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Does anyone doubt why Maurizio is having the shareholders meeting in Santiago Chile? It's obvious that he doesn't believe shareholders will spend them money to travel to Chile. Maurizio doesn't want to have the shareholders meeting in the States because he doesn't want to answer the tough questions that will come his way from disgruntled and frustrated shareholders.
Just received an email from Raul. They are now working on being compliant with the regulatory requirements.Should be ready by September 28th.
After the share price increase I sent Raul an email in February regarding the share allocation. Here is his reply:
"your comment with respect to AUMC shares is correct, price went up. However, it went up with no liquidity which means cannot sell shares without affecting the share price so far. But hopefully, we will find a way to move forward with share allocation. I cannot make any comments with respect to AUMC but I trust their last update is a good projection on what can be accomplish this year".
So, it appears we just have to wait until they they find a way to move forward to accomplish their objectives as announced in the "share holder update for 2021". Based on their previous promises, can we really believe that Maurizio will move forward to accomplish their objectives and bring liquidity to the stock.
A Medinah Shareholder suggested that shareholders get together and file a suit against the present officers/directors of Medinah/Auryn.
I am aware of a group of shareholders in another stock, filed a suit against the company's Board of Directors alleging a breach of fiduciary duty, bad faith, unjust enrichment, and corporate waste.
In light of how the previous Board of Directors of Medinah failed to get a shareholder approval for the sale of the Alto and then allowed Maurizio pull back from a $100 million dollar offer for the Alto in exchange for shares of a private company. I firmly believe that there has been a breach of fiduciary duty, bad faith, and corporate mismanagement. If enough shareholders were to join together, we could make this happen.
Could it be Maurizio is the "illegal" one...how about we throw him out and get a board of officers/directors who can successfully execute a plan to boost our share price.
Thanks Priles! Great explanation. I just hope it reaches the $5.00 PPS. Considering how Maurizio has managed our investment thus far, it leaves me with little hope that will happen.
In your opinion, what would the share price of AUMC need to be in order for the exchange to substantially benefit Medinah shareholders.
BB: this has already been a long wait, and from what I have recently found out, it may be an even longer wait until the market receives an update on the mining efforts of Auryn. Hopefully this update,if it ever is made, will appreciate the share price of AUMC shares.
In a previous post, I posted that Raul del Solar, who is an Officer/Director of Medinah, will remain with the company until the allocation of AUMC shares to Medinah shareholders. Before the exchange/allocation of shares, he is waiting for an update from Auryn. Because Medinah has substantial debt, they want the share price of AUMC to appreciate. AUMC is an asset of Medinah, which allows the officers of Medinah to sell AUMC shares. Medinah needs to sell AUMC shares to retire their debt but at the highest price possible. If the share price of AUMC shares appreciate, that of course will be to the benefit of Medinah shareholders, in that it will take less shares of AUMC to be sold to retire Medinah's debt. According to Raul, Medinah's debt must he paid before any allocation of shares.
But here is the problem! According to a reliable source with Hochschild Mining, Hochschild Mining has chosen to opt out of the JV contract they signed with Auryn Mining in 2018 to monetize the LDM. I believe many shareholders were anticipating announcements regarding Hochshild's mining efforts on the LDM would have a positive impact on AUMC's share price. Now it seems that isn't going to happen. If what my source told me is true about Hochschild opting out of the JV contract, then IMO, Auryn has an obligation to inform Medinah shareholders of this event.
The question is, "does Auryn have other mining efforts that they can update the market on, with the hope that it will bring about an appreciation of the PPS of AUMC shares?". Until the PPS of AUMC shares appreciate, Medinah's officers cannot sell AUMC shares to retire Medinah's debt. With no update, no exchange of shares will happen and the wait continues and continues and continues......!!!!!
I was able to get Raul to respond to a few questions. Very appreciative of his efforts. I am sure he is limited in what he can give as he indicated that we just need to wait until Auryn gives us an update. As I understand his role, his main focus is to stay with Medinah through the "share exchange".
From the OTC Disclosure and News Service: Press Release | 04/02/2019
"Raul del Solar and Italo Volante will remain as the Companys Officers and Directors, during the process of removing the restriction on the Companys AUMC shares and allocating those shares to the Companys shareholders."
Here are a few excerpts from the email exchange:
"from Medinah`s point of view I am waiting for an update from Auryn. Soon after that we will be making an announcement with respectto allocation and exchange of shares for AUMC, I cannot be more detailed at this time, thanks, Best"
"Good morning...the reason is Medinah`s main asset is AUMC, we need cash mainly to pay debts and cover some expenses in order to proceed with the allocation itself, please refer to 2018 full year report for a detailed on liabilities that need to be taken care, the better AUMC is as a company would make it easier for an allocation to happen soon, there is no changes to the announcement made by the company before on this aspect, just waiting
for the best time to do it so everybody is better off, thanks."
"Hi, a couple of clarifications with respect to your email. AUMC has no say in this matter, they have already allocated shares to Medinah.
How and when AUMC shares are allocated to Medinah shareholders only pertains to Medinah. At this stage it's not to the benefit of Medinah any debt swap, Medinah debt is no interest bearing at this point, we just need to sell AUMC shares to pay debts at best possible price and proceed with allocation. It is understood that the higher the price of AUMC shares the better off MDMN will be"
I sent an email to Raul del Solar Berckemeyer several weeks ago.
He has answered back. His response is greatly appreciated. It would be great if he were in a position to share more about the timeline for the update from Auryn or what is holding up the update. At least we know that they haven't pushed Medinah aside and are still moving forward on being able to make the exchange of shares.
Here is his email back to me:
"... from Medinah`s point of view I am waiting for an update from Auryn. Soon after that we will be making an announcement with respect to allocation and exchange of shares for AUMC, I cannot be more detailed at this time, thanks, Best
Raul del Solar Berckemeyer
One Family Office
President
Assuming the last contractors were not paid, is this a indication that Maurizio doesn't have the funds to begin production on the Alto? What hope do we have that shareholders will ever see an increase in the PPS and we can get out of our investment with some profit.
Gold Breaks its All-Time Record High!
The price of Gold has SMASHED its previous high of $1,921 in 2011.
The Alto has been estimated to have millions of gold to be mined..this according to Maurizio.
So, what is Maurizio waiting on? Has he run out of money? No recent update about their efforts to monetize the claims.
Why do some shareholders still tout his credibility since he has failed to keep his word and inform shareholders on a timely manner?
The question needs to be asked, "why did Greg allow Maurizio to buy the Alto for 25 million Auryn shares. The sale of the Alto should have been approved by the shareholders.....!!Auryn first offered millions for the Alto, but instead Greg allowed them to pull the offer off the table for Auryn shares. Auryn is a private company so did we even know what those shares were worth at the time? This whole thing doesn't pass the smell test.
Auryn Chile sold the Alto to CDCH/Auryn for 6.5 billion restricted shares. Then we were told that they would distribute the Auryn shares to the Medinah shareholders as a dividend. In December 2019 Medinah announced the restriction on the shares had been removed and they would now be distributed to the Medinah shareholders.
We are still waiting, waiting, tic toc, tic toc....!
I sent an email several weeks ago to one of the officers of Auryn reminding them that they promised to be transparent and keep shareholders informed in a timely manner. Last update was November of 2019. I am still waiting for a response.
How sad that with the price of gold continuing to increase, it appears Maurizio has no intention of bringing our claims to production anytime soon.
Looks like even the lawyer is kept in the dark...just passing on what Goodin is telling him. Does Maurizio even know himself what he is planning??....maybe that's why he isn't telling shareholders.
Yes, it would be great if Maurizio would use that 10 mil line of credit to get moving forward to start production. Could it be that Maurizio's priority is to bring other claims into production rather than properties that will benefit Medinah shareholders? If so, then we are left with a share price of .001700.
From: In letter to OTC Market Groups,dated April 25,2020
MORGAN E. PETITTI ATTORNEY AT LAW that has been employed by
Auryn Mining Compnay, to provide Adequate Current Information for the Issuer: Annual Report for the Period Ended December 31, 2019,
He states that Auryn is is pursuing an identified business plan (a mining and exploration company with ownership and control of an excess of 10,500 hectares of mining claims comprising the Altos de Lipangue mining district), maintains assets valued at $44,800,000.00(mining concession).
Maurizio had said in a mining journal the ADL was worth millions, possibly even billions...
Maurizio, the lawyer referenced that you had a stated business plan...what is the "stated business plan"...shareholders would like to know.
Weather will be improving in Chile. Execute your business plan!!! And keep shareholders informed as you promised.
From Kitco News:
Gold price makes history, hits all-time high and analysts still looking for more. Marc Chandler, chief market strategist at Bannockburn Global Forex, said that he expects that gold prices could easily hit $2,000 an ounce before this current rally is over.
“It is difficult to talk about resistance in never-before-seen prices, but if our view of interest rates and the turn in the dollar cycle is fair, then $2,500 might not seem unreasonable,” he said in a report Sunday, reiterating his current bullish stance.
Chile is gradually lifting the lockdown from the Coronavirus lockdowns. So, is Maurizio moving forward with his plans to monetize the ADL. Say what you want about previous thefts, but indirectly Maurizio is denying shareholders an opportunity to enjoy a nice profit on their investment by his failure to follow through on his promise to move forward to monetize our claims.
"From a notification in April 2019 Maurizio promised to continue to inform our shareholders in a timely manner as further results are accomplished on the Fortuna, Caren, and LDM projects."
From Bloomberg News:
Wall Street Throwing Billions at Once-Shunned Gold Miners!
A year ago, you couldn’t get Wall Street to touch most gold miners’ stocks. Today, it’s throwing billions at the industry. With the Covid-19 crisis threatening economies worldwide and gold prices soaring on the heels of monetary and stimulus programs, precious-metals companies have become the darlings of the investment community. Also, Junior Miners are also beginning to benefit.
But what is Maurizio doing? We don't know...he hasn't kept his word to be transparent with shareholders. While other gold mining companies are benefiting from the surge in the price of gold, we have to sit on our hands wondering if we will ever see an uptick in our share price.
According to the Citigroup, Bullish factors are building in the gold market are set to see prices take out the record set in 2011, according to Citigroup Inc.
The metal is benefiting from loose monetary policy, low real yields, record inflows into exchange-traded funds and increased asset allocation, the bank’s analysts including Ed Morse wrote in a report. Gold is expected to climb to an all-time high in the next six-to-nine months, and there’s a 30% probability it’ll top $2,000 an ounce in the next three-to-five months.
According to mining news, junior mining companies are finally getting financed. According to Western Copper and Gold CEO Paul West-Sells, "There's more money out there than companies needing to raise which is pretty rare in our industry," said West-Sells"
The question is, "is Maurizio moving forward to get financing so the claims can finally be monetized."
Problem is,he doesn't keep his word to keep shareholders informed.
A hedge fund manager, Diego Parrilla, who heads the $450 million Quadriga Igneo fund, says gold could rise to $3,000 to $5,000 an ounce in the next three to five years, up from the current price of $1,800. So Marizio fiddles while Rome burns. So sad that such a valuable group of claims has fallen into Maurizio's hands. The pundits on the other forums keeps touting that Maurizio will move forward when the time is right. So, Maurizio, how about telling us what is going on. You promised "transparency". You have been sitting on your "keister" over two years to develop a plan....! Guess now you can use the excuse that it's winter in Chile and of course...now the coronavirus has shut everything down. So, patience is the order of the day..what else can we do!
From the July 2019 shareholder notification, "At Las Dos Marias, Hochschild Mining plc has advanced studies by completing 6 kilometers of IP Geophysics. Results are pending. With this information there should be suitable understanding of the target to develop a more advanced next stage of exploration." How about updating us on the next stage of exploration.
From the 2019 November shareholder notification: "For the last few months AURYN has been dewatering and putting in reinforcement in previously developed tunnels of the historical Fortuna Mine, located at the Altos de Lipangue plateau. The Fortuna Mine has produced up to 85 g/ton in the past.A communication will be posted regarding progress and once an exploitation approach is decided.
We are still waiting for the "communication".
This Skype was posted on another Medinah forum:
It is from Raul Del Solar.
RAUL DEL SOLAR rsolar@onefao.com
To:
Fri, May 15 at 4:56 PM
Dear Mr. , I am looking forward to update all shareholders as soon as it is possible. Medinah Minerals received
Auryn Mining Corporation (AUMC) shares on December 15, 2017. AUMC had a holding period of one year before
it could transfer shares to Medinah. As you know Medinah received those shares about a year ago, and only since
December 15, 2019 (a few months ago) we are eligible to allocate those shares to the company shareholders. The reason
for the additional one year holding period after Medinah received shares from AUMC is that given the amount of shares
the company owns in AUMC it is consider and affiliated entity, reason for an additional one year holding period.
We have speak to legal counsel and we can proceed with allocation of AUMC shares to all shareholders,
however, we have not done so given we are waiting for the appropriate time. As soon as it is appropriate
I will be updating everybody through our website, please check the news update section. At this point I cannot
provide any further information, just be patient, thank you.
Raul del Solar Berckemeyer
One Family Office
President
Lima Tel. (51) 9.9560.5755
E-mail: rsolar@onefao.com
Skype: raul.sola
Thank you Maurizio! You have done a great job with our investment. NAH! Down 99.7% since you and your cohorts took the reins for our investment. Prior to the claims falling into your hands for Auryn shares (we still don't know what they are worth), you went around talking about how much our claims were worth. Now that you are in control, and the price of gold increasing substantially since you took control, what have you done...nada! Lots of promises made but it's obvious you don't keep your word. It's apparent you don't have the funds to bring the property into production and it appears you can't find a JV partner willing to fund the production. A sad day for investors who had such high hopes when you took oversight of our investment. It would help tremendously if you would keep your word about keeping investors informed on a timely basis, but obviously that is asking to much.
For Maurizio it can't come soon enough.
Why would we want Greg Chapin to come back since he is the one who signed off and allowed Maurizio to buy the properties with stock that to this day we don't know what it is worth.
Auryn signed a JV with Hochschild Mining in 2018 for the LDM project. They agreed to invest $7,000,000 into the LDM project over 5 years with an option to invest anther $23,000,000. The first step on this project was to follow Dr. Sillitoe’s recommendations from his visit in Mid-March 2017. Supposedly an aggressive work plan was scheduled to take place and the short-term goal was to have the property ready for drilling to begin in early 2019. (we are still waiting on an current update on those efforts)
So, my question is this, How much money did Auryn (Maurizio) invest in the property to prove up the property to attract Hochschild's Mining. If a mining company with the deep pockets of Hochschild Mining was attracted to sign a JV contract with Auryn based on past efforts to prove up the property, why wouldn't that apply to Medinah if they were able to gain back control of the properties.
From what I am told, $50 million was invested in the properties by the past officers and directors of Medinah to attract a JV partner. All those records are still available for amy potential JV partner to make use of.
When the JV contract with Ulander was signed, there were several other major mining companies who had demonstrated an interest in signing a JV with Medina but sadly, the officers went with Ulander. We all know how that ended.
I agree with you BB...I feel that is Maurizio's plan..just waiting until shareholders move on and he gets the claims for little or nothing. But..as I said, if he thinks that, he is deceived. Rumors are that some shareholders with deep pockets are about ready to move forward with their efforts to hold him accountable for his management of the claims.
According to the the UK Investor, Hochschild Mining shares jumped 7% based on their strong annual results. Hochschild Mining said that revenue spiked 7% to $755.7 million, compared to $704.3 million in 2018. The growth will certainly please shareholders at a time where the mining industry has seen mixed results.The firm attributed their strong production figures to record numbers at the Inmaculada mine in Peru and San Jose mine in Argentina.
The question that needs to be asked, "why isn't any mining results showing up on Hochschild's financial reports or on their website, from the Los Dos Marias Project ? Maurizio doesn't seem to be inclined to keep his word and keep shareholders informed in a timely manner (as promised) as to the mining progress on the claims, he purchased with Auryn shares, which to this day no one knows what they were worth
Phase 1 work on Las Dos Marias project was to begin on September 23, 2018. This phase includes re-logging and assaying existing drill cores and systematic sampling at surface and inside both tunnels. Phase 1 was to conclude on Friday, October 12, 2018. Phase 2 was to begin on Monday, October 22, 2018. Expectations were that Phase 3 to be completed prior to the end of 2018.
Shareholders are waiting for a comprehensive release on the "aggressive work plan". If Maurizio thinks shareholders are just going to walk away from their investment, he is deceived. I know of shareholders who have large positions in this investment, and are now considering what options that they may have.
There is a litany of promises that Maurizio had made to shareholders (such as the one made to John) and for the most part he has failed to keep most of them. I believe you have nailed it when you said Maurizio is going to do what's necessary to get the properties for nothing. I sent an email to most of the officers several weeks ago with a few questions regarding our investment....I am still waiting for a response...doubt if I will hear back from any of them. Since they refuse to hold a shareholder meeting, they are accountable to no one.
I don't think you are wrong BB...we can see from their previous history, that they are making a minimal effort to keep shareholders informed. A once promising investment has turned into one big disappointment. Sure we can blame the previous officers/directors of Medinah but Maurizio and his cohorts have to be held accountable for the current share price.
If I was Les Price I would take legal action against you for "defamation of character". A public forum is no place for making the kind disparaging
accusations that you have made against this man's character. Why don't you get in touch with Les Price, meet him, and make those comments to his face. It's easy to hide behind an "alias" on a forum, but I would bet you don't have the gonads to say those things to his face. Actually this more about your character than it does about Les Price.
Actually moderators, I am surprised you would allow his post to stay up on the forum.
I also agree that there was collusion between Maurizio, Goodin and others to take our investment down and basically destroy our investment. I believe it’s time to stop touting the merits of Maurizio and realize that he has failed miserably in following through on his stated commitment to keep shareholders informed in a timely manner. I think what we have seen from Maurizio hardly measures up to transparency, timely announcements, etc. Where is the announcement about the contract between Cerro Dorado and Auryn. We have been waiting since Dec. 2017 on that contract announcement.
Where is the update as to Hochschild’s work on the claims. They said, “We will continue to inform our shareholders in a timely manner as further results are accomplished on the Fortuna, Caren, and LDM projects”.
They are in default as to their registered agent, Medinah still has the “stop sign” and the company officers are not available on the OTC Markets.
Chile, I believe it is criminal. Maurizio gets the properties w/o paying one red cent (thanks to Greg Chapin), the third quarter ends, and MDMN is at an all time low, nothing from Maurizio about the delay of the share exchange, Hochschild just penned a $56 million dollar deal for rare earth materials mine in Chile but nothing from them regarding their mining efforts on our claims, etc, etc.
Rekor's latest release:
Rekor System Selected by Rotterdam, NY Police Department
Two recent announcements by Rekor is not reflected in a boost to our share price.
Rekor Systems Introduces Dynamic Pricing Model for Industry-Leading Vehicle Recognition Solutions ACCESSWIRE - 1 hour ago
Vehicle-recognition-as-a-service model eliminates need for expensive hardware and large upfront capital expenditures.
Rekor Systems Selected By Alabama Law Enforcement Agency ACCESSWIRE - Fri Aug 30, 6:30AM CDT
I received an email from T.D. Ameritrade Clearing regarding one of the stocks in which I have a small position. The purpose of the email is to inform me of the voting instructions regarding a special meeting of stockholders to be in held in September. I will be allowed to vote by proxy via the internet regarding all matters relative to the agenda of the meeting.
This is the way business should be conducted by the officers of a corporation. How does this compare to the way Maurizio and his entourage of hand picked officers conduct business relative to our investment. He must be afraid to allow shareholders to participate in major decisions regarding our investment. The last shareholder meeting that was announced was changed to be an informational shareholder meeting with NO participation by shareholders in voting on any business decisions made by the board of officers. Shareholders have not been allowed to vote on any important matters relating to our investment. The purchase of the Alto was not approved by a vote of shareholders, the Joint Venture contract with Hochschild was not approved, none of the officers have had shareholder approval. Promised transparency has not been honored, the agreement with Auryn Holding Corporation was NOT approved by shareholders, OTC shows a stop sign because of a failure to provide required information. What a travesty. A once promising investment has fallen into the hands of a man who obviously doesn’t feel he has any accountability to shareholders. I guess it's still not convenient for Maurizio to post the contract between Cerro Dorado and Auryn.
Auryn Quarterly Report out:
https://www.otcmarkets.com/stock/AUMC/disclosure
Auryn Quarterly Report out:
https://www.otcmarkets.com/stock/AUMC/disclosure
I have no doubt that Les, Juan, Greg and other officers contributed to the demise of our investment. But living in the past isn't going to change where we are now. One shareholder said that Maurizio isn't going to promote any efforts on the claims which would benefit those accused of scamming our investment. Tupper has said that Les doesn't have any shares since the lawsuit was settled So let's put that excuse to bed and hold Maurizio accountable for where we are today. Gold has spiked to it's highest level in five years, I hope we will hear some positive news from Maurizio about Hochschild moving forward with their plans for the LDM, Fortune and Caren.
How about adding Greg Chapin to that list of those who have been responsible for the demise of our investment. He allowed Maurizio to pull $100 million off the table for shares of Auryn.
But we can keep looking back at the culprits for their misdeeds, but it's time to hold Maruzio and his flock of inept officers for the continuing failures of our investment. So many commitments to us as shareholders, one of which is to be transparent and keep us informed of the mining progress on the claims...!!! Let see, when is the last time we heard from Maurizio...oh yes...it was to tell us he paid the officers of Medinah a total of one million shares for services in 2017 and 2018. I believe Maurizio will keep diluting our investment until, as one shareholder said. "it just goes to sleep."
From the April Shareholder notification:
"We will continue to inform our shareholders in a timely manner as further results are accomplished on the Fortuna, Caren, and LDM projects." I guess no results have been accomplished.
And how about the conversion of our shares? Since Gary Goodin resigned, who is in charge? And now we have a full stop sign on pinks for lack of compliance.
Come on Maurizio, it's time to step up and tell us what is going on with our investment.
I noticed that the Q1 2019 Production Report from Hochschild did not mention anything regarding
any activity in regards to the Las Dos Maria Project. In the release from Auryn it stated that
"phase 1 work on Las Dos Marias project began on September 23, 2018. This phase includes re-logging and assaying existing drill cores and systematic sampling at surface and inside both tunnels. Phase 1 concludes on Friday, October 12, 2018. Phase 2 will begin on Monday, October 22, 2018, and we expect a Phase 3 to be completed prior to the end of 2018". In light of the fact that none of this was mentioned in Hochschild’s Q1 2019 Report, I made an effort to make contact with a representative of Hochshild. My question to their representative was “why the Las Dos Marias Project was left out of the Q1 Production Report”. The representative’s answer was, “We have a number of JVs/options on very early stage projects and we do not always report on them. If there are some notable results then of course we will update the market.”
This was posted in the Q1 2019 Production Report under Exploration Highlights.
“§ Greenfield programme: initial exploration work set to begin at three projects in Chile and the US”
I made a second effort to see if this statement was in reference to the Las Dos Marias Project.
Their response was, “No it doesn't. It references work with Alianza Minerals, Mirasol Resources and Renaissance Gold.”
Auryn management has stated that they would keep shareholders posted as things progress. It’s been four months since hopefully phase 3 was completed. Maurizio, we are waiting to hear from you. Where is the transparency you promised. Maybe you are just waiting until you can find some additional reason to asses an expense against Medinah and further reduce our shares of Auryn stock. Is it really all that difficult to figure out a way to allocate AUMC shares to current MDMN shareholders. From what I am being told, there are two easy ways to clear the stock of Auryn legally which takes about two weeks to complete.
I agree with your point that present management has had three years to solve Medinah's problems and move our investment forward. They are still complaining that Les Price is the culprit holding back our investment. How about holding Gary Goodin responsible, even more so, Maurizio? What has Goodin done to merit this outlandish salary of $462,000. One would think he could at least keep shareholders informed on a timely basis. Just doesn't pass the smell test that he resigns right before or as the financials come out. Why keep us in the dark about what management is doing with our investment???... unless you have nothing to tell us.