luck ladies and gents. It will be months before we see the best chapter of Medinah. Oh yes, it will come. Just be ready to cash in when it comes and don't be greedy and hold out. Get out while the getting gets good. It will not last.
And what ever happened to that bad boy Bogdan. Is he still rotting in jail for conspiring to turn off the lights on JJ? What a bad boy. Just think, the entire supreme court of Chile is not capable of forcing Bogdan to buy up a single share of Medinah stock to replace the shares he stole from JJ.
Can you believe that? Bogdan must know something about the members of that tribunal. Otherwise why would they not force the guy to go out in the market place and buy, buy, buy worthless Medinah stock, to replace the shares he sold at the peaks.
Come on Bogdan, please get out there and spend some money and make the sp go up a little so we can all sell our shares to you and run from the hills of Santiago.
Anyway folks, just having a little fun. This stock is too boring to hold. It has been a great trading stock, while I sit here and hold.
When considering raising funds for a venture, one has to be aware of the financial environment. Global conditions are not to be ignored.
I am an ardent critic of the BOD and the way they handled shareholder relations. Not to beat this to a pulp, but they were really sloppy to say the least. That said, I challenge anyone here to go into the capital markets and raise the funds to close a deal of this magnitude today.
There are more passes on JV's and projects with even more seasoned operating history than Medinah's that go unfunded and are set aside.
Am I thrilled at the outcome of the negotiaions when we had a 15% free interest? NO. But that is reality. The purchaser wants the best deal and the seller wants to enhance it for it's account. So this is a push and pull that gets resolved. And finally it did.
We can sit here and criticize all we want. If there was a better deal out there, JJ would have taken it in a heart beat.
Now here is my two cents worth. I say the total of the $5.4M should be deployed to explore LDM and other claims with high prospects. This should be the immediate use of those funds. Let's not skip a beat in getting our equipment, manpower, infrastructure out there to drill, dig and proof up the mountain.
For the naysayers, wait for the dust to settle before you continue on your path. As I stated in my earlier post, prior to the announcement, when the stock was trading in the $.08's, this was a good point of entry, up or down from here, it will be a good place for the long term.
So, let's enjoy the ride.
It takes a good team to put together a mining company. To take it beyond this level, JJ needs to have a team that is used to executing on what he has built. This has the potential to become a major mining company. Time for junior to move over and hand the reigns to a pro.
You got to give credit where credit is due. JJ has strengths. He has amassed a lot of property. But obviously monetizing the assets is not his game. So he has light weight players who are over their heads in this instance.
Medinah needed savvy mining players with a history and track record to do the heavy lifting. Accumulating was great fun, but monetizing is the work that lay ahead.
Let's see the details of what lay in store in the next six months to a year or so.
In my opinion there is definitely a pay day ahead. But I don't see it for a while. Long term, I am almost certain all the longs will be satisfied. This is really the time to be accumulating the stock. A penny down, a penny up is not going to make any difference, in the long run or grand scheme of what is in store for Medinah.
My issues are with how they run this company. Their updates, the news, the NDA's, their statements, just too much like a pink sheet penny stock company. It's a joke.
You did a good job putting together this massive property. Now, I say, get out of the way, let the pros handle the monetizing.
Here is one stockholder's take on what we were fed.
The markets are efficient. There is no such thing as free lunch. The road to big gains is paved with lots of duds. So at the end of the day, even if you hit the occasional home runs, by the time you do your end of year summary, you will see the the true picture of the portfolio.
There have been many, myself included, who got in at the peaks when the deals were done, waiting for funds, funds being held up, timing of announcements etc. and ad nauseum So when the deals did not materialize, selling at a loss because that was the attractive option available at the time.
This time around, my sentiments are close to yours. I just don't see how these guys can get away with a scam over and over again on the same property, same stock, same scam, same mountain, same assays.
I think if they are scammers, they would move on to another one, not repeat the same. I know, this year looks pretty much the same as last. Well, much to their credit, they used other verbiage to hook us longs at the top again, than last year. The results are the same, but the methods were a little different. So, I believed the done done done story. I did accept my own version of how they can't be that brazen for two years in a row, etc. My own rationale got me and my sphere of influence back in. Some in my group have sold and will never look back. Some sold at a loss and are holding the rest for pay day. Others are down so much, they are looking at averaging down, as I am doing now.
I think this time, I will probably break even. But this is a far cry from the $1.00 per share potential gain this was to be.
So I say again, if it was as easy as it was cracked up to be when the deal was done done done, then everyone in the world would be owning only the winners. No one would ever loose a dime. But, of course you know, the streets running with blood are not paved in gold.
For about 8 trading days, the buys were in larger volumes. Today, the sells are in larger blocks.
The painters are doing their best efforts. But really guys, let it go. 1000 shares at the ask is not a fight you want to wage against the huge blocks that are going down at the bid.
Why don't you let it go. Let the sellers sell down to a nickel. By then the BOD will come up with another song that will rally the stock again. We will play this game until there is something of substance. Until then, we are stuck as longs who got in at the done done done announcement and recently when it was trading in the high $0.06 to $.08 range attempting to average down.
For my money, I would love to see a huge down day, say a 20M-50M volume or more with a 20% down day for maybe two or three days to wash out all the weak hands.
Someone knows the update/news is another fluff nonsense from JJ et. al.
Technically the recent rally is also a bit tired. It is due for a sell off, especially if the update/news is nothing. Sideways to down 5% down days on low volume are killers.
In a post several months ago, perhaps in March, I made wag on when the deal may actually be done. I guessed August. This guess was based on time that I felt would be needed to either cut bait with this group (if there is a real one out there) and perhaps raise capital to do self mining, no partners. Let's see if what's in store for August.
I don't see anything of substance happening in July. Love to be wrong here.
I'll eat humble pie. Thanks!
Too much on my mind to be posting here. So this is my last clarification. I attributed an assumption of 10% to the overall volume of sales to the insiders, which then takes me back to the assumption I made earlier, which is $3M for the total insider sales dollar volume. $30M represents the assumption of the total sales. My bad. Not posting for a while until I get my head clear with my other business and possibly the deal has gone through and we are sitting on top of a hoard of cash. Nice dream.
OK, so I should post slow and easy. Here again, times my bottom line figure of $3M take home pay by 10X. Big mistake in my decimal placement.
So even better, the take home pay is $30M not $3M based on the previous assumptions. 300M shares at $0.10 = $30M not $3M. Now that really is a reason not to lift the NDA and $30M reasons to prolong the deal life. Closing the deal is not nearly as profitable as stringing it out for a year and selling into the strength.
Wow! Why didn't I think of doing a reverse merger and announce a major deal and just copy these guys? Man oh man, have I missed the boat.
$6M per insider, assuming 5 insiders in on the deal for six months of negotiating with thin air. Is there anyone there to negotiate with? Now that is a masterful negotiator.
They make $6M each, if there are five insiders selling, for a six month period while they prolong the closing. Not bad. Things look even better. You'd think this is enough funds for them to mine the mountain?
If the exploration budget is $7M, why can't insiders take a few Yankee dollars from their loot and explore? If each insider partner put up $2M from the sale of stock, we'd have more than enough to do the job. Why do we need a partner? Hell, there has been enough stock mined to tear that mountain upside down by now. What is going on?
Truly, why take on a partner for a deposit that is potentially worth Billions, when you have tens of millions from the sale of stock that you can use to explore and bring home the bacon?
Is this not a legitimate question? Am I off in my thinking? Enquiring minds want to know!
Typo...should read 300M to 360M shares (not 260M) in the previous post.
Assuming sales of 300M to 260M shares over the course of the last six months, if one takes a rough average selling price of $0.10 per share and makes a wild assumption that 10% of the sold shares were from insiders (no way of knowing, just a WAG), that would equate to roughly a take home pay of $3M for a period of six months for the insiders.
How many insiders account for about 10% of the sales, 3, 4, 5? Even if six insiders sold at $3M, that would be $500K per for a six month period, and annualized about $1M each for six insiders. Not a bad pay for a six/twelve month wait. Beats punching the clock at the office.
Since the done done done announcement, to date, roughly 360 million MDMN shares have been traded. This begs the question of who is selling and who is buying. I am one of those buyers. However, I can assure you I did not buy 360M shares. I did sell some at a loss, and so did others whom I influenced to buy.
Coming right to the chase, a legitimate question is how much of the selling is by insiders.
I don't begrudge insider sales. I do however take umbrage when it's done in secrecy and in large volumes during the run up, while dragging their heals at announcing there was and there is no done done done deal.
If there is no deal, let us know. Don't drag this on while statements are made "hoping" to close the deal bery bery soon. Come right out and say it: "The deal is unwound and we are going to do it alone. We will explore with the funds we raised by selling you the stock." I can live with that.
Although the chart showed a constructive pattern of late, I wonder is this recent upside again another opportunity for insiders to sell into strength?
If they can announce the buying terms of $180M, and that the buying consortium has decided that since the deposits are so vast that they have increased their original exploration expenditures to $7M from $5M, why can't they announce simple, yet truthful explanations as to the delay.
Can JJ say "I do" and consummate this deal? And again, if there is no deal, how about announcing the reasons for the delays and give us plan "B". And this time, please don't tell us there's another buyer in the wings and that will of course take another year to negotiate, and by the way, we are under NDA and can't disclose anything but the following terms. "The new buyer is a major mining company and the new deal with these guys is much better. They are paying us $360M for the ADL and another $360M for LDM and we have a trailing interest of 30% instead of the poultry sum we had in the previous deal. See, aren't we doing a good job for y'all?
And oh by the way, the truck that had the ore that was waiting for the weather to clear up to take the ore to Enami, remember that? well, it never made it to Enami. It was hijacked on the way there. We have it on good intel that the hijacked ore had a value of $100K, and the hijackers are using those funds to mine their own claims with picks and shovels that they purchased from those funds. And we also heard that they took their ore that they dug with those picks and shovels to Enami and sold that ore for another $100K, those shifty slick backwards miners. We are really mad at them for doing all that while we wait and pick our noses.
But we can't prosecute them now for hijacking our truck full of ore because we don't have the funds to hire attorneys to file a claim against them. So sit and wait and buy some more shares while we sell at every peak and we'll tell you when we can lift the NDA and tell you when we have another done done done deal so you can come in and buy some more shares and we'll just keep mining the stock.
Enough!
Rick,
For what it's worth, I will enquire with a friend of mine who is an American attorney with connections to Chile, including a contact who is a supplier of equipment to mining operators. My attorney friend has been traveling to Chile for 30 years and is married to a wonderful Chilean woman.
We missed a call from our contact there who was responding to our enquirey into Medinah's operations, status of affairs etc. It's been slow, but I am hoping that our contact who knows the mining industry in Chile and other South American countries, will come through with what he knows about Medinah.
I don't know if my attorney friend, who speaks fluent Spanish can help us, but I am willing to try. He has family in Santiago which will make things a bit easier.
Let me know exactly what you would like to know, and I will gladly pass it on with no guarantees.
Rick,
By LP's tone, you'd think he does not care a bit about the funding. I ask, what member at the top of a company makes a stupid statement like that?
This is nuts. If things are going swimmingly well, then what are the issues that keep the funding from going through? Tell us something new. This is a broken record.
Mike was saying only last week that funding or the deal closing was a few days away. Yes sir. Only a few days.
Just so you know, I had shares previously bought. But I went in heavy on that announcement and recently added to my position. So I am all in.
I think I will actually double down when it goes to a nickel. The other option is that I take the loss and get out and never look back, even if Yamana, Barrick, Newmont, Billton and the others come calling. If the deal does not close, and I don't expect it to, I will simply trade out of it after I buy in at a nickel, and then sell and disappear.
If the stars line up and JJ has a good dream the night before the next morning, then maybe he will be in a good enough mood to close this deal.
This is so ridiculous.
Well put Steve. Of course there never is a direct correlation between operations. I have given credit where credit is due. JJ has land banked and created the critical mass required to move Medinah into the big boy's camp.
But along the way, things have not added up. There seems to be a huge gap between what is verbally delivered and what is practically delivered by JJ and the gang. That's all I am saying.
If Alto is a great find, and now LDM is even better than Alto, are we the only geniuses in the world who made this discovery?
Why does a major mining company, consortium, not close this deal. Tell us the shareholders why things have not concluded and signed off. They gave us the numbers. They told us it's done, done, done.
We were told it was all done. Why is it taking more time. Don't violate the NDA, just give us some substantive info. By diddling around, they either look like the three stooges or scam artists. That is not the way to conduct business. Sorry boys.
Rick,
The relevance is that from the point of the first pick-axe, and single shovel of dirt to the actual production of gold for this miner in the cold frozen climate, even with the obstacle of weather, being shut down for nine months of the year, the infrastructure went up, (clearing timber, building roads while having to traverse wide creek beds and iced over terrain) building housing, building smelting areas, hauling huge equipment to the site, setting up camp, with all this, it took three years to produce gold.
Sure, it has been known for some time, certainly longer than three years ago, that these claims of Medinah's are rich in metals and minerals around Santiago, along with the deep deposits, there are supposed tailings that can be smelted. And just how long does it take, when properly equipped, to drill through the mountain? How long does it take to convince the major miner that these 1500+ claims are really worth spending $7M to explore. Rick, it's either worth exploring or it's not. Enough of these very soon, funding is imminent on and on.
Yes you did misread. My reference to shutting down the mine was not to Medinah, but to the other one that is located in the frozen tundra nine months of the year where it gets to 50 below, and has all the obstacles in the way, and yet it is being mined in very short period of time from the first pick-axe going into the ground.
Please be candid Rick. You have to have some degree of frustration, if not frustration, then dome degree of question as to why it is taking so long, while we sit and wait, and read the extrapolated messages from the leaks and announcements made from the top. Don't you agree that it has reached a point of even asking the simple question? What is there left, when there was nothing left to do but sign the agreement. Isn't it ridiculous for them to keep us in suspense. They never come out and tell us anything of substance. It is always "let's see what tomorrow brings" kind of statement.
Stock dividend? When they issue hundreds of millions of shares and pay out a 10% stock dividend, it is supposed to keep shareholders satisfied? Don't you have any questions about the way things are continually delayed.
I understand your average sp cost is really low along with other early "investors". I congratulate you on what is now for you a tremendous investment. But, does a profitable position lull you to the point that you don't even ask what is going on in Medinah land? Again I ask with all respect, don't you ask yourself why are things the same, but only a year or two later? Why can't JJ close a deal?
Maybe he will come through in the end, but the process would have been truly excruciatingly tedious. I have had some friends in this stock who finally have had to take a tremendous loss and close this chapter.
Sorry, I think this is a legitimate question to put to any shareholder, not just you.
I just viewed some photographs of a mining operation of a person whom I know.
From the time of purchase of the mine to actually producing gold and bringing to market was three years.
They have all the equipment that a mining operation needs. I saw in a few images the sluicers that the ore washes and separates the gold from dirt. I will not publish them here as they are a privately held company.
I saw all the employees photos up at the mine. This mine is now producing hand over fist of gold while being open only three months of the years due to sub zero temperatures in the winter.
I saw the slides of them clearing the timber to build a road. I saw the haulers, and other transportation trucks, buildings to house the crew was being built by clearing timber.
I saw how the front loaders dug the surface and loaded the trucks that took the ore to the vibrators, sluicers washed the gold right out of the dirt and then smelted it into bars.
Yes Medinah's geology and operation may be substantially different than this mine. But if Medianh's claims are as rich as they say, then why the continued delays in getting to the end result? Remember, these guys have to shut down the mining operation for 9 months of the year due to the frozen tundra.
Any metals that are produced will be immediately sold and Medinah will have the cash with which to expand the operation. Why is it that this company is so cash poor? What is really going on at Medinah land.
I will be happy to share privately with a few of you some of the images I have. I just received the link to his gold mining operation this am. This is how it is done. You test, explore, prove up and mine or get off the Chile pot.
There's nothing to prevent them from earning a living in other businesses, jobs or investments, and their involvement in Medinah including raising cash by selling their privately held shares, as long as it is done with no conflicts and not at the expense of MDMN shareholders.
It would be good to know their holdings and interests in MDMN as well as other publicly held corps. What they do in other private businesses, as long as there are no conflicts of interest with their Medinah holdings is none of my concern.
I have to believe there are some members of management who have and are selling shares. I have no proof. Just my opinion. That in itself, is not an issue. When you couple sales of shares by management, insiders, with announcements of done, done, done deals and other self serving announcements and discussions and updates, that's when I get off the bus.
If I were LP or any of the others, I would come clean and announce I am selling shares, as do other insiders in listed companies. But that's me. There is no requirement here to adhere to the same set of ethics and rules that listed company insiders do.
So pink sheet company insiders are free to pillage the shareholders value all they want, and many do. I am not saying these guys have been doing it or are doing it. It would simply surprise me if they have not and do not sell shares when sp go up as they have from their original cost, which has to be way below where the sp is trading today and especially at the peak of $0.16-$0.19 area. Volume...at the peaks. Who is selling. I bought at the peaks. I might have bought LP's shares. I bought because they announced done, done, done.
It is abundantly clear there are serious flaws in the behavior of the management with respect to the dissemination of material information regarding previous failed deals and the current ongoing saga of this latest so called done, done, done deal to the shareholders.
There are many more complex, truly head spinning deals that are announced, negotiated, put before the shareholders for a vote up or down regularly in the business world without all this nonsense that the shareholders of MDMN have to endure.
Announcements, updates and leaks from the top seem to serve at best no one, at worst seem to be a sinister motive to keep the sp up long enough to cash in by insiders.
Very soon, imminent, next week, end of day, at the conclusion of meetings, end of trips on and on and on it goes without results. It is no wonder that some have taken such a dim view of the capabilities of the management, along with a healthy dose of cynicism as to the real modus operendi of this group at the top.
To give JJ et al the benefit of the doubt, I would have to conclude that there are meetings, discussions and negotiations going on and have gone on with prospective buyers/interested parties in times past and now. However, agreements to agree are not tantamount to any firm deals and should never be characterized as such. When at the shareholders meeting innocent believers enquired as to the status of the deal, they were told in no uncertain terms it was done, done, done. Share price goes up in anticipation. Excitement is in the air. People trip over themselves buying the stock at the highs anticipating the finalized announcements. All is good until the delay tactics.
Then the delays come in to play. Notarios, legal finalization, being here, being there, come to NY to sign, hiring an attorney, pr firm, capital company, $180M with 15% free trailing interest, leaks, next week, at the mining conference, announcement delayed because it's best to break the news through a media event, the list is endless.
These types of errors and omissions make one's head spin. These types of games bring doubt as to the veracity of anything the management puts out. At best, one thinks they are inept. At worst, they are being accused by some of perpetrating a scam.
Which is it, a pink sheet scam or goof balls trying to play a miner's game in the real world who just are totally inept or a little bit of both?
Enough! Tell us what you're doing management. Respect the people who have placed hard cash on the table. If there is no deal, so be it. We take our losses and march off the field.
If there is a deal, certainly we are entitled to know more than just the announcement that we have an offer of $180M and 15% free trailing interest and $7M to explore, etc. etc. etc. Then the delays and diversions from the real deal to the LDM. This is potentially insulting and beyond the pale for people, who in the words of some, are truthful top notch people.
Enough!
NEVER! The boat they loaded the ore onto hit an iceberg on the way to Enami and sank. The entire boat load of ore, which would have amounted to potentially BILLIONS of Dollars worth of smelted gold sank to the bottom of the ocean.
Now, it will be up to the explorers who follow our civilization hundreds of years from now, when gold has become so rare that the price of gold will have risen to $1B per ounce, will deem the sunken ore to be of sufficient value and quantity that it will be worth diving to the bottom of the ocean and bring up what they can salvage.
Of course some of the lighter weight ore will have been washed onto the shores of lands yonder and people sunbathing on the shores of sunny beaches around the world will just simply bend down and pick up nuggets of gold from our famous ALTO and LDM gold mines that got tossed on waves and made their way to distant strange shores.
Well folks, this I think is about the only excuse LP has not offered yet as to why the ore has not made it to Enami. Of course, until they see what those results are (assays, smelting dollars), it would be premature and bad business practice to close a deal with such an eager buyer who is putting up $180M, when these two gold producing mines from the days of the Incas are so rich in gold and silver and other minerals that $180M and a 15% trailing interest in these gold laden mines would be tantamount to giving away the farm.
So let's wait another week, while we sell more worthless stock at $.09 where our cost is sub $.0001 and extend the closing by another "next week".
Enough!
Bust!
Thanks for your responses HR and MG. Yes the $40M was from another project that I mistook for Medinah.
You are right on! Conversely, when you are on a small boat in the middle of the vast oceans, all the vastness and volumes of the waters cannot cause any harm to your safety, until your boat begins to take on water and cannot get rid of it, ultimately submerging the boat.
So it is that all the gold in Fort Knox will not do anything for me unless I can either buy it under market and sell it at market and keep the difference in profits, while maintaining strict controls on the "expenses" so as to realize a gain for me and my partners involved.
What good is the mountain of riches if it cannot be monetized? But then again, need I remind everyone that it will happen "next week", as this week is just about to end without an announcement.
Waiting!
Mike,
The BOD's credibility suffers greatly in light of so many claims made for so many years and so many different ways, without monetized results.
My head spins when I read some of the announcements made by, well, you pick 'em, any one of them. They hide behind all types of veils, false and misleading statements regarding the deals abound.
Who can believe this "world class" property and operation is being run by these guys who simply cannot monetize this vast holding? I scratch my head daily trying to reconcile the public dissemination of information with reality.
Finalized deals are not finalized. Imminent funding is not imminent. Details of deals are leaked, but no substantial information is given to shareholders about the current status, other than obscure, vague and implied rather than explicit messages.
This is how they run a POTENTIAL multi-billion dollar mining company? JJ et. al give new meaning to "What's My Line?" It's as though we have Larry, Curley and Mo running this greatest recent discovery of gold and minerals operation. JJ may be good at assemblage, but not at closing a deal. At least so far this is the case. Maybe he will pull a rabbit out of his hat and surprise us all.
So if there are conclusive, credible analysis of the geological status of the mountain, and if the experts believe the analysis supports exploration and discovery of the end products, then why does the BOD fumble around? Get the damn mountain explored, mined and create revenue.
There is always a reason/excuse offered for a critical step along the path to a conclusion that interrupts the ending. So delays, delays, and more delays are the mode for Mehinah. This week, next week.
Enough!
Muchas Gracias Senior! Finally we get an objective perspective on what is potential vs. clearly speculation and pumping on the part of the BOD.
JJ move over and allow this project to have a life of its own.
Enough!
I was expecting the reversal yesterday, but I'll take it today.
Sorry to say, you are dreaming. $180 for 85% with a trailing interest in multi billion dollar reserves is a great deal for a company that can't even get enough money to mine the mountain, or hire a respectable known mining law firm, or file a law suit after a year or more of a failed deal or get their act together on an announcement.
Tons of gold in your vault does nothing to my bottom line. So, tons of gold in the mountain does nothing to MDMN shareholder's bottom line. It needs to be extracted and sold NOW! Not fifteen years from now.
And you think a world class, publicly traded company (the buying consortium) is going to just idly sit and not enforce a done, done, done Alto agreement if there is the proven LDM deal right next door? Don't you think a respectable mining company will put a clause in the Alto agreement on a first right of refusal on any new discovery that is not covered in the Alto deal? Come on! Sure, we'll sell you the dog, take your tens of millions, and mine the real gold, while you continue your exploration. Aha! that makes a lot of sense.
Let's stop this none sense. We have a deal or we don't. If we don't have a deal, then tell us why not. If we have a deal, then move forward. Nuff is Nuff already. Unless of course the insiders who know there is no deal are not done done done selling their shares shares shares to raise enough money to go on a cruise this summer. LOL
Well, so much for my read for my prediction of today's action. I was wrong, wrong wrong. Too many falling knives on this puppy at this time.
Off topic: From time to time, to illustrate a point, there are some allusions of examples to send home the point a poster makes. Only within that context do I say this.
Take a look at XG. See how clean the deal is. The management of both the buying entity and the selling company do their behind the scenes negotiations, agree on terms, then make an announcement.
Clean, clear messages are given so as to not leave any questions behind.
What is this MDMN BOD doing anyway? Is 85% of the company's ADL 1508 bundle of claims sold or not?
What the hell is so complicated with valuation and the creation of the terms for an agreement. Why do they play these freeking games if this is a world class property?
If it is a world class property, then why is the company not taking steps to be listed on a proper venue, stock exchange, rather than a pinky where they can hide and play these stupid games of notarios, trips, weather, funding, no funding on and on and on. Why not take steps to properly fund the company, make it a "capital company" be subjected to proper audits and then apply to be listed on an exchange where there could be some enforcement teeth by authorities for playing these hide and go seek games.
What the hell is so problematical about naming a failed partner. What the hell is the reason that certain things are leaked and other more germane news is kept close to the BOD vests.
Falling knives again. This is ridiculous. If it hits low enough, I am with you, but I am not a buyer at this point today. I fully expected a respectable recovery this morning. But then again, I base that on my estimate of an extreme oversold condition.
Again, at this point, the share prices are strictly news driven. If there is something of substance, and the official announcement is made, then we may be off to the races. This whole idea of leaks to friends, and people close to the BOD coming out with their ridiculous comments about deals, closings, done done done, and next week is old old old. Come out officially or just shut the hell up and stop playing games until you have something to report. Just like XG.
The delays and the decline in share price due to the delays have pushed the sp to a level that I feel are worth getting into, even if for a short trading opportunity.
I don't know how low the sp will go if JJ and friend keep playing this game. It may go to a penny. Since there is nothing fundamentally to create value, other than the owned claims and some piece of a mountain. What is all that worth? I have no idea.
IMO, I don't see them repeating the same story/scam if you will. This time around, if the ADL deal is dead, as some believe, and I increasingly am in that corner, then the dog and pony show will start on the LDM. Now partner/buyer A will be the buyer for LDM and that whole scenario will unfold.
I still am amazed that with all the money they got by unloading worthless stock, Medinah did not purchase/lease a fleet of front loaders and trucks to get the so called mineral rich dirt to market.
Lots of holes, lots of questions, least of which is the BOD treatment of shareholders. Opaque comes to mind, not transparent.
Just to sum up my thoughts, bottom fishing for next week is in order. If we are fortunate enough to have this opportunity to trade the stock with a major announcement, then longs and BOD will have been finally vindicated. "Next Week"