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My friend will be pleased to hear that. She's the pharmacist for the ICU floor.
Seriously, good luck, and try to keep smiling - it really does help.
Dino
But you gotta feed the mules.
Dino
Other than a desk ornament, what would you do with a lump of doré?
Dino
Why not? I retired at 49 also. That's why I can play with shares of penny mining companies. I have the time to research and select companies that I feel will succeed. I've been rather successful at it for the past 20 years or so.
The trick is to only invest "disposable income." That way, you can afford to be patient.
Dino
Why do I think the 20 mil is the end of the converted loan? Today was a "kitchen sink" day for the market - all exchanges as well as the OTC. Good a time as any to dump.
Me? I'm standing pat. Been there: seen it: I know the gold is there and is being mined profitably.
Dino
You asked "Why wouldn't they be able to do an audit?? They don't need to visit the mine." (I can't send private relies.)
I agree, they shouldn't need to visit the mine, but they may have to visit their office. Of maybe get out of the hospital? Or ... I have no idea why they are delaying. But they are.
Dino
In order to file the 10K, the company must be audited and the president or CEO sign off on the audit. Last time I checked, you are not allowed to audit your own company, so if the auditors are unable to complete the audit because of Covid-19, then the company has no choice but to delay the filing. That's one reason the SEC offered the 45 day delay.
Dino
I'm usually opposed to reverse splits also; however, it works when there is a good reason. I own some Sprott (SPOXD) , which used to be TSE and OTC. They did a 1 for 10 six or eight weeks ago so they could list on the NYSE. Check out their chart. It's up about 25% since the RV.
Dino
Apparently, you do not understand the term dilution. It has to do with the number of shares outstanding, not the number of shares traded in a day. The dilution occurred on the day the note was converted to stock, not yesterday, when 10,468,050 shares were traded.
So, no matter how many shares PowerUp, or anyone else for that matter, sells, there is no additional dilution.
Dino
You should really read the PRs. This is from the one on 26 May 2020. To make it easier for you, the bolding is mine. Oh yeah, "retired" means "paid off".
"Mexus recently retired a $142,000 loan using stock held in reserve by the lending company. Although this loan was not optimal it did assist the company in getting the mine into production."
http://mexusgoldus.com/mexus-resumes-full-operations/
Dino
I neither know that nor said that. I don't know and neither do you.
Dino
You assume that the refinancing is in the form of a loan, worse than before, with absolutely no information upon which to make that assumption. For all you know, the "loan" is really several small loans from amicus curious(sic) at quite reasonable terms.
Remember what often happens when you assume.
Dino
Yes, I think the terms of the refinancing/rollover are better than the terms of the old note.
Positive cash flow makes a big difference to a banker.
Dino
Do you know the terms of the refinance? If so, please tell the rest of us.
How do you justify your statement?
"
800 oz later still having to go to loan sharks?"
Dino
Ah, but it's a great security ploy. Who would suspect that anyone would haul gold in a Karmann Ghia?
Dino
I think that only applies to stock purchased directly from the company. Stock purchased on the open market, such as NASDAQ or OTC, doesn't qualify.
Dino
I like the way you think.
Dino
Yeah. It's a shame someone's dumping all that stock while the price climbs 22%.
Dino
Your confusion is probably due to your definition of "they". You said, "using a electrowinning process they used previously". When that happened, the mine was being operated by MarMAr management. Unfortunately, MarMar, to put it politely, did not understand the process.
The current management of Mexus Gold US does understand the process and has found that it captures 100% of the PM in the pregnant solution. When they (Mexus) resumed control of the mine, they used the Merrill Crowe process which they understood. Mexus used that process while they fabricated the additional equipment required and learned how to use electrowinning properly.
Electrowinning is now the process being used to capture gold at the Santa Elena mine.
Dino
Please explain why that is circular logic?
Type of fallacy, where a proposition is assumed as a premise, which itself needs a proof and directly entails the conclusion.
Here's some help with that concept.
Dino
It's not my fault that you're ill-informed.
"I am not aware of any mining operation that has a 100% gold recovery rate. "
Tailings, according to Wikipedia:
Tailings are the materials left over after the process of separating the valuable fraction from the uneconomic fraction (gangue) of an ore. Tailings are distinct from overburden, which is the waste rock or other material that overlies an ore or mineral body and is displaced during mining without being processed.
That would be the ore on the pad(s), not the liquid from the pregnant pond.
"returning increased values to the pregnant pond as early as June 15. Carbon cells and electro winning processing continue to operate capturing 100% Au without interruption."
Dino
Why is that overplaying? They could increase the flow rate through the system and only collect 80% Would that make you happier?
Of course, they'd have to run the pregnant solution through a second time to get the rest of it, wasting time and money. Knowing how Cesar and Paul operate, I'm sure they bumped up the flow a little at a time until there was still PM in the outflow and then backed off a smidgen (to use the technical term).
That's how you optimize the process.
Dino
Read the rest of my post. I said he's working on the 10K. I'm sure you can - and will - draw your own conclusions.
Dino
He sounded healthy to me 4 hours ago. He's back in CA to help with preparing the 10K. We talked about finances, so I'm sure he would have said something if there were going to be delays such as you allege.
I do wish you would stop making up false stories about Mexus.
Dino
You know the answer to that.
Companies do it all the time. Cash-flow positive means profitable, but it can take a long time to pay off accumulated debts.
Dino
So am I.
You're probably a giver. I'm a taker.
Dino
Moreover, just like a drug approved for treatment of one condition is often used "off-label" to treat others, a bottle roll test can be used wherever and whenever the mine operator feels its results would be of value.
Personally, I've used a screwdriver to open a paint can - another example of off-label usage.
Dino
There's that English comprehension rearing it's head again.
I originally wrote the post referring to the drill core samples, but after re-reading the PR and noting that it said "material recently placed on the heap pad", I interpreted it as samples gathered after placement rather than before. Never having studied mining engineering as you apparently have, I made the mistake you so kindly pointed out.
Dino
I think the problem is comprehension of English, not a lack of math skills.
From the PR: (bolding added by me)
" Twelve bottle roll tests of material recently placed on the heap pad showed an average of 6.7 g/t to 11.9 g/t Au."
The bottle roll tests (https://www.911metallurgist.com/blog/bottle-roll-leach-test-leaching-procedures) are being performed of the material from the column tests. As I recall, they tend to place a one meter layer of fresh ore on the pad each time, so each column should be sampled in several places along its length to determine the average Au content for that sample. The result of that process will be 12 averages, one for each column. Those averages ranged from 6.7 to 11.9 g/tonne.
Capiche?
Dino
Since you asked me,I'll try to answer in terms you'll understand.
The "hydraulic" refers to the method of drilling. I suspect it's similar to "recirculating", but I'm sure you knew that already.
Dino
102 oz production in May, 150 June forecast
https://www.globenewswire.com/news-release/2020/06/01/2041279/0/en/Mexus-announces-May-results-and-gives-guidance-for-June.html
CABORCA, Mexico, June 01, 2020 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) announced that for the month of May, 2020 the company produced 102 ounces of gold. This production was accomplished during the COVID-19 slowdown all the while keeping staff safe yet productive. Mexus is looking to produce 150 ounces of gold in the month of June, 2020.
The company is currently working the Julio vein shear zone pit #2. (See attached photo) Sampling of this material shows visible gold and contains easily leached microscopic gold. Twelve bottle roll tests of material recently placed on the heap pad showed an average of 6.7 g/t to 11.9 g/t Au. Solution starting to return to the pond is measuring .21 to .3 g/t Au and is expected to increase to .5 g/t Au.
On May 29th, the company began blast hole drilling on the Julio vein pit #2 with the objective to define geological targets as production continues. Systematic hydraulic track drilling is being used with the material then being bottle roll leach tested, atomic absorption tested, and confirmed with independent official laboratory analysis. The results are being used to produce a mineralized material reserve report. In the near term, this information is ensuring that the highest-grade material is being mined.
The heap leach pad at the Santa Elena mine currently holds 18,000 tons of mineralized material. Head grades are estimated at 3 to 4 g/t Au. Gold solution is being processed at 70-80 gallons per minute with carbon columns and electrowinning being utilized for final gold recovery.
Hydraulic drilling of Julio vein pit #2
Panned material from Julio vein pit #2
Dino
Thin? That must be 100 times the average daily volume.
Dino
Any idea why they're dumping on Armanino? Good earnings, increased the dividend 10% last quarter... What's not to like?
Is locating in California the problem?
Dino
I've been seeing commercials on ABC's Family Channel for Gold'nGrow for the last few weeks. So far, I've only seen them during reruns of Perry Mason. Probably a good demographic.
Better for both us stockholders and ABC. The rest of the commercials are mostly PSAs for charities.
Dino
I don't understand your math, Gitreal. Here's what you put in the ibox:
On November 21, 2019, the Company issued a Convertible Promissory Note (“Note”) to Crown Bridge Partners, LLC (“Holder”) in the original principal amount of $27,500 less transaction costs of $3,250 bearing a 12% annual interest rate and maturing November 21, 2020 for $24,250 in cash. Convertible May 19, 2020.
At 12% interest per annum, the rate for 6 months - November to May - would be 6%.
$24250*1.06 = $25705
That doesn't look like 145% to me. Please explain.
Dino
I see, You think a cell phone is an SEC violation, but a Sat phone is just fine.
"Why is communication so difficult for MEXUS? 3 million dollars a year..buy a Sat phone already.".
I was responding to your complaint. Now you complain about that. There's just no satisfying some people.
Dino
Not only will he answer his normal cell phone (so you don;t have to use a sat phone to reach him), he publishes his direct cell number on the Mexus website.
What more do you want?
Dino
Because business as usual isn't worth reporting. When something important or unusual, such as paying off convertible loans occurs, he issues a PR and, if necessary, follows it with the appropriate SEC filing.
As a stockholder, it isn't always what I'd like, but it's typical of small companies. In fact, other mining companies whose stock I own exhibit reporting in a similar manner.
I expect to see a PR tomorrow or Tuesday concerning paying off the note(s) and probably mentioning adding fresh ore to the leach pad.
Dino
Alamos announced that their Mulatos mine will reopen tomorrow (same article). According to the Alamos website, the Mulatos Mine is located within the Salamandra Concessions in the Sierra Madre Occidental mountain range in the east-central portion of the State of Sonora, Mexico. That's not far from Mexus' Santa Elena mine.
That means that Mexus will also be fully operational tomorrow.
Dino
Donate meals? I don't know how to figure that. I send money to Feedmore, the local version of Food Bank. My understanding, from talking to the Director, is they distribute food, not "meals" to needy households. How many households can you supply for $500, I have no idea. Or was it 600 meals Vet mentioned?
I'm doing a bit better than you, I suppose. I'm only down about 68%. I'm not happy about that either.
Dino