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HR and I may disagree on MDMN but he is a stand-up guy and I have no reason to doubt that he and MG drafted and sent the letter to the BOD. If I were in their shoes, I would have done the same thing. I won't speculate on what the letter will achieve but it is certainly good to see a group of shareholders doing something to protect their investment.
It sure does but I wouldn't put it past Bryant to try and do it. My guess is he will con someone into being the face of the company while he pulls the strings in the background. Something tells me the SEC won't be fooled.
He wants to try and list in Frankfurt, Berlin or the OTC. I read the document, huge red flags.
I read the 63 page document and posted the highlights on the EIGH board. Another scam in the works.
I can't believe I read the whole thing. Here are the highlights.
Page 51
What a scumbag. What he hasn't ruined enough people already? I'm sure shorty and his band of minions will destroy the fledging cotton industry in Barbados. Hopefully he won't get access to the pink sheet markets to ply this scam on unsuspecting rubes. This guy is a piece of work.
I don't know what the outcome of the letter will be. At least some of the shareholders are speaking up and making their voice heard. Anytime I see a glimmer of hope that people are ditching the Kool Aid for rational thought, I have to applaud them.
HR, kudos to you and MG for taking a stand and writing this letter. I sincerely hope that management takes it seriously.
Apparently Kirk thinks that Ulander will still fund. He has been conspicuously absent from TMP all day.
This is a post from GC Capitol concerning Kirk.
I am not talking about individual holdings.
I have specifically asked on multiple occasions to clarify MDMN's share structure. I know what MDMN posts on OTCMarkets and what they claim on the Nevada SOS website but I wanted to verify with the TA.
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=Hcp2ORHEHqAVMOpDj8SDuQ%253d%253d&CorpName=MEDINAH+MINERALS%2c+INC.
http://www.otcmarkets.com/stock/MDMN/company-info
The TA always tells me to go talk to the company so there is no way of independently verifying what they (MDMN) publish is accurate since they DO NOT file with the SEC. Given recent revelations, I think you can see why I'd like to independently verify what the company publishes.
The TA will not tell you the share structure but they refer all inquiries to MDMN.
I've contacted the TA on multiple occasions and they have told me to go talk to the company.
Is this your defintion of gagged? If not, what is?
Let me summarize:
1. Management got into bed with a criminal.
2. This criminal misled them for more than a year and from the looks of it still has a signed contract with them which he hasn't breached.
3. Ore has yet to be shipped to Enami even though management promised otherwise.
4. No credible assay or sampling program has been performed recently.
5. Communications from the BOD are vague at best.
6. MDMN is a non-reporting company with unaudited financials.
7. The TA for MDMN is gagged.
...and people are still buying this? Unbelievable.
I'll give MG the benefit of the doubt and say he penned the letter himself with no management help. All I have is his post on the alternate MDMN forum so I'll cut him a bit of slack.
It certainly does appear that the rumors surrounding Ulander were true. MDMN really got themselves in a pickle this time.
My concern at this point is the signed contract. Obviously MDMN has one with the man. If they didn't, they would have been lying to shareholders. So assuming they have a signed contract, Ulander has some leverage over them as long as he is not in breach of contract. Everything official from MDMN states that he has not breached the contract. So how long can he tie up MDMN in court or at the very least, prevent them from courting another company to purchase ADL?
Bad situation all around.
Well it is official. One of Amarant and Ulanders biggest supporters has thrown in the towel. Mike Gold is done with them.
http://theminingplay.com/viewtopic.php?f=12&t=737
Here is how some MDMN fans are rationalizing what MDMN did by jumping into bed with a crook.
Yup. Amazing how crooks always seem to be involved...
Here is a follow up post on that same forum by cornhuskergold. Very level headed analysis. This isn't coming from the evil 'B' word either, this guy is an MDMN supporter.
Yes it is. I know everyone has a past but my question is why didn't JJ and the BOD vet this guy before they signed a deal with him? I haven't vetted all this info yet but the guy who posted it has no reason to make this up. He's been a supporter of MDMN and his posting history proves it. Certainly interesting.
Very interesting post from an alternate MDMN forum courtesy of "cornhuskergold" and "seashell". I haven't followed all the links yet but will when I return from playing soccer.
Thanks. It appears that MDMN's "Partner B" is on the verge of defaulting so I guess it is on to Partner C which I'm sure will come with a whole mess of new NDA's and other such obfuscation. This whole saga really would be funny if it wasn't for the people that have been harmed. If posters can be believed, there are more than a few that banked on MDMN and are sitting in the hurt locker.
The crooks and thieves behind a scam never lose. You didn't sell your shares to them, they were probably selling right along with you. The hype machine convinced ordinary people to buy at that level and those are the people whose money you "stole".
I'd have to go dig it up but my favorite post from the "other" board was "MDMN is stupid cheap at this price". MDMN was trading at 0.137 when that post was made. MDMN, among other pink sheet stocks, is why I don't dabble in these kind of companies. I've followed enough pink stinkers to know that these "companies" do nothing but transfer wealth from people desperate for a quick reward to the insiders who hold all the cards. Some, like you, may be smart enough to jump on for a quick ride and profit but most end up holding the bag. There are MDMN shareholders that have been holding this for years and continue to buy more.
Sad.
That doesn't seem like it would be an incredible burden for the company to bear. At the current share price of $0.045/share, MDMN could issue 450k shares, get $20,250 and pay for everything you just proposed and then some.
Given the 932,081,574 shares already outstanding, this would be nothing more than a 0.0482% increase in outstanding shares. MDMN has been trading well over a million shares each day for quite some time. I think this sounds like a win win for the company - minor dilution and a legitimate and accurate report in say 3 weeks.
http://www.otcmarkets.com/stock/MDMN/company-info
HR, would you support such a plan?
Well said. It appears everyone (pro or con MDMN) can agree on your points. Do you work for the State Department? Are you used to brokering deals between contentious groups?
Question: what you propose, how much would something like that cost?
I read various other MDMN forums and several shareholders have implied that they would pay for things like this to bring credibility to the company and establish a baseline for what is in the ground. Might be worth their time to commission such a study.
True so why has MDMN never released a report that details such proper sampling techniques? I'm not arguing that they haven't done them but if they have, why have they not released a proper, industry-accepted report that details the work?
What is MDMN's aversion to proper sampling techniques? They obviously have a guy who can do the work, so why not do it correctly?
Will someone please buy Les the latest edition of MS Word so he can spell check his communications. Back channel or not, this is atrocious.
Not even Sasquatch...
Some on "other" boards have implied they have but that Les and JJ are giving them (read Ulander) more time because he has promised he will deliver.
I'm not sure how believable any of those posts are but some shareholders have brought up default.
Maybe Sasquatch didn't like the terms and told JJ to pound sand.
1MB,
Could youplease analyze the following conversation that an MDMN shareholder had with Les Price via email (I presume).
No but the SEC is all over him like stink on a monkey. I doubt he will see jail time but his life is in shambles.
Well I guess that takes away all the suspense of where they will be filming next season. Hopefully Discovery wasn't planning on some suspenseful promo campaign. Does Sasquatch speak Spanish?
Text of Q&A. They spelled JJ's name wrong in the last question.
Q: What are the problems with the Lipangue deal? Where is our money? Tell us what is going on? Are we still NDA bound?
A: Again, Medinah Mining Chile has the lead in all negotiations with Amarant Mining Ltd., related to the 1,508 Altos de Lipangue claims. Medinah Minerals, Inc. is in a subordinate position, and not a signatory as to the Purchase and Sale Agreement, among parties, dated July 10, 2012. Medinah Mining Chile, is under a very strict Non-Disclosure Agreement. Medinah Minerals, Inc., as an affiliate, is also bound by the identical NDA terms of the signed Purchase and Sale Agreement. Although we work closely together with Medinah Mining, Chile, they hold negotiating and signing power on the contract. At this time we are informed that all terms and conditions of the contract are still in full force and effect and proceeding.
Q: Why hasn't the LDM mining operation started cash flow for our announced production percentage? Can't Senor Qujano ever get things done? Promises, promises, promises, but never any results.
A: Many years ago learned professionals felt that the Las dos Marias claims could possibly be economically viable, but commodity prices were very low. As metals economics changed a review of Mining Engineer and Professional Geologist Paul L. Jones' viewpoints of drifting an adit or sinking an exploratory shaft gained merit. Several suitors stepped up over the years with many promises and monetary intentions, but failed to provide any risk funds. Late in 2012, financiers did put up non-collateralized exploratory dollars to undertake a serious level of risk. Expenditures for road work, equipment, housing, manpower, maintenance costs, explosives, permits, etc., were undertaken by the financiers. Through pure chance discoveries were made while clearing a base camp and far away from the intended intersections of targets DD-001 and DD-002. These initial finds at Los dos Marias have far exceeded expectations. Further, these discoveries gave rise to the potential economic viability of the entire Altos de Lipangue plateau. In early 2013, Compañia Minera LDM Chile began stockpiling large amounts of ore while simultaneously applying for an Exploitation permit to begin transporting the ore for processing at the Chilean owned Enami (Empresa Nacional de Mineria) refinery. Recently, the Exploitation permit was granted and LDM Chile will begin transportation of stockpiled ore next week. To clear up any and all misunderstanding, Medinah Minerals, Inc. was the recipient of a "free" and "gratuitous" 30% holding of all net production profits at the Compañia Minera LDM Chile operation.
Medinah Minerals, Inc. did not have any financial obligations concerning the receipt of net profits interest and we were not required to provide any capital outlay or share consideration, initially or in the future. It should be noted that Medinah Minerals, Inc. has received several credible inquiries regarding interest in purchasing all or any portion of its net 30% production profit holdings from the Compañia Minera LDM Chile mining operation.
Q: The Ciclon claims purchase does not seem to be that good of a deal. Will you elaborate on why the company spent 20,000,000 shares for the 20% ownership. What kind of return can we expect?
A: Medinah Minerals, Inc. carefully looked at the Ciclon I & II investment as potentially a highly profitable long-range prospect. The 20% ownership share acquisition was completed with a risk/reward viewpoint looking forward over a 20+ year period. Your company has reviewed numerous mining projects over the years and have passed on most. Medinah Minerals, Inc. deemed the Ciclon I & II acquisitions as prudent and viewed their potential as economically viable and a necessary opportunity cost. The total mineralization content of the Ciclon I & II will be revealed over time. Medinah now has participation regarding the previously reported Purchase Offer, as signed with an Australian company, Serena Minerals.
Q: Are there any further developments with our Jorta acquisition? Previously it was reported that Mr. Quijano was going to be on the Discovery Channel television show called Gold Rush, but where is the contract disclosure and money.
A: Medinah Minerals, Inc. purchased a 20% percent ownership interest in the JOTA group of claims for 20,000,000 shares. In late 2012, Señor Quijano was contacted by the producers of the Discovery Channel show, "Gold Rush". Señor Quijano then accompanied the Gold Rush producers and stars of the show in their review of several potential Chilean mining sites via helicopter aerial views. After reviewing the JOTA claims by ground inspection, the Gold Rush team focused in on the JOTA claims as their "primary target" for Gold Rush South America filming. As of this writing, negotiations are still pending with the Discovery Channel for filming concessions on the JOTA property site. The JOTA claims have also been visited by two major mining companies, and participation offers are anticipated.
Q: Why don't we fire Senor Quihano and replace him with people who can complete a deal?
A: Without Señor Quijano we would not be in business. All of Medinah Minerals, Inc. Company claims ownership percentages are in the mineral rich country of Chile. Going back to 2002-2005, previous Board members and Company Management of the Medinah had lost all of our claims due to non-performance of obligations. Ambassadors were then sent to Chile to meet with Señor Quijano to try and resurrect our ownership standing in numerous claims. Over a period of years, and by curing past shortcomings, Señor Quijano allowed Medinah to reinvigorate its ownership positions. Throughout ensuing years of very tumultuous economic difficulties and untold setbacks, Señor Quijano has continued to act in the "best interest" capacity for the benefit of all. Medinah Minerals, Inc. has been afforded the opportunity to participate in several highly valued property acquisitions in Chile. His part in the "free" concession of production reward for Medinah Minerals, Inc. at the current LDM Chile mining project is just one example of his caring nature for Medinah shareholders.
I especially enjoyed the poor grammar, run on sentences and portrayal of shareholders as "knuckleheads". This is about as bad as MDMN's IR guy telling one shareholder via email to "take some Bayer aspirin for spiritual health."
Well that should answer that gentleman's question then.
Enjoy the rest of your weekend.
Thanks for clearing that up.
I still think that those questioning what MDMN and Amarant have to do in chile should read up on mining law. Maybe they will take your advice and look at the Cochilco link you posted.
They may have made a public statement regarding Baker & Mackenzie but I can't remember right now. I do know that on the "other" board that discusses MDMN, it has been mentioned more than a few times which is why I posted the link.
As for 15 years of failing to deliver on promises to shareholders, well I guess that is all in the eye of the beholder. Longs will tell you that it took JJ this long to wrangle all 1508 claims and get the sweetheart deal that MDMN has with Amarant. After all, 15% FCI is nothing to sneeze at. I also recall that at the AGM in Las Vegas, JJ told shareholders that no matter what, MDMN would get $180 million.
http://www.bakermckenzie.com/files/Uploads/Documents/Locations/Dallas/4_dallasglobalseminar_mininghandbook_mar11.pdf
Pages 21 through 34 deal with Chile. How about you read them and answer your questions.
The law firm that published this handbook is the one rumored to be working with MDMN, Amarant and whatever consortium, alliance, band, bunch, circle, circuit, club, coalition, combination, combine, compact, company, confederacy, confederation, conference, crew, gang, group, guild, loop, mob, order, organization, outfit, partnership, pool, ring, society, sodality, union, unit they are dealing with.
Have a great weekend!
http://www.amazon.com/Mining-Regulations-Handbook-Business-Library/dp/1433077167
It's only $150 and 300 pages. Maybe you could verify MDMN's claims for us?
And if you are a College student, you get free 2 day shipping.
I wonder if there is a chapter dealing with Sasquatch and the intricacies that go along with him.
You can will your shares to your great great grand kids and they can do the same. 300 generations from now your shares will still be worthless.
There will be no shock for me. Hell won't freeze over. SRGE won't rise again. It's over, face reality and move on. Pink sheet companies are scams, that is why they trade on the pink sheets. I won't hold my breath waiting for Beelzebub's ice rink to open.