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Yep, they seem to be eternally locked into exploration mode.
Agreed. I think we'd be fortunate to see this open at a few cents per share.
I have the feeling that it's going to be a long time before there is any action in this stock. Zero liquidity, no product announced; nothing really at this point.
OK, to answer your question seriously, I think they are making the right choice. Success in business is heavily dependent on who you know, and the seem to know at least a few key contacts in the industry.
Other than that, they have nothing. If they had some working capital of any significance, then perhaps they might consider venturing into something unrelated. But all they seem to have (other than the NOL) is their professional network and industry experience.
I once had a great idea for a butt mint, to freshen up one's dumper after a seriously nasty poo. Would come in handy if you're out in a club on the weekend, let loose in the mens room, and then find some hottie who wants to come back to your place. ExcreMINTS!!!
Maybe I can pitch the idea to management?
Think of it this way, they already have many years of experience in the gas & oil industry, and have a number of contacts and resources that they can leverage.
Ameritrade
I put in a buy order last week and it was rejected by my broker. It said "The market maker who received this order has informed us that the order has been canceled, since the symbol you entered is invalid."
No idea on either, really. If I were to guess the opening share price, it would be fractions of a cent. They have no assets that I'm aware of. Please correct me if I'm wrong.
Plan of Operation
Below is a brief description of our planned activities over the next 12 months:
Months 1 through 3 (August 2011-October 2011)
Continue data gathering of current down hole tool projects known, summarizing our internal data and historical customer feedback and conclude discussions with oilfield inventors and patent attorneys about any inventions that need a commercialization partner.
Months 4 through 6 (November 2011-January 2012)
Review above data to finalize design and development plan of down hole tool or other green energy technology. Conclude budgeting and costs for development plan and align applicable suppliers and outside consultants.
Months 7 through 9 (February 2012-April 2012)
Manage the outside manufacturing of several prototypes for the purposes of validating design and concepts.
Months 10 through 12 (May 2012-July 2012)
Continue development of technology, refining items that didn't perform, start search for bigger company partnering deals once proof of concept is finalized with prototype.
http://biz.yahoo.com/e/111114/108525410-q.html?legacy=1
NJMC website has been redesigned: http://newjerseymining.com/
Can someone please explain or translate what these drilling results mean? I'm a complete novice when it comes to understanding all of this. Thanks.
New Jersey Mining Company Intersects 4.59 g/t Gold Over 18.1 Meters at the Golden Chest Mine
KELLOGG, Idaho, Dec. 5, 2011 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC.PK - News) is pleased to announce the drill intercept of 18.1 meters of 4.59 g/t gold (true thickness) in drill hole GC 11-63 from a core drilling program underway at the Golden Chest mine in Murray, Idaho. The Golden Chest is owned 50% by NJMC and 50% by Marathon Gold Corporation (TSX:MOZ.TO - News) and NJMC is the operator.
"Since the commencement of this 10,000 m drilling program, we have had consistent encouraging results at Golden Chest. These intercepts demonstrate that the open pit potential extends beyond the historic open pit resource. We anticipate the release of a NI 43-101 compliant resource estimate in Q1 2012 and in an effort to continue developing and expanding this deposit, Golden Chest will be undergoing an aggressive drilling program in 2012. We have seen significant advancements at Golden Chest in 2011 and we anticipate further advancements with a large 2012 drill program," stated Phillip Walford, President and CEO of Marathon Gold Corporation.
All grades in this release are uncut, and all thicknesses are estimated true thicknesses
Highlights:
GC 11-63 returned 4.59 g/t gold over 18.1 m (true thickness) from 46.2 meters down the hole.
GC 11-56 returned 1.83 g/t gold over 23.7 m (true thickness) from 99.4 meters down the hole.
GC 11-64 returned 1.27 g/t gold over 27.0 m (true thickness) from 67.7 meters down the hole including 1.6 m (true thickness) of 13.4 g/t gold from 10.0 meters to 11.6 meters.
Initial results from the N 4550 section indicate that there may be a higher grade ore shoot present on the north end of the 25 meter grid. Core drilling is now focused on 50 meter step-out holes along strike to the north with the goal of increasing the open pit resource. Drilling will continue on surface until the weather no longer permits it. Two drill rigs are currently working on open pit resource drilling and have completed approximately 10,000 meters to date.
An initial NI 43-101 report has been filed, but it does not include a new resource estimate based on current drilling. The resource estimation using this year's drilling results is scheduled to be completed by the first quarter of 2012.
http://finance.yahoo.com/news/New-Jersey-Mining-Company-pz-4249232441.html?x=0
These are some excerpts from the latest quarterly report. Full report: http://biz.yahoo.com/e/111114/108525410-q.html?legacy=1
Here is some info on what MWD downhole tools encompass: http://en.wikipedia.org/wiki/Measurement_while_drilling
Overview
HII Technologies, Inc. is a Texas based energy field services company which intends to focus on measurement while drilling (MWD) downhole tools. We entered the development stage on May 10, 2011 upon the consummation of the sale of substantially all of the assets of KMHVC, Inc. (f/k/a Hemiwedge Valve Corporation), our wholly owned valve design and production subsidiary. We retained approximately $300,000 in net cash at closing.
We currently employ 1 person. Our executive offices are located at 710 North Post Oak Road, Suite 400, Houston, Texas, 77024. Our telephone number is (713) 821-3157 and our Internet address is www.HWEGstockholder.com.
Plan of Operation
Below is a brief description of our planned activities over the next 12 months:
Months 1 through 3 (August 2011-October 2011)
Continue data gathering of current down hole tool projects known, summarizing our internal data and historical customer feedback and conclude discussions with oilfield inventors and patent attorneys about any inventions that need a commercialization partner.
Months 4 through 6 (November 2011-January 2012)
Review above data to finalize design and development plan of down hole tool or other green energy technology. Conclude budgeting and costs for development plan and align applicable suppliers and outside consultants.
Months 7 through 9 (February 2012-April 2012)
Manage the outside manufacturing of several prototypes for the purposes of validating design and concepts.
Months 10 through 12 (May 2012-July 2012)
Continue development of technology, refining items that didn't perform, start search for bigger company partnering deals once proof of concept is finalized with prototype.
Trends, events and uncertainties
The primary driver for our current business as well as our prior contract mining and machining and engineered valve product business, is the demand for oil and gas The status of the global economy impacts oil and natural gas consumption.
During the latter portion of 2008 and throughout much of 2009, there was a substantial decline in oil and natural gas prices and demand for our services due to the worldwide recession. Since then, oil prices have rebounded. According to the International Energy Agency's (IEA) January 2011 "Oil Market Report," 2011 world petroleum demand is forecasted to increase 2% over 2010 levels. Emerging economies continue to be a significant factor in the recovery, while mature economies play a lesser role. The outlook thus faces uncertainties, as the global recovery continues to remain somewhat fragile. However, we believe that, over the long term, any major macroeconomic disruptions may ultimately correct themselves as the underlying trends of smaller and more complex reservoirs, high depletion rates, and the need for continual reserve replacement should drive the long-term need for our products and services.
A decrease in oil and gas prices causing an industry wide slowdown may result in certain companies to bring in-house the manufacturing of certain component parts otherwise made at outside machining and manufacturing companies. This practice directly impacted our prior contract mining and machining and engineered valve product business. As we intend to sell fully assembled products (and not just components) to end-users, we believe this particular practice will not affect our business.
The following is an update from the Board of Directors as of October 21, 2011;
We are pleased to report that the Company has filed its Form 10 document with the Securities and Exchange Commission on September 14, 2011 and an amended Form 10 on October 20, 2011. The Form 10 should be declared effective sixty days from its initial filing date unless the Company elects to postpone the process for further comment and review. Currently, the Company believes that HII Technologies will achieve public company reporting status on our about November 14th, 2011. Once we receive registrant status, we will also be required to file its third quarter Quarterly Report on Form 10-Q on or about the same time.
Additionally, the Company will be required to work with regulators for some items and a market maker to file a Form 15c-211 with a goal to establish a public quotation of its shares.
Earlier this year, the stockholders approved by written consent the name change of our Company to HII Technologies, Inc. in connection with the sale of the Hemiwedge technology and related assets in May 2011.
We will update stockholders further as milestones permit.
Sincerely,
Matthew Flemming
CFO and interim CEO
CC: Board of Directors
http://hwegstockholder.com/
Volume has been about 5x the daily average over the past week.
Website under construction? http://hwegstockholder.com/
Hopefully this is a good sign, or at least means that we can expect a new website for what is now HII Industries.
Realistically, how soon could we expect NJMC to produce some results?
HII Technologies files Form 10-12G
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7818606
Activities to date
Since May 2011, we have accomplished the following in furtherance of our strategy and development of our business: we have met with industry consultants about current down hole tools that are currently in the marketplace, reviewed our internal information from previous customer discussions and initiated due diligence on specific opportunities.
Plan of Operation
Below is a brief description of our planned activities over the next 12 months:
Months 1 through 3 (August 2011-October 2011)
Finalize data gathering of current down hole tool projects known, summarizing our internal data and historical customer feedback and conclude discussions and due diligence with oilfield inventors and patent attorneys about the inventions that are in need of a commercialization partner.
Months 4 though 6 (November 2011-January 2012
Complete negotiations and execute agreements, if successful, finalize the design and complete a development plan for the down hole tools or other green energy technologies under consideration. Conclude budgeting and costs for development plan and align applicable suppliers and outside consultants.
Months 7 though 9 (February 2012-April 2012)
Manage the outside manufacturing of several prototypes for the purposes of validating design and concepts.
Months 10 thought 12 (May 2012-July 2012)
Continue development of the technology, complete the search for strategic company partnering deals once proof of concept is finalized and the working prototype demonstrated.
Excellent. Heck, at this point I'd just be glad to have my shares be worth anything.
NJMC hosting public mine tour
Anyone care to check it out??? It might be a great opportunity to speak face to face with the Brackebusch's.
Underground Mine Tours During Silver Summit 2011 Now Available
VANCOUVER, BRITISH COLUMBIA, Aug 17, 2011 (MARKETWIRE via COMTEX) -- Cambridge House International's Silver Summit 2011 will again offer a limited number of underground tours of deep-shaft, working precious metal mines in the Silver Valley of northern Idaho. Tours will be conducted the morning of Wednesday, Oct. 19, a day prior to the two-day Silver Summit's official opening Thursday, Oct. 20 at the Davenport Hotel in Spokane, Wash.
Participating mines include Hecla Mining Co.'s Lucky Friday silver mine, U.S. Silver Corp.'s Galena Mine, and New Jersey Mining Co.'s Golden Chest mine. Transportation to and from the mines from the Davenport Hotel, along with breakfast and lunch, is included in the $135 cost of the tours. Mine tour proceeds benefit the non-profit Women in Mining Education Foundation.
"We are once again grateful to Hecla, U.S. Silver and New Jersey for taking time out of their busy production schedules to offer a few people a rare glimpse into the day-to-day operations of their complex and fascinating underground operations. This is a once-in-a-lifetime opportunity for the lay public to see how silver and gold are wrested from the earth and turned in to real money," said Shauna Hillman, Silver Summit Director.
Mine tour participants should be physically healthy, able to walk a kilometre in heavy boots, and must agree to comply with underground safety training instructions. The mines will supply necessary underground apparel.
Mine tours are being reserved on a "first come, first served" basis at the Silver Summit office in Wallace, Idaho, by calling 208.556.1621.
Hopefully something materializes soon. I see that the http://hwegstockholder.com/ site hasn't been updated since May 23rd. Then again, it is summer, which is typically a slow time of year for businesses to wheel and deal.
Any info regarding potential reverse merge candidates?
What is the right thing?
Should they reverse merge and once again trade on a public exchange, would current shareholders have their existing shares converted to shares in the newly traded company?
Can you elaborate; what, exactly, were you told?
Has anyone heard anything new? Any updates?
Form 10-K for NEW JERSEY MINING CO
Changes in Financial Condition
The Company maintains an adequate cash balance by increasing or decreasing its exploration expenditures as limited by availability of cash from operations or from financing activities. The cash balance at the end of the year was $357,317, and Figure 1 shows the corresponding balances for previous accounting periods.
[[Image Removed]]
The cash balance increased during the year, starting from $34,087, due to financing activities.
Results of Operations
Income Earned during the Development Stage (Revenue) for 2010 was $204,737 as compared to $450,883 for 2009. Revenue was lower in 2010 due to decreased sales of gold. Figure 2 shows a net loss for 2010 of $540,828 compared to $850,786 for 2009. The net loss for 2010 was less than 2009 because of lower management costs.
[[Image Removed]]
Gold production was 26 ounces in 2010 as compared to 230 ounces for 2009. No gold production is expected for 2011 because the mill is shutdown due to construction and only exploration activities are planned for the Golden Chest mine.
Preliminary plans at the Golden Chest mine include only exploration in 2011 but in 2012, ramp access may be extended to the Idaho vein reserves. When the Idaho vein ramp development is completed there will be more than 200,000 tonnes available for production from currently-existing reserves.
No production is planned at the Silver Strand mine in 2011 because plans are to sell the mine or engage a joint venture partner. The mine is ready for production on a seasonal basis.
About $2.3 million in capital expenditures are planned at the New Jersey mineral processing plant to increase the processing rate to 15 tonnes per hour. Expansion costs are paid by the joint venture partner, United Mine Services.
The amount of money to be spent on exploration at the Company's mines and prospects depends primarily on contributions of our joint venture partners, particularly at the Golden Chest and Toboggan Project. Some exploration may be done at the properties, including Niagara, Coleman and Giant Ledge, if funds are available.
The Company provides surface drilling services at the Golden Chest and receives payment from Golden Chest LLC from funds provided by Marathon Gold. The Company also receives a management fee as Manager of the venture. The Company receives payment for engineering services from United Mine Services for the mill expansion project. No additional financing activities are necessary in 2011 unless exploration plans are expanded.
Changes in Direct Production Costs
Direct production costs, decreased from 2009 to 2010 due to decreased production in 2010 as more of the available funds were directed towards exploration.
Changes in management costs
Management costs decreased from 2009 to 2010 because of the elimination of the stock compensation.
Changes in Exploration costs
Exploration costs increased from 2009 to 2010 as available funds were shifted from production to exploration.
Changes in General and Administrative Costs General and administrative costs increased from 2009 to 2010 as activities were resumed due to funding availability, Activities were curtailed to a certain degree in 2009 due to a lack of discretionary funding.
http://biz.yahoo.com/e/110331/njmc.pk10-k.html
I've e-mailed him a few times over the past several weeks and have yet to get a response.
Have you received any further information from Matt?
I wish I knew. I spoked with Matt on the day of the SEC revocation, and he told me much the same that he told you regarding equity. However, I admit, I just don't know.
I've emailed Matt a few times since then for an update on operations and public filing/audit status and have not heard back. Additionally, there have been no updates on the Hemiwedge website, which they stated they would use for further communications to investors as well as for general company news.
When, and why, did they get moved to the pink sheets? They has been trading OTCBB as of a month ago!
Good point. When was the last time HWEG raised money via the market anyway? Over the past several years, they've been financing operations through loans from banks and private investors.
Why would BK even be on the table?
"Hemiwedge intends to continue to report on all material events by posting such information on its website at www.hemiwedge.com"
Nothing posted yet - it's been nearly a month.
Are you referring to a class action lawsuit???
The shares are revoked, but as stated in today's PR:
"HWEG", will no longer trade publicly until it becomes current on its SEC reports.
Shareholders are not out of everything, but we are in limbo until SEC reports are brought current.
Hemiwedge Industries Announces SEC Order Revoking Section 12(j) Common Stock Registration
CONROE, Texas, Feb. 15, 2011 /PRNewswire/ -- On February 9, 2011, the Securities and Exchange Commission ("SEC") issued its order revoking the registration of the common stock of Hemiwedge Industries, Inc. (Pink Sheets:HWEG.pk - News) ("Hemiwedge" or the "Company") in Section 12(j) of the '34 Exchange Act. While the Company still complies with Section 15 of the Exchange Act, as a result of this SEC Order the Company's stock, which had traded in the over-the-counter market and was quoted on the Pink Sheets Electronic Quotation Service under the symbol "HWEG", will no longer trade publicly until it becomes current on its SEC reports.
Hemiwedge had become delinquent in its annual and quarterly SEC reporting requirements in 2009. The last SEC filing that was in compliance was the 2008 Annual Report on Form 10-KSB. In September, 2010, the SEC notified Hemiwedge that the registration of its stock would be subject to revocation if all required reports were not filed within 15 days. In November, 2010, the Company submitted an Offer of Settlement to the SEC in anticipation of the proceedings that could be instituted against Hemiwedge by the SEC. The Company agreed to enter into a Consent Order with the SEC pursuant to which the registration of its stock would be revoked. The SEC did not issue its order until last week. The SEC order can be accessed via the following link http://www.sec.gov/litigation/admin/2011/34-63872.pdf.
Currently, stockholders will be able to transfer or sell their shares only in exempt transactions that are in compliance with the United States and applicable state securities laws. For example, shareholders may be able to sell or transfer their shares as long as the shareholders consult with their own legal counsel and comply with the requirements of Rule 144 and other applicable sections of the Securities Act of 1933. If the Company becomes current with its SEC reports, including the potential to file a Form 10 to bring all belated 10-Qs and 10-K reports current in one filing, the stock could then resume trading.
Hemiwedge intends to continue to report on all material events by posting such information on its website at www.hemiwedge.com. Should the Company be in a position in the future to have its securities once again registered, it can do so by filing the appropriate form of registration statement with the SEC. While there is considerable expense associated with a registration statement, including the requirement for audited financial statements for the previous two years, Hemiwedge would not also have to incur the costs of filing all previously delinquent SEC reports.
The revocation of SEC registration is not expected to have any immediate adverse effect on the operations of the Company. Management is assessing the future needs of the Company and is working to develop an appropriate strategy for moving forward, including how best to maximize shareholder value through, for example, a strategic corporate transaction of some form or through future public trading of the stock.
To be fair, I don't think the website was a priority over the past two years. The credit crunch nearly dealt them a death blow two years ago. Working with a reduced staff meant cutting some corners. Unfortunately, their efforts on the SEC filings appears to have been too little, too late.