Now that's a surprise development! Summer is coming to the Southern Hemisphere so the timing is good.

Fabio was smart to keep it quiet until he got the rights signed. Hope it's worth a lot more than $4M once development starts.

SRK Mining consultants:
http://www.srk.com/en

Fabio, talk to the Chinese.

China Goes Prospecting for World’s Gold Mines

https://finance.yahoo.com/news/china-goes-prospecting-world-gold-004800777.html

I wonder if any of the investors who contacted the SEC in the first place had the sense to send a request to the judge to review and reconsider his revocation order.
It's crazy to punish the investors who contacted them and especially after the company spent big $$ to get current.

Hopefully Fabio will keep us updated on a regular basis.

As I recall an NI 43-101 doesn't cost much in the scheme of things. Doesn't take too much time to complete either. I would think that Fabio has the professional contacts to get something going. He has all the work/sampling done already at the site to look at. We'll see dilution moving forward.

Again, just our luck that we get a "hangin'" judge on our SEC case. Obviously still not happy about the SEC/judge decision...ha ha

Every one of those shareholders who clearly didn't realize the can of worms that was opened when they asked the SEC to investigate should have by now sent letters to the SEC and judge to not punish them with revocation. They simply wanted the SEC to light a fire under GL to move SLTA forward with financials, etc. They didn't want to be punished. But I'll bet few have requested the SEC to reconsider. They stupidly caused this and proved the saying "be careful what you wish for".

Gappa, thanks for the info. That's good and it means not much hassle for us and just more patience and finger crossing. Fabio has been able to attract investors and make deals a number of times including selling assets as well as GL, Ambrian and GTS. So I have more confidence with him free to deal than with GL calling the shots (which stalled everything for years)

So with revocation, do those of us who do not have share certificates need to get them from SLTA?
I guess the ticker goes away at final revocation so what do our brokerage firms do with our shares?

What a mess! This judge really screwed us.
And again, SLTA/GL came up with big $ to become current and would not risk the threat of revocation if they are late filing again. Just common sense. But this judge ignored the effort it took to become current so fast. Ignored the investment. Ignored the current shareholders. I'm sure GL was as surprised as I was of the judge's decision because of course they wouldn't have thrown away all that money getting current.
This judge is terrible and the SEC screwed us too and I wish they never got involved here.

With that said, revocations are not permanent and there is a process to request re-listing I think. But that takes time and I hope Fabio can get something going sooner than later.

I have to agree that if someone contacted the SEC then that person should have known that it was opening a can of worms. It resulted in our revoked status.
The SEC decided to "help" by throwing the whistle blower under the bus and all of the rest of us too. Thanks for nothing SEC! Haha
I think the sec and judge fd it up here. Revoking a company that just paid tens of thousands of dollars to get current. After spending that money of course they would continue to file on time to avoid revocation. Yet this genius judge thinks it is too rsky to be tradable. It seems like everyone involved is making bad decisions including the sec, judge, GL and Fabio. Hopefully Fabio can make it up to us with some sort of miracle deal.

Any deal Fabio can swing is better than what the stock is worth now. But very hard to sell private shares so this will take a while. Again, at least Fabio can communicate via the website without compliance issues. We will probably be more informed in the next several weeks than we have been in the last several years.
I wonder if I can go to Argentina and scoop up some gold in exchange for my shares? Haha

So probably it was GL who put up the money to pay the options. Who else, right? According to Fabio, they came up with $80k for the financials and maybe that included some option payments.
GL, like us, continues to hold its shares in what is now basically a private company. So GL continues to have the same interest in El Torno as before, right? Just without the public fiduciary responsibilities which they have proven to be incompetent performing.
They decided to stop wasting money on compliance and maybe they continue to try to fund El Torno. But the fact that their 2 BODs resigned is not good for this scenario.
Now that Fabio is running a private company, he should come clean with investors asap. No lame compliance excuses like "quiet period" or "inside info" which have no meaning for a private company. He needs to spell it all out, every detail of slta's chances to exist and succeed. No bs. If he continues to be mysterious about our status then it means he is scamming us imo.

They strung us along that financials were nearly completed publicly several times so we wouldn't divest.
Nobody but they know what their intent was. That's why there are court trials to get to the bottom of it. It will cost slta/gl a lot more than $80k to defend themselves.
This latest news release may just be part of their scheme to fool naive investors one more time to avoid a lawsuit.

The judge just said that investors have been harmed by SLTA.
SLTA publically stated more than once that the financials were nearly completed and then did not deliver.
They claimed to have no money but the judge/SEC pointed out that when threatened with revocation, the money suddenly appears which shows that management simply wanted to keep investors in the dark while stringing them along with promises of financials soon.

I think it's a slam dunk after what the SEC and the judge said.
We'll see who's right if this latest press release turns out to be more b.s.

With that said, where's Ambrian or GTC? ha ha They probably could get involved at very low investment.

cleangold, yeah, I agree to a certain extent but we have to see action and not just words. We've heard the hopeful words for years and nothing has happened but revocation. Let's see what transpires now that we own shares in a private company. The options payments are interesting and I wonder where the money came from.

So we can't trade our shares after revocation(no ticker) but maybe it works out. We'll see but the shareholders lawsuit is hanging over Fabio and GL now so they better do something soon.

So it's revoked and GL has bailed out from the BOD. It looks like SLTA "management' is just Fabio now.

I like the idea of merging SLTA with another company. We could end up with some tradable stock from the other company.
Just because we are revoked doesn't mean the company can't try to make some deals.
Interesting that the options payments have been made for the property. And negotiating for a buy out? GL didn't have the money for that?

But I doubt it will save Fabio and GL from a class action shareholder lawsuit. Fabio needs to make a deal fast or it's back to court.

If they filed today it doesn't mean that it's on the internet the same day.
The last time SLTA had to file, the deadline was Aug 18th and they filed exactly on Aug 18th.
And they may have been served less than 21 days ago.

At some point shareholders will know for sure but not quite yet...

Actually, they need to respond within 21 days of being served. I don't know how they were served so it could be a day or 3 after the judgment day of Oct 1st. So in theory they may have a day or 2 more. But I think they would file by tomorrow anyway to play it safe.

Somebody bought 64k shares for .015 ?

Either somebody in denial or somebody who knows that GL is stepping up with a strong request for review.

Probably someone in denial...Ha ha

Yeah, what you are saying makes sense. The SEC must be addressed first.
GL must step up with $$ and promises and I guess you are probably right that a new CEO would help too. The judge directed some of his wrath directly at Fabio.
We find out within 2 days if GL is stepping up or not...

Maz, of course only GL knows what GL has up its sleeve. But we do know that GL is loosely scheduled for an IPO in 2016 and we can assume that's the path they are on.

I had guessed GL would use the SLTA shell to go public but alas, that guess ain't looking too good right now. Ha ha

I don't get it when you say spend money on something other than an appeal. (I didn't get it when you said you were really excited now !haha)
If they revoke and no appeal then SLTA no longer trades/exists so who cares?

They have to appeal if revoked and they have to win a chance to keep their doors open or a NI43-101 means nothing to us.

If revoked and no appeal, then lawsuit is the only way to get investment $$ back.

I think that even if the order to revoke becomes final, SLTA can appeal. Appeals take a long time so that means it will be a long time before it all plays out and before a shareholder lawsuit even comes into play.

We are in for a long ride here if they get revoked. Why didn't the judge just continue trading suspension for another 6 months or so? That would protect potential new investors and allow SLTA to prove they can file... and not throw current shareholders under the bus.
What a mess...

In this case the shareholders' lawsuit will be a class action where lawyers will do it for a contingency fee awarded by the court. All you have to do is sign the documents when they're sent to you and you are part of the lawsuit if you lost money during the class period. No cost to you.
The class period in this case must be several years that this management has been harming investors.
It will take a couple of years to play out but if they get revoked, I don't see how they can win against us. Of course they will try to hide their assets but in GL's case, they are about to do an IPO in Italy and not much they can do to hide their assets.
I think SLTA/GL are in even bigger trouble after being revoked. I expect them to file the request for review on Thursday to do whatever they can to avoid revocation.

This link has FAQ about this:
http://www.rgrdlaw.com/cases-questions.html

If you think about it, if they don't file for review it's pretty much acknowledging what the judge stated including that shareholders have been damaged by SLTA management.

Management must be aware that a shareholder lawsuit against SLTA management/BOD is highly likely to be filed if revoked so if they want to be able to conduct any sort of defense they will file for review by the deadline.

It's just basic, business common sense that they would file for review.

But then again, it was just basic, business common sense that they file their financials before getting suspended and revoked by the SEC. Ha ha

Lawyers file on the last day before a deadline. That's just common. So it means nothing that they haven't filed yet. Even if they had a request for review doc ready 2 weeks ago, they would wait to file until Wed or the last day.
In this situation, filing for a review is simple and costs little. There's no way they wouldn't file unless they have decided that they actually want to be revoked. So, in other words, either they want be to revoked or they file. I doubt they want to be revoked. We'll know in a few days.

Maz, please share what are the many options at this point 1 week from corporate death. And $2.50 / share? Please share why bring that up when now less than a penny and again, just days from permanent delisting.
I don't see why you are excited about the current situation for shareholders.

Maz, you are the eternal optimist. I hope you're right this time. Shareholder lawsuits take time too.
Regarding the gray market, it's as good as dead. Haha

If it goes to a shareholder lawsuit, the only question will not be "if" they will pay but how much they pay in damages and punitive awards. The judge can just refer to the SEC judge text below. I think GL may be so arrogant that they think they can get away with screwing investors out of the gold mine but they will pay for it one way or another.
My wild guess is several million dollars judgment which would translate to .20 to .30 / share for retail investors. We deserve at least that much. GL would be wise to come up with whatever money is required to keep the doors open at SLTA.
GL about to do an IPO in Italy and doesn't have any cash? Doubt it, they have money but they playing a game, imo.

Maz, their first "option" has to be to file a request for review by a week from tomorrow. Are they going to fight this or roll over and die?
I assume the request for review will happen and include additional info to try to sway the judge to give them a trial. In addition to possibly pre-paying auditors, etc., maybe they can say that they want to testify in person, something like that. Just wild guessing at this point.
I think the only chance they have is if this judge is just putting the fear of God in them but there's no evidence to really believe that is true. It looks more like the SEC and judge did their homework and us shareholders are screwed along with SLTA management and BOD.
Should be interesting to see what SLTA/GL come up with. They can't deny the late filings. They didn't deny in the first place and the history of lateness really says it all.

Maz, yeah, when I read the initial decision it seemed like the biggest argument to revoke was that SLTA can't be trusted to report in the future even though they are current now. If they deal with that then maybe the SEC makes a deal and drops the lawsuit. It seems to me this is possible but pretty much unlikely. I hope it works out that way but I'm thinking a shareholder lawsuit is more likely.
Fat lady hasn't sang yet but she is standing off-stage and getting ready. ha ha

Maz, what does that mean? $500k to go forward? Is that what the lawyers think would be needed to change the SEC's mind about revocation? Based on paying accountants up front for financial reporting? Fines? To come up with that number must be based on talking to the SEC.
Therefore the people you speak of must be management/GL, no way you are referring to outsiders, right? Have to be insiders trying to make a deal with the SEC.

They also could fine them or come up with some other way to punish them without destroying current investors. SLTA is current and wasn't issuing shares like most all scam companies do. As the SEC admitted, the "bulk" of companies getting revoked for not filing are not current. This will not teach any other company a lesson.
I also think the only chance SLTA has is drastic measures at this point.

Often lawyers file on the last day before a deadline. Our case is bad because this review is only to get a chance to go to trial. Still a long way from trading.
I feel like we have been abused by both SLTA management and this judge. This judge does not have to revoke. Initially he is choosing to throw current shareholders under the bus. We may not be allowed to, but I would like to see shareholders sue SLTA, GL and the SEC too if this gets revoked. There should be some kind of lighter punishment for SLTA before getting the death sentence imo.

Good points. I have never spoken to Fabio in all these years. But I'm curious what his perspective is now with this initial decision to revoke. He stands to lose ~35M shares and a lot of $ in damages and punitive awards from losing a shareholder lawsuit. He must be sweating it. GL too! They have to be extremely motivated to see a reverse in the judges decision. I hope they succeed cuz I think it would be the best for us.

It seems to me that if GL pre-paid an auditor for 1 or 2 or 3 years, the judge would have to reconsider especially considering that SLTA is current.

Maybe this is still just a way for the SEC/judge to get SLTA/GL's attention and basically agree to anything demanded of them.

If not for the fact that we have what looks like a slam dunk shareholder lawsuit, it would be time to panic this time! ha ha

I'll take a look. Looks like .05 / share now.
Regarding SLTA, it looks like this "Initial Decision" gets tossed aside once they simply request a review within 21 days.
No doubt GL will do that since it really doesn't take much to ask for the review. So this won't be over probably for at least a month after they request the review, around end of November. So plenty of time to investigate shareholder lawsuit against the idiots who did this to us.

If it ends up they do revoke, then I have a feeling that lawyers will be easy to find because all they would have to do is point to this revocation decision in the shareholder lawsuit. About .20/share would be a judgment of about $8M against GL and management.

Damn! You're right, GL will have to act fast and strong and then probably only a slight chance of reversal. They have just 2 weeks from today to respond.

Admittedly I didn't see this coming. revoking a company that actually did get current.
Hard to believe the judge would throw innocent investors under the bus to protect fictional future investors.

Should have a court date by now. It's been over a month since the deadline for an answer from the SEC which they did on 9/3. It's a shame imo that now the retail investors are getting delayed due to the SEC's overzealous imo response. And the SEC says we are not as important as potential future investors! Abuse from both sides now!ha ha
I think we win a shareholder lawsuit easily if SEC judge surprises and revokes SLTA but it would be best for us to resume trading, no doubt imo so SEC needs to get out of the way.

Yeah. Must be some housekeeping again. Still no bid/ask. No way it would be that easy to get back to trading. Not with "our" luck with this company . haha

The idea is that Fabio will not settle for .20/share so your estimate would mean that the sale doesn't happen and we move forward as a public company.

I forget exactly how many shares GL owns out of the ~100 million but let's say they would "only" need to buy around 50 million shares.
So at .20/share it would be $10M to buy out Fabio and the rest of us. Seems cheap for all that gold.

On the other hand, if Fabio was offered $1 / share it seems like it would be hard for him to reject that considering the millions of shares he has.

The "good news" to me is that it seems like no matter what occurs, (buy-out, SLTA continuing into a drilling program or shareholder lawsuit), us investors will do a lot better than .0001/share. haha
I would guess .20/share is the lowest share price we would get.

Interesting. Thanks for sharing your research with the board.
The confidentiality agreement rumor is intriguing.
I have no experience with a buyout scenario like this. I assume that if Fabio agrees to a per share $ #, then us retail shareholders get the same amount and it's all done through our brokerage firms. Is that accurate?

Panicking again after a court document is filed is stupid. This is still standard op procedure if one expects the SEC to make the deal that SLTA agree to be revoked if late again within a certain time frame.
Anyone who has been to court knows that this is how it's done before getting to trial. Request for summary judgment, defendant reply and plaintiff answer, trial.
Why would any company agree to being revoked for late filing again if they were not forced into it. This is how they force you into signing the deal. No way they revoke imo.