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Thanks guys for all your support,we appreciate it.
I have to take the missus to a Drs appointment today, so I wont be around until later this afternoon.
cheers!!
April 10, 2011
Copper King Mining - Official Equity Security Holders Committee
Update to Shareholders:
Sorry we are so late in the weekend getting this update posted. We did promise to get it to you over the weekend so I guess we are a little late - unless you are in Honolulu were it is still just barely still Sunday night as this is being written.
Several Shareholders have expressed feelings of frustration recently over the lack of any discernible action taking place in the bankruptcy process. We want to assure you that while things may appear calm and controlled on the surface things have actually been more like a duck swimming up-stream calm and collected on the surface but paddling like crazy just below. In fact, I know some members of the ESHC would tell you that contrary to what it may look like from the outside things are moving really fast behind the scenes.
When we get frustrated we have found it is important to look back at where we started and remind ourselves how far we have come. In the beginning most observers would have said that CPRK shareholders had no chance to come out of the bankruptcy process with anything. The company had proffered valuations that were so low even the secured creditors would be lucky to get pennies on the dollar. We were told by bankruptcy professionals that even getting an official committee appointed was a very “long shot.” It took us almost 3 months of hard work and hustle but thanks to some great people in the U.S. Trustees Office who were willing to look at the facts and go outside the norm to push for us we did accomplish that task.
Since that time we have taken on each battle as it arose and we continue to fight for CPRK shareholder rights. We want to thank those of you who have been so supportive and so willing to cheer the work on.
Another thing that is frustrating to us is that because of how things work in the BK court and the sensitive nature of on-going projects and negotiations we can’t share many details with the public. But we do want your to know that, while there is still a long way to go, as shareholders we have come a very long way since the ESHC began it’s work last fall.
From the very beginning we have known this was not going to be an easy fight. Getting an approval for an ESHC was only the first step on a long journey. We also knew that the only way to save shareholders was, and still is, to prove that equity holders deserve to be considered “in the money.” We knew that in order to maximize shareholder value as quickly as possible we needed to work toward getting the mine and mill back into production. We also knew that the whole process was going to be expensive and time consuming.
We have taken on each battle and task as they have arrived and, we believe, we have a great win/loss record. Only final outcomes will validate or invalidate that statement but we are certainly much better off in each the areas mentioned than we were a few months or even a few days ago.
While in the eyes of the court, equity holders are still the lowest group on the legal totem pole. CPRK Shareholders are in a much stronger position today than we were a week ago. We have been able to strengthen the foundation of our arguments and as we move forward we have found ways to further enhance our chances of finding some favor with the court.
Our experts have made great progress in the mining and milling areas and some of that work is nearing a culmination.
We have established a dialogue with some large institutional lenders and a couple of them are now pushing us toward the finish line. We hope to have all phases of any necessary financing arranged within a few weeks.
As we have stated in other updates and online posts, the volume of work that has been spearheaded by the ESHC is massive. We have had “in the know” mining experts tell us they are very impressed with where we are and what we have accomplished. It is not uncommon for mining companies to spend years and tens or hundreds of millions of dollars to get results like we are experiencing. We do not want to over-state what has been done because there is still a huge amount of work to be completed, but the fact that mining people are excited about where we are at is something we believe you should know even though it all could “crash and burn” due to the nature of the bankruptcy process.
Specifically we want to relate the following and we wish we could share details. (Hopefully soon)
1. We are continuing to make good progress on our Feasibility Study. We have some of the best and brightest working on it for us.
2. We have design and engineering teams working on a comprehensive mine plan. They have studied the known deposits and are working up plans using the latest technology to maximize production and minimize expense.
3. We have some of the best metallurgists and mill design people in the business consulting with us on how to best proceed with the mill.
4. We are taking steps to further enhance our standing in the court and thereby make more likely that we can have some influence on the final outcome of the bankruptcy as it relates to equity.
5. We are working with lenders as we move forward to make sure that we are providing them with the information they deem necessary to be able to assess the future potential of the project or projects.
6. We are continuing to gather information and data about the Debtor (our company) and how things were handled in the past. We are mainly doing that to make sure we don’t make the same mistakes they made, but there could be other reasons to have that information as well.
7. We are continuing to work with the Debtor on maintenance, security and other issues.
8. We are building a strong and capable team of experts, advisers and managers with whom we can trust the future of the company.
9. We are preparing to fight the legal battles that may arise from other parties in interest.
10. We are continually looking for ways to move more quickly and work more efficiently within the constraints of what the court allows. And, we are continually looking for ways to enhance shareholder value and protect the equity as much as we can.
Again we wish we could share more detail, we think most of you would be really excited to know the whole story but i guess discretion is still the best policy we don't want to broadcast sensitive data or strategies to the world. Someday maybe a book will be needed to explain it all.
This fight is far from over and the future of the company is very much in doubt, but no matter what happens over the next few days, weeks and months the ESHC will continue to fight as best we are capable for and in behalf of CPRK equity holders.
Thank you again for your support and let’s continue to work together to save the Copper King project and make it a great American success story.
With your continued support we CAN all win!!
Your ESHC.
April 10, 2011
Copper King Mining - Official Equity Security Holders Committee
Update to Shareholders:
Sorry we are so late in the weekend getting this update posted. We did promise to get it to you over the weekend so I guess we are a little late - unless you are in Honolulu were it is still just barely still Sunday night as this is being written.
Several Shareholders have expressed feelings of frustration recently over the lack of any discernible action taking place in the bankruptcy process. We want to assure you that while things may appear calm and controlled on the surface things have actually been more like a duck swimming up-stream calm and collected on the surface but paddling like crazy just below. In fact, I know some members of the ESHC would tell you that contrary to what it may look like from the outside things are moving really fast behind the scenes.
When we get frustrated we have found it is important to look back at where we started and remind ourselves how far we have come. In the beginning most observers would have said that CPRK shareholders had no chance to come out of the bankruptcy process with anything. The company had proffered valuations that were so low even the secured creditors would be lucky to get pennies on the dollar. We were told by bankruptcy professionals that even getting an official committee appointed was a very “long shot.” It took us almost 3 months of hard work and hustle but thanks to some great people in the U.S. Trustees Office who were willing to look at the facts and go outside the norm to push for us we did accomplish that task.
Since that time we have taken on each battle as it arose and we continue to fight for CPRK shareholder rights. We want to thank those of you who have been so supportive and so willing to cheer the work on.
Another thing that is frustrating to us is that because of how things work in the BK court and the sensitive nature of on-going projects and negotiations we can’t share many details with the public. But we do want your to know that, while there is still a long way to go, as shareholders we have come a very long way since the ESHC began it’s work last fall.
From the very beginning we have known this was not going to be an easy fight. Getting an approval for an ESHC was only the first step on a long journey. We also knew that the only way to save shareholders was, and still is, to prove that equity holders deserve to be considered “in the money.” We knew that in order to maximize shareholder value as quickly as possible we needed to work toward getting the mine and mill back into production. We also knew that the whole process was going to be expensive and time consuming.
We have taken on each battle and task as they have arrived and, we believe, we have a great win/loss record. Only final outcomes will validate or invalidate that statement but we are certainly much better off in each the areas mentioned than we were a few months or even a few days ago.
While in the eyes of the court, equity holders are still the lowest group on the legal totem pole. CPRK Shareholders are in a much stronger position today than we were a week ago. We have been able to strengthen the foundation of our arguments and as we move forward we have found ways to further enhance our chances of finding some favor with the court.
Our experts have made great progress in the mining and milling areas and some of that work is nearing a culmination.
We have established a dialogue with some large institutional lenders and a couple of them are now pushing us toward the finish line. We hope to have all phases of any necessary financing arranged within a few weeks.
As we have stated in other updates and online posts, the volume of work that has been spearheaded by the ESHC is massive. We have had “in the know” mining experts tell us they are very impressed with where we are and what we have accomplished. It is not uncommon for mining companies to spend years and tens or hundreds of millions of dollars to get results like we are experiencing. We do not want to over-state what has been done because there is still a huge amount of work to be completed, but the fact that mining people are excited about where we are at is something we believe you should know even though it all could “crash and burn” due to the nature of the bankruptcy process.
Specifically we want to relate the following and we wish we could share details. (Hopefully soon)
1. We are continuing to make good progress on our Feasibility Study. We have some of the best and brightest working on it for us.
2. We have design and engineering teams working on a comprehensive mine plan. They have studied the known deposits and are working up plans using the latest technology to maximize production and minimize expense.
3. We have some of the best metallurgists and mill design people in the business consulting with us on how to best proceed with the mill.
4. We are taking steps to further enhance our standing in the court and thereby make more likely that we can have some influence on the final outcome of the bankruptcy as it relates to equity.
5. We are working with lenders as we move forward to make sure that we are providing them with the information they deem necessary to be able to assess the future potential of the project or projects.
6. We are continuing to gather information and data about the Debtor (our company) and how things were handled in the past. We are mainly doing that to make sure we don’t make the same mistakes they made, but there could be other reasons to have that information as well.
7. We are continuing to work with the Debtor on maintenance, security and other issues.
8. We are building a strong and capable team of experts, advisers and managers with whom we can trust the future of the company.
9. We are preparing to fight the legal battles that may arise from other parties in interest.
10. We are continually looking for ways to move more quickly and work more efficiently within the constraints of what the court allows. And, we are continually looking for ways to enhance shareholder value and protect the equity as much as we can.
Again we wish we could share more detail, we think most of you would be really excited to know the whole story but i guess discretion is still the best policy we don't want to broadcast sensitive data or strategies to the world. Someday maybe a book will be needed to explain it all.
This fight is far from over and the future of the company is very much in doubt, but no matter what happens over the next few days, weeks and months the ESHC will continue to fight as best we are capable for and in behalf of CPRK equity holders.
Thank you again for your support and let’s continue to work together to save the Copper King project and make it a great American success story.
With your continued support we CAN all win!!
Your ESHC.
lol, I tried hard to be very "vanilla" with what I stated. I think I simply said I would put out an update on our progress. You guys always build it up so much that I think unless I say we have 100 billion dollars there will be disappointment. Its just an update on our progress, nothing earthshaking.
Looks like the update on our progress is going to be very late tonight.
Um..it does not matter what some secretary says on the phone, what matters is the court documents. Everyone can read for themselves that the current common shares are history. May be good to invest in the new company once it emerges from BK, but these shares are worthless. Read here
http://www.donlinrecano.com/cases/disclaimer
and here, current commons are class 7.
http://www.donlinrecano.com/dr201/wti/Motion%20to%20Approve%20Disclosure%20Statement%20Dkt%20100.pdf
This is not rocket science, if there was an Equity Committee there may have been a slight chance that they were thrown a bone, but as it is, debts far exceed assets and nobody is speaking up for the common shareholders.
I am sure you will be able to buy all you want, that "news" means NOTHING for the common shareholders, they are still going to be wiped out according to the POR.
For the record, that was not really an ESHC update, that was a collection of several of my posts in answer to questions here and on other boards that was put together by somebody.
*yawn* once again........
103 points for me which should make my new total 762
anyone close?
3rd 12th and 16th for me this week, may have opened the door for someone. I thought Tony was going to pull it off.
Congrats on the 123 cap, will be a big jump for you this week.
I am working on an update for the CPRKQ shareholders, will post it here for you guys when finished.
14, 18, 99
mmmMMM.. MMmmmmhm,,,,.. mmmmm...
Pesky stuff like gold, silver, tungsten, moly.....
That news means nothing for the current common shareholders, they are still going to be canceled as part of the POR
You can read all the court filings for yourselves here
http://www.donlinrecano.com/cases/caseinfo/wti
I think you mean "Those buying have no brain"
The update will contain a good bit of detail about what has been accomplished and where we stand.
Go back and try it from this post, also note all the little green arrows next to a lot of my posts.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61398374
Unfortunately the "news" has already hit. No recovery for the common shareholders.
TVI Releases Additional Balabag Gold Project Drill Results and Continues to Proceed Toward a Mine Development Decision
04/05/2011
Download this Press Release (PDF 187 KB)
CALGARY, ALBERTA -- (MARKET WIRE) -- 04/05/11 -- TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF) ("TVI" or "the Company"), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. ("TVIRD"), provides an update on the progress to date at its Balabag gold project.
- The Phase 2 drill program has been successful in its objective of confirming and extending the Balabag mineral resource, with 32 out of 39 holes showing mineralization;
- A decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau as soon as possible; and
- The Internal Feasibility Study(1) remains on track.
"The results of the additional drilling, and the progress we have made on the internal feasibility study, continue to support our belief that a progressive "bootstrap" mine development will be robustly economic on a stand-alone basis" said Cliff James, President & CEO. "The exploration results demonstrate a clear pattern of gold distribution across the property. Drilling will continue as development proceeds."
As of March 31, 2011, 39 holes have been completed in Phase 2 with 32 out of 39 showing mineralization. The exploration portion of the Phase 2 drill program, which was focused on step-out drilling in the down dip mineralized zones, has been successful in its objective of confirming and extending the Balabag mineralization. This component of the program is expected to be completed around mid-year 2011. It is anticipated that the program will also include further infill drilling in the core area of the Tinago vein zone to tighten up the modeled orebody used for production planning as well as resource expansion in all lateral directions.
Based on assay results from the Phase 2 dill program to date (results in the table below), a decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau of the Philippines as soon as possible. This report involves an evaluation of the economics of mining a minimum identified "core" resource and includes capital costs such as infrastructure, plant and pit development and operating costs such as mine and mill costs, tailings disposal, environmental remediation and social programs.
The starter pit design, plant general layout and a preliminary production and cash flow schedule are near completion for the internal feasibility study(1) using the core ore resource from recent geological interpretation. The mineralogical and metallurgical analyses for process determination and design are on-going at a laboratory in Peterborough, Canada. Environmental and social preparation work continues.
TVI intends to produce an updated NI 43-101 report in the second half of 2011 which will incorporate all drill results to the end of Q2.
(1) The intent of the internal scoping study referred to in this press release is to evaluate the feasibility of a "Bootstrap" or phased operation at Balabag and to make a development decision. An earlier study was completed ("Scoping Study of the Balabag Project" filed August 20, 2008, prepared by Genivar Limited Partnership) which evaluated a full-scale operation. Click here to view.
Phase 2 Drill Program Details
Tinago: 26 completed holes in the Phase 2 program confirmed an extension of the mineralized zone. Six of the holes were not mineralized; however, three of those holes tested the boundaries outside the limits of the system.
Miswi: 5 completed holes (all mineralized)
Lalab: 8 completed holes (1 unmineralized)
Click here to view the Balabag Gold-Silver Project Drill Hole Location Map
Assay results for the Phase 2 drill holes reported up to March 31, 2011, are detailed in the table below using a cut-off of 0.50g/t Au:
----------------------------------------------------------------------------
True
Hole_ID From To Length length g/t Au g/t Ag
----------------------------------------------------------------------------
BLDH-10-130 28.40 28.80 0.40 0.39 2.19 43.08
----------------------------------------------------------------------------
BLDH-10-130 37.20 41.80 4.60 4.53 2.80 227.97
----------------------------------------------------------------------------
BLDH-10-130 42.80 46.70 3.90 3.84 1.44 31.74
----------------------------------------------------------------------------
BLDH-10-130 57.25 57.55 0.30 0.30 4.58 9.46
----------------------------------------------------------------------------
BLDH-10-130 97.90 99.30 1.40 1.38 2.56 5.31
----------------------------------------------------------------------------
BLDH-10-130 107.45 108.15 0.70 0.69 0.93 3.47
----------------------------------------------------------------------------
BLDH-10-130 126.30 128.30 2.00 1.97 0.90 2.15
----------------------------------------------------------------------------
BLDH-10-130 135.00 137.00 2.00 1.97 1.21 10.77
----------------------------------------------------------------------------
BLDH-10-130 149.55 150.00 0.45 0.44 1.06 3.06
----------------------------------------------------------------------------
BLDH-10-131 47.35 53.05 5.70 5.61 2.39 120.23
----------------------------------------------------------------------------
including 52.35 53.05 0.70 0.69 6.41 297.02
----------------------------------------------------------------------------
BLDH-10-131 78.75 96.15 17.40 17.14 2.07 51.52
----------------------------------------------------------------------------
including 79.75 81.75 2.00 1.97 5.04 67.09
----------------------------------------------------------------------------
BLDH-10-131 96.45 97.05 0.60 0.59 2.10 108.83
----------------------------------------------------------------------------
BLDH-10-131 98.80 100.80 2.00 1.97 0.51 11.62
----------------------------------------------------------------------------
BLDH-10-131 102.80 104.80 2.00 1.97 0.51 13.06
----------------------------------------------------------------------------
BLDH-10-132 45.60 47.76 2.16 2.13 0.66 14.07
----------------------------------------------------------------------------
BLDH-10-132 54.90 55.70 0.80 0.79 0.68 11.69
----------------------------------------------------------------------------
BLDH-10-133 NSMI
----------------------------------------------------------------------------
BLDH-10-134 2.00 4.00 2.00 1.97 1.19 1.13
----------------------------------------------------------------------------
BLDH-10-134 8.00 10.00 2.00 1.97 1.53 0.25
----------------------------------------------------------------------------
BLDH-10-134 28.00 29.30 1.30 1.28 0.90 13.17
----------------------------------------------------------------------------
BLDH-10-135 41.60 45.30 3.70 3.64 5.21 64.98
----------------------------------------------------------------------------
BLDH-10-135 75.80 76.70 0.90 0.89 2.98 5.37
----------------------------------------------------------------------------
BLDH-10-135 127.15 131.40 4.25 4.19 9.84 70.62
----------------------------------------------------------------------------
including 129.45 131.40 1.95 1.92 19.66 149.37
----------------------------------------------------------------------------
BLDH-10-135 145.75 146.70 0.95 0.94 1.13 2.64
----------------------------------------------------------------------------
BLDH-10-136 95.15 97.15 2.00 1.97 1.20 0.25
----------------------------------------------------------------------------
BLDH-10-136 145.85 151.60 5.75 5.66 1.82 49.48
----------------------------------------------------------------------------
BLDH-10-136 157.60 160.90 3.30 3.25 2.74 18.46
----------------------------------------------------------------------------
including 159.30 160.90 1.60 1.58 4.91 34.98
----------------------------------------------------------------------------
BLDH-10-137 NSMI
----------------------------------------------------------------------------
BLDH-10-138 37.90 39.00 1.10 1.08 1.68 27.69
----------------------------------------------------------------------------
BLDH-10-138 145.20 148.20 3.00 2.96 16.92 1046.66
----------------------------------------------------------------------------
including 146.20 147.20 1.00 0.99 46.80 2846.89
----------------------------------------------------------------------------
BLDH-10-139 0.00 3.00 3.00 2.96 0.53 0.25
----------------------------------------------------------------------------
BLDH-10-139 165.00 170.47 5.47 5.39 7.37 391.31
----------------------------------------------------------------------------
including 166.00 167.00 1.00 0.99 13.84 751.91
----------------------------------------------------------------------------
BLDH-10-139 174.05 174.56 0.51 0.50 8.79 421.28
----------------------------------------------------------------------------
BLDH-10-140 65.40 68.40 3.00 2.96 0.64 12.12
----------------------------------------------------------------------------
BLDH-10-141 48.30 49.15 0.85 0.84 1.95 51.98
----------------------------------------------------------------------------
BLDH-10-142 129.80 132.85 3.05 3.00 3.85 136.65
----------------------------------------------------------------------------
including 129.80 130.85 1.05 1.03 8.00 279.48
----------------------------------------------------------------------------
BLDH-10-142 138.93 140.93 2.00 1.97 0.64 5.75
----------------------------------------------------------------------------
BLDH-10-142 171.75 173.40 1.65 1.63 0.66 134.22
----------------------------------------------------------------------------
BLDH-10-143 NSMI
----------------------------------------------------------------------------
BLDH-10-144 45.85 47.20 1.35 1.33 3.88 37.07
----------------------------------------------------------------------------
BLDH-10-144 60.35 61.10 0.75 0.74 0.56 21.27
----------------------------------------------------------------------------
BLDH-10-145 147.77 148.77 1.00 0.99 1.04 3.98
----------------------------------------------------------------------------
BLDH-10-146 69.05 71.66 2.61 2.57 6.25 129.44
----------------------------------------------------------------------------
BLDH-10-147 92.80 98.12 5.32 5.24 3.26 68.41
----------------------------------------------------------------------------
including 96.12 97.12 1.00 0.99 7.27 88.61
----------------------------------------------------------------------------
BLDH-10-147 127.00 128.00 1.00 0.99 11.06 41.99
----------------------------------------------------------------------------
BLDH-10-147 131.00 134.00 3.00 2.96 3.38 8.49
----------------------------------------------------------------------------
BLDH-10-147 139.60 141.05 1.45 1.43 3.65 83.65
----------------------------------------------------------------------------
BLDH-10-147 145.05 145.41 0.36 0.35 0.57 8.37
----------------------------------------------------------------------------
BLDH-10-147 147.14 150.68 3.54 3.49 1.98 55.32
----------------------------------------------------------------------------
BLDH-10-148 110.85 112.50 1.65 1.62 0.60 10.40
----------------------------------------------------------------------------
BLDH-10-148 116.20 117.00 0.80 0.79 0.58 3.30
----------------------------------------------------------------------------
BLDH-10-149 150.34 154.40 4.06 4.00 7.00 75.81
----------------------------------------------------------------------------
BLDH-10-150 108.05 109.25 1.20 1.18 0.88 2.35
----------------------------------------------------------------------------
BLDH-10-150 115.90 121.45 5.55 5.46 4.67 17.69
----------------------------------------------------------------------------
including 119.95 121.45 1.50 1.48 12.93 54.43
----------------------------------------------------------------------------
BLDH-10-150 149.58 150.55 0.97 0.96 0.78 6.65
----------------------------------------------------------------------------
BLDH-10-150 153.65 155.60 1.95 1.93 0.75 30.81
----------------------------------------------------------------------------
BLDH-10-151 76.65 80.85 4.20 4.16 3.25 138.74
----------------------------------------------------------------------------
BLDH-10-151 112.25 114.15 1.90 1.87 3.55 236.92
----------------------------------------------------------------------------
BLDH-10-151 122.37 126.35 3.98 3.87 4.35 191.89
----------------------------------------------------------------------------
including 124.20 126.35 2.15 2.12 6.99 299.43
----------------------------------------------------------------------------
BLDH-10-152 NSMI
----------------------------------------------------------------------------
BLDH-10-153 56.45 63.80 7.35 7.23 8.83 217.06
----------------------------------------------------------------------------
including 56.45 57.55 1.10 1.08 42.81 900.42
----------------------------------------------------------------------------
including 59.90 61.90 2.00 1.97 7.45 259.06
----------------------------------------------------------------------------
BLDH-11-154 107.00 107.28 0.28 0.28 1.18 3.79
----------------------------------------------------------------------------
BLDH-11-154 108.28 108.80 0.52 0.51 0.51 3.49
----------------------------------------------------------------------------
BLDH-11-155 38.20 39.00 0.80 0.79 2.43 26.48
----------------------------------------------------------------------------
BLDH-11-156 NSMI
----------------------------------------------------------------------------
BLDH-11-157 NSMI
----------------------------------------------------------------------------
BLDH-11-158 NSMI
----------------------------------------------------------------------------
BLDH-11-159 0.00 6.00 6.00 5.91 0.53 23.42
----------------------------------------------------------------------------
BLDH-11-159 41.45 42.15 0.70 0.69 4.75 46.42
----------------------------------------------------------------------------
BLDH-11-161 38.90 47.10 8.20 8.08 10.17 137.12
----------------------------------------------------------------------------
BLDH-11-162 11.85 14.85 3.00 2.96 0.98 3.17
----------------------------------------------------------------------------
BLDH-11-163 10.75 25.70 14.95 14.73 1.91 12.30
----------------------------------------------------------------------------
BLDH-11-163 36.70 39.00 2.30 2.27 0.89 4.50
----------------------------------------------------------------------------
BLDH-11-163 51.00 53.00 2.00 1.97 2.99 16.50
----------------------------------------------------------------------------
Note: Assay results for 6 more drill holes are awaited.
Click here for Phase 1 drill hole results
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina's membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). He has prepared and or supervised the preparation of the scientific or technical information within this press release. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.
About TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing a gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska and Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
"Like" us at www.facebook.com/tvipacific
Quality Assurance and Quality Control:
- Analyses of Balabag drill core samples were completed by TVI's Canatuan mine laboratory. The following methods were used for the analyses:
-- For Au: 30 gram charge fire assay with ICP-OES finish,
-- For Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Tl, Sr, Th, Ti, U, V, W, Zn: 0.5 gram Acid Digest ICP-OES analysis.
- Strict QA/QC procedures are implemented in core handling and sampling at Balabag. There are 3 types of QA/QC samples randomly included in a ratio of 1:9 samples into the sample stream. These are:
-- Third party purchased certified reference materials of varying gold assay values,
-- Duplicates,
-- Blank samples.
- The QA/QC samples are strictly monitored and if the control parameters pertaining to each of the individual QA/QC sample types are not satisfied, the entire batch is re-assayed.
TVI Releases Additional Balabag Gold Project Drill Results and Continues to Proceed Toward a Mine Development Decision
04/05/2011
Download this Press Release (PDF 187 KB)
CALGARY, ALBERTA -- (MARKET WIRE) -- 04/05/11 -- TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF) ("TVI" or "the Company"), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. ("TVIRD"), provides an update on the progress to date at its Balabag gold project.
- The Phase 2 drill program has been successful in its objective of confirming and extending the Balabag mineral resource, with 32 out of 39 holes showing mineralization;
- A decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau as soon as possible; and
- The Internal Feasibility Study(1) remains on track.
"The results of the additional drilling, and the progress we have made on the internal feasibility study, continue to support our belief that a progressive "bootstrap" mine development will be robustly economic on a stand-alone basis" said Cliff James, President & CEO. "The exploration results demonstrate a clear pattern of gold distribution across the property. Drilling will continue as development proceeds."
As of March 31, 2011, 39 holes have been completed in Phase 2 with 32 out of 39 showing mineralization. The exploration portion of the Phase 2 drill program, which was focused on step-out drilling in the down dip mineralized zones, has been successful in its objective of confirming and extending the Balabag mineralization. This component of the program is expected to be completed around mid-year 2011. It is anticipated that the program will also include further infill drilling in the core area of the Tinago vein zone to tighten up the modeled orebody used for production planning as well as resource expansion in all lateral directions.
Based on assay results from the Phase 2 dill program to date (results in the table below), a decision has been made to submit a Declaration of Mining Feasibility to the Mines and Geosciences Bureau of the Philippines as soon as possible. This report involves an evaluation of the economics of mining a minimum identified "core" resource and includes capital costs such as infrastructure, plant and pit development and operating costs such as mine and mill costs, tailings disposal, environmental remediation and social programs.
The starter pit design, plant general layout and a preliminary production and cash flow schedule are near completion for the internal feasibility study(1) using the core ore resource from recent geological interpretation. The mineralogical and metallurgical analyses for process determination and design are on-going at a laboratory in Peterborough, Canada. Environmental and social preparation work continues.
TVI intends to produce an updated NI 43-101 report in the second half of 2011 which will incorporate all drill results to the end of Q2.
(1) The intent of the internal scoping study referred to in this press release is to evaluate the feasibility of a "Bootstrap" or phased operation at Balabag and to make a development decision. An earlier study was completed ("Scoping Study of the Balabag Project" filed August 20, 2008, prepared by Genivar Limited Partnership) which evaluated a full-scale operation. Click here to view.
Phase 2 Drill Program Details
Tinago: 26 completed holes in the Phase 2 program confirmed an extension of the mineralized zone. Six of the holes were not mineralized; however, three of those holes tested the boundaries outside the limits of the system.
Miswi: 5 completed holes (all mineralized)
Lalab: 8 completed holes (1 unmineralized)
Click here to view the Balabag Gold-Silver Project Drill Hole Location Map
Assay results for the Phase 2 drill holes reported up to March 31, 2011, are detailed in the table below using a cut-off of 0.50g/t Au:
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True
Hole_ID From To Length length g/t Au g/t Ag
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BLDH-10-130 28.40 28.80 0.40 0.39 2.19 43.08
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BLDH-10-130 37.20 41.80 4.60 4.53 2.80 227.97
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BLDH-10-130 42.80 46.70 3.90 3.84 1.44 31.74
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BLDH-10-130 57.25 57.55 0.30 0.30 4.58 9.46
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BLDH-10-130 97.90 99.30 1.40 1.38 2.56 5.31
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BLDH-10-130 107.45 108.15 0.70 0.69 0.93 3.47
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BLDH-10-130 126.30 128.30 2.00 1.97 0.90 2.15
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BLDH-10-130 135.00 137.00 2.00 1.97 1.21 10.77
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BLDH-10-130 149.55 150.00 0.45 0.44 1.06 3.06
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BLDH-10-131 47.35 53.05 5.70 5.61 2.39 120.23
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including 52.35 53.05 0.70 0.69 6.41 297.02
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BLDH-10-131 78.75 96.15 17.40 17.14 2.07 51.52
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including 79.75 81.75 2.00 1.97 5.04 67.09
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BLDH-10-131 96.45 97.05 0.60 0.59 2.10 108.83
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BLDH-10-131 98.80 100.80 2.00 1.97 0.51 11.62
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BLDH-10-131 102.80 104.80 2.00 1.97 0.51 13.06
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BLDH-10-132 45.60 47.76 2.16 2.13 0.66 14.07
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BLDH-10-132 54.90 55.70 0.80 0.79 0.68 11.69
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BLDH-10-133 NSMI
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BLDH-10-134 2.00 4.00 2.00 1.97 1.19 1.13
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BLDH-10-134 8.00 10.00 2.00 1.97 1.53 0.25
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BLDH-10-134 28.00 29.30 1.30 1.28 0.90 13.17
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BLDH-10-135 41.60 45.30 3.70 3.64 5.21 64.98
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BLDH-10-135 75.80 76.70 0.90 0.89 2.98 5.37
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BLDH-10-135 127.15 131.40 4.25 4.19 9.84 70.62
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including 129.45 131.40 1.95 1.92 19.66 149.37
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BLDH-10-135 145.75 146.70 0.95 0.94 1.13 2.64
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BLDH-10-136 95.15 97.15 2.00 1.97 1.20 0.25
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BLDH-10-136 145.85 151.60 5.75 5.66 1.82 49.48
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BLDH-10-136 157.60 160.90 3.30 3.25 2.74 18.46
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including 159.30 160.90 1.60 1.58 4.91 34.98
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BLDH-10-137 NSMI
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BLDH-10-138 37.90 39.00 1.10 1.08 1.68 27.69
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BLDH-10-138 145.20 148.20 3.00 2.96 16.92 1046.66
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including 146.20 147.20 1.00 0.99 46.80 2846.89
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BLDH-10-139 0.00 3.00 3.00 2.96 0.53 0.25
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BLDH-10-139 165.00 170.47 5.47 5.39 7.37 391.31
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including 166.00 167.00 1.00 0.99 13.84 751.91
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BLDH-10-139 174.05 174.56 0.51 0.50 8.79 421.28
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BLDH-10-140 65.40 68.40 3.00 2.96 0.64 12.12
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BLDH-10-141 48.30 49.15 0.85 0.84 1.95 51.98
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BLDH-10-142 129.80 132.85 3.05 3.00 3.85 136.65
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including 129.80 130.85 1.05 1.03 8.00 279.48
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BLDH-10-142 138.93 140.93 2.00 1.97 0.64 5.75
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BLDH-10-142 171.75 173.40 1.65 1.63 0.66 134.22
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BLDH-10-143 NSMI
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BLDH-10-144 45.85 47.20 1.35 1.33 3.88 37.07
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BLDH-10-144 60.35 61.10 0.75 0.74 0.56 21.27
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BLDH-10-145 147.77 148.77 1.00 0.99 1.04 3.98
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BLDH-10-146 69.05 71.66 2.61 2.57 6.25 129.44
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BLDH-10-147 92.80 98.12 5.32 5.24 3.26 68.41
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including 96.12 97.12 1.00 0.99 7.27 88.61
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BLDH-10-147 127.00 128.00 1.00 0.99 11.06 41.99
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BLDH-10-147 131.00 134.00 3.00 2.96 3.38 8.49
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BLDH-10-147 139.60 141.05 1.45 1.43 3.65 83.65
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BLDH-10-147 145.05 145.41 0.36 0.35 0.57 8.37
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BLDH-10-147 147.14 150.68 3.54 3.49 1.98 55.32
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BLDH-10-148 110.85 112.50 1.65 1.62 0.60 10.40
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BLDH-10-148 116.20 117.00 0.80 0.79 0.58 3.30
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BLDH-10-149 150.34 154.40 4.06 4.00 7.00 75.81
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BLDH-10-150 108.05 109.25 1.20 1.18 0.88 2.35
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BLDH-10-150 115.90 121.45 5.55 5.46 4.67 17.69
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including 119.95 121.45 1.50 1.48 12.93 54.43
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BLDH-10-150 149.58 150.55 0.97 0.96 0.78 6.65
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BLDH-10-150 153.65 155.60 1.95 1.93 0.75 30.81
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BLDH-10-151 76.65 80.85 4.20 4.16 3.25 138.74
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BLDH-10-151 112.25 114.15 1.90 1.87 3.55 236.92
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BLDH-10-151 122.37 126.35 3.98 3.87 4.35 191.89
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including 124.20 126.35 2.15 2.12 6.99 299.43
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BLDH-10-152 NSMI
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BLDH-10-153 56.45 63.80 7.35 7.23 8.83 217.06
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including 56.45 57.55 1.10 1.08 42.81 900.42
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including 59.90 61.90 2.00 1.97 7.45 259.06
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BLDH-11-154 107.00 107.28 0.28 0.28 1.18 3.79
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BLDH-11-154 108.28 108.80 0.52 0.51 0.51 3.49
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BLDH-11-155 38.20 39.00 0.80 0.79 2.43 26.48
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BLDH-11-156 NSMI
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BLDH-11-157 NSMI
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BLDH-11-158 NSMI
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BLDH-11-159 0.00 6.00 6.00 5.91 0.53 23.42
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BLDH-11-159 41.45 42.15 0.70 0.69 4.75 46.42
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BLDH-11-161 38.90 47.10 8.20 8.08 10.17 137.12
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BLDH-11-162 11.85 14.85 3.00 2.96 0.98 3.17
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BLDH-11-163 10.75 25.70 14.95 14.73 1.91 12.30
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BLDH-11-163 36.70 39.00 2.30 2.27 0.89 4.50
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BLDH-11-163 51.00 53.00 2.00 1.97 2.99 16.50
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Note: Assay results for 6 more drill holes are awaited.
Click here for Phase 1 drill hole results
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina's membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). He has prepared and or supervised the preparation of the scientific or technical information within this press release. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.
About TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing a gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska and Niger and offshore Philippines.
Connect With Us www.tvipacific.com
Follow us on Twitter www.twitter.com/tvipacific
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Quality Assurance and Quality Control:
- Analyses of Balabag drill core samples were completed by TVI's Canatuan mine laboratory. The following methods were used for the analyses:
-- For Au: 30 gram charge fire assay with ICP-OES finish,
-- For Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Tl, Sr, Th, Ti, U, V, W, Zn: 0.5 gram Acid Digest ICP-OES analysis.
- Strict QA/QC procedures are implemented in core handling and sampling at Balabag. There are 3 types of QA/QC samples randomly included in a ratio of 1:9 samples into the sample stream. These are:
-- Third party purchased certified reference materials of varying gold assay values,
-- Duplicates,
-- Blank samples.
- The QA/QC samples are strictly monitored and if the control parameters pertaining to each of the individual QA/QC sample types are not satisfied, the entire batch is re-assayed.
TVI invites you to view the corporate presentation, as presented by Cliff James, at our Investor Day at the OTCQX on March 10, 2011. Please click here to view http://www.tvipacific.com/Investors/Videos/default.aspx
Reminder our 2010 Year-end financial results will be out prior to market Friday.
Some older news
TVI Pacific Inc. Announces Spud of Alaskan Well 03/14/2011
Download this Press Release
CALGARY, ALBERTA--(Marketwire - March 14, 2011) - TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF) ("TVI Pacific"), through its wholly owned subsidiary TG World Energy Corp. ("TG World"), announces that it has spud the North Tarn #1 exploration well located on the North Slope in Alaska, USA. Project operator Brooks Range Petroleum Corporation ("BRPC"), has advised TG World that contracted rig, Nabors' 9ES, spud the North Tarn #1 exploration well on March 13, 2011.
The North Tarn #1 exploration well is located on-shore, approximately two miles west of the Kuparuk River Unit, east of the Miluveach River, on state lease ADL390680. BRPC's contractor, Peak Oilfield Services, has completed construction of a winter ice road and pad system on state-owned lands. The ice road is approximately 4 miles long, beginning at a point west of the Kuparuk River Unit drillsite 2M and traversing west across the tundra to the North Tarn ice pad.
BRPC has indicated that the potential hydrocarbon bearing North Tarn Brookian sands may be reached at approximately 5,000 feet within 20 days and total depth (6,440 feet) of the well will be reached by mid-April. The project joint-venture participants may also drill a sidetrack to the North Tarn #1 well delineating one or both of the targeted Brookian and Kuparuk C sands at an approximate depth of 6,200 feet. A decision to drill a sidetrack will be dependent on the results of the initial North Tarn #1 well.
TVI Pacific holds a 20% interest in the well. Joint venture participants include Alaska Venture Capital Group LLC, Brooks Range Development Corporation, Eni Petroleum US LLC and Ramshorn Investments Inc.
http://www.tvipacific.com/Investors/news/News-Release-Details/2011/TVI-Pacific-Inc-Announces-Spud-of-Alaskan-Well1124492/default.aspx
Need to update this board
True, but that is not usually known right away. It has been clear for a long time that there will be no recovery on this for the current common shares. It will probably be a good investment when new shares are issued upon exiting BK though.
The story is No recovery for the current common shareholders. Does not mean you cant make money trading it, but dont be the last one holding when the music stops.
http://www.donlinrecano.com/dr201/wti/Motion%20to%20Approve%20Disclosure%20Statement%20Dkt%20100.pdf
lol, you are way off base Pussim. Contact whoever you would like, but I know them both personally and I promise you they are different people.
Here is another one, LMAO. Making fun of bestdamnpennystocks. They send out emails blaming shorts every time one of their picks crashes (which is a lot) They do plug another site, but worth watching.
http://www.investorslive.com/2011/04/06/7403/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+investorslive%2Ffeed+%28InvestorsLive+Blog%29&utm_content=Twitter
There are only a few of us who post here, the mods are myself, Joseph and Cork and I am sure none of us are insiders. Maybe he posted on the wrong board?
Who is an "insider"?
LOL, less than $500 worth of this have traded so far today. You can read the court documents and see for yourselves that the common shareholders will receive NOTHING in the BK process. These shares are going to be canceled. End of story.
Working on an update of our progress for you guys, may get it out in the next few days, but for sure this weekend.
ummm.. we DO want it "out front", and its very close to being finished.
I think the MM is pretty smart since it is well known that these shares are soon to be canceled.
Yawn....this is getting boring guys....
124 points for me, which should make my total 659
Anyone beat that?
My apologies if this has already been posted, but thought you guys would like it. (contains some rough language)
http://www.youtube.com/user/zonatum#p/a/u/0/j94SgeyCh3M
Boy, that Sprint Cup girl sure is easy on the eyes.....