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Unlike most pennies, history proves that it isn't the company.
Excerpt from Joliet, IL city meeting minutes...
28. Award of Contract for the Enterprise Geographic Information
System (GIS) Project (Council Memo #90007)
A report on six bids received for the above contract was accompanied by a recommendation from the City Manager that the Mayor and Council award the contract to PlanGraphics, Inc. in the amount of $87,811.00.
COUNCILMAN UREMOVIC asked if we could get a little update on this. He asked if this was just for a consultant for $87,000.00. Planner Kendall Jackson stated the amount of $87,000.00 would be for professional services. He said the professional services includes planning work, a needs assessment, data conversion and installation of new hardware and upgraded software.
COUNCILMAN UREMOVIC said so this will be software and hardware. He asked if he could get a template of what all this will include so then we’ll know exactly. He said down the road after we get through with this consultant we might be looking at what kind of dollar expenditure is for this GIS system.
Up to #21 for the UW Cowgirls.
1. Tennessee Lady Vols (48) 6-0 1,248 1
2. Connecticut Huskies (2) 6-0 1,197 2
3. Maryland Terps 10-0 1,154 3
4. Rutgers Scarlet Knights 4-1 1,045 5
5. North Carolina Tar Heels 9-1 1,041 4
6. Stanford Cardinal 7-1 1,007 6
7. Georgia Lady Bulldogs 8-0 936 7
8. L-S-U Lady Tigers 6-2 917 8
9. Oklahoma Sooners 4-2 843 9
10. Baylor Lady Bears 6-0 824 10
11. California Golden Bears 7-1 715 12
12. Texas A&M Aggies 6-1 660 13
13. West Virginia Mountaineers 7-1 596 15
14. Auburn Tigers 8-0 593 18
15. DePaul Blue Demons 6-0 532 17
16. Notre Dame Fighting Irish 6-1 402 22
17. Duke Blue Devils 5-3 393 11
18. Arizona State Sun Devils 4-3 358 14
19. Ohio State Buckeyes 6-2 315 19
20. Vanderbilt Commodores 7-2 272 23
21. Wyoming Cowgirls 6-0 189 25
22. Texas Longhorns 6-2 168 24
23. Michigan State Spartans 6-2 155 20
24. Old Dominion Monarchs 6-2 101 NR
25. Oklahoma St Cowgirls 7-0 096 NR
Creede,
Nope this one is actually in NW WYO, about 80 miles east of Jackson Hole (30N of Dubois). I believe about a 15 mile hike in. Haven't seen it with my own eyes yet, but hope to take a trip up there soon.
Salon City, Inc. Receives Sign Off Approval from Independent Auditors for SEC Filing
Monday July 9, 9:30 am ET
SCI's Legal Team Will Send Form 10-SB To SEC
WEST HOLLYWOOD, Calif.--(BUSINESS WIRE)--Salon City, Inc. (OTC:SLON - News) announced today that auditors Lake and Associates LLC have given approval and officially signed off on their two-year independent audit of Salon City, Inc., in final preparation of SCI's 10-SB filing with the Securities and Exchange Commission to uplist to the Over the Counter Bulletin Board.
SCI's legal team is finalizing the necessary documents to accompany the approved audit, and project the filing will be sent to the SEC in the next few days. Steven Casciola, SCI's President & CEO stated, "This process has taken months to prepare for, and now that the independent auditors have approved the audit, we are grateful to see that sustentative progress has been achieved from a coordinated effort of many committed professionals. This is also a symbolic time (during the 4th of July week) to take this important, historical step for SLON's growth, scalability and future expansion. It clearly demonstrates how good people have come together, SLON investors and fans alike, to collectively pursue the American Dream of creating more wealth, prosperity, beauty and happiness in life by being the best you can be."
Upgrading SLON's reporting status to the OTCBB is an important milestone in the Company's drive towards branding itself as an emerging media, distribution and marketing powerhouse for lifestyle and beauty entertainment around the world.
Salon City, Inc. Increases Revenue Forecast for 2008
Friday June 29, 9:30 am ET
Salon City Magazine and SalonCity.com Lead Way in Attracting New Advertisers and Buyers
WEST HOLLYWOOD, Calif.--(BUSINESS WIRE)--Salon City, Inc.'s (OTC:SLON - News) president and CEO Steven Casciola announced during his national weekly conference call yesterday that Salon City is forecasting strong increases in ad revenue and that SCI expects a positive response at the opening of the 2008 media buying season, beginning July and continuing through fall.
Casciola told listeners, "Last summer, we went into the season without our new book, look, circulation and distribution in place. As a result, we were unable to sell to larger agencies who work with ad clients wanting to reach Salon City's affluent readership. This season, we're ready. We're scheduling media presentations with leading advertisers and for the first time, we can offer global branding exposure, at highly competitive pricing, oftentimes 10% of what they would pay to be on the same newsstand with another publication."
Salon City has the added benefit of multiple marketing packages that offer print ads, promotional event sponsorships and integrated branding in the all-new SalonCity.com social online network - scheduled to go live this summer and featuring innovative digital content from around the world.
Casciola stated SCI's near-term forecast in clear, simple terms: "For every dollar we spend on printing and distributing a single Salon City copy, we aim to generate $2-$4 or more in revenue. Overhead and staffing costs are relatively fixed and stable, so we intend to maximize profitability based on our projected annual circulation of up to 2 million issues (200,000 copies, distributed 10 times next year)." Casciola concluded, "More issues equal higher ad page rates and increased overall revenue - and that can add millions to the bottom line."
For information on the Company, visit www.saloncity.com or send an email to our Investors Relations Department at info@saloncity.com.
Salon City, Inc. Completes Final Draft of Audit
Thursday June 28, 9:30 am ET
Form 10-SB SEC Financial Report Now in Review
WEST HOLLYWOOD, Calif.--(BUSINESS WIRE)--Salon City, Inc. (OTC:SLON - News) reported today that independent auditors Lake and Associates LLC have now completed the "final draft" of SCI's audited financials and that the draft is being reviewed before Lake's projected official signing and submission. The necessary documentation is a vital part of Salon City's Form 10-SB filing with the SEC to be uplisted to the Over-The-Counter Bulletin Board.
Steven Casciola, SCI's President and CEO, gave an update and commented on SLON's investor interest in the pending announcement, "Today, we can report that all systems are go; the audited financials are done, the numbers look okay and our accounting team is reviewing the final draft. Lake and Associates have done a thorough job of preparing their SEC documentation. We will submit to the SEC with absolute disclosure and compliance to their regulation requirements."
Casciola also noted, "We are also pleased to see how well our team responded to this type of heightened financial transparency. The cooperation among all involved has been positive, efficient and professional. Overall, the experience of working with independent auditors has produced a new level of confidence and signals that we are ready to assume the ongoing responsibilities of being a fully reporting, publicly traded company. We look forward to elevating our exposure and status with the investment community at large."
Salon City Magazine, America's newest lifestyle publication published by Salon City, Inc., is now nationally distributed by Time Warner Retail, a Time Warner Company (NYSE:TWX - News), and internationally by Kable News Distribution, an AmRep company (NYSE:AXR - News), in more than 30 countries around the world.
For information on the Company, visit www.saloncity.com or send an email to our Investors Relations Department at info@saloncity.com.
Certain information contained in these materials is "forward-looking" information, such as projections, estimates, pro formas, or statements of intentions, expectations or plans. All forward-looking information is subject to known and unknown risks and uncertainties, many of which are outside of the control of the Company. Consequently, actual results may, and probably will, differ materially from the results contemplated in such forward-looking information.
Molecule Design Studios
http://www.moleculedesignstudios.com/index2.htm
Pretty impressive list of clients that they've worked with in the past...
Wallstreetman...
I had the 3rd issue being released on June 26th in my notes.
Thanks Wallstreetman. Look forward to the times ahead on this one. You going to be listening in on the conf call?
Should've looked at his profile first. lol
Alias Born On: Thursday, May 17, 2007
Total Posts: 2
Be careful on what you think are sales here. Made an initial buy & the MM's gave it to me at the bid.
Yeah, I'm wondering what these revenues will look like. I remember watching this one back up in the $1.30 range. Today's price looks pretty cheap comparatively.
Good morning RMICer's!
Mass Megawatts Wind Power, Inc., (OTC-Bulletin Board: MMGW) Reports Revenue for the First Time
Tuesday May 15, 8:18 am ET
WORCESTER, Mass., May 15 /PRNewswire-FirstCall/ -- Mass Megawatts Wind Power Inc. (OTC Bulletin Board: MMGW - News) www.massmegawatts.com is pleased to announce that the company will be a revenue producing company for the first time in its corporate history. Revenue will be recognized in this fiscal quarter. Additionally, the company has other signed sales contracts that have not been completed. Revenue for accounting purposes can only be recognized when the sale of the product is produced and delivered.
Mass Megawatts has very little debt and only 3,722,982 shares issued and outstanding. The company has a market capitalization valued on May 14, 2007 at less than $2 million.
The first commercial product is the Multiaxis Turbosystem also known as MAT.
The MAT is a patented, wind energy conversion device that is capable of generating electricity at 2.5 cents per kilowatt-hour at an average wind speed of 16 miles per hour. This generation cost is 40% below traditional wind energy technologies, and is directly competitive with fossil fuel power plants such as coal and natural gas.
The MAT design is based on the deployment of many small individual blades which are mounted vertically on shafts that drive generators located at the base of the system. The MAT design has received a PE stamp, certifying that the structure can withstand 120 mph winds, as well as, level 4 earthquakes.
The MAT structure provides several key advantages over traditional wind energy designs. This includes a reduction in capital, operational, and maintenance costs, along with, the ability to operate profitably in lower wind speed locations. In the United States alone, suitable MAT locations currently exist to potentially supply 20 percent of the nation's electricity.
The company reports that it has limited the technology and operational risks for it's customers by providing a warranty on the performance for each MAT sold. The level of electricity generated by a MAT, based upon wind-speed, is guaranteed by the company. In addition, favorable accelerated depreciation rules can, in some cases, create a positive cash flow situation in the first year of operation.
Especially when 300k+ volume comes in, the MM's move it up from .04 to .055, then immediately back down to .04 X .042? What's up with that? Weird.
250K sale at .033. Where's the bottom?
5/17/2007 9:35A
Form 8-K for US ENERGY CORP
4-May-2007
Completion of Acquisition or Disposition of Assets, Change in Directors or Princip
Item 2.01 Completion of Acquisition or Disposition of Assets
On April 30, 2007, U.S. Energy Corp. ("USE") and its majority-owned subsidiary Crested Corp. ("Crested), and certain of their private subsidiary companies, completed the sale of uranium assets by closing the February 22, 2007 Asset Purchase Agreement (the "APA") with sxr Uranium One Inc. ("Uranium One," headquartered in Toronto, Canada with offices in South Africa and Australia (Toronto Stock Exchange and Johannesburg Stock Exchange, "SXR")), and certain of its private subsidiary companies. As used in this report, Uranium One refers to that entity as well as its subsidiaries that are parties to the APA, and USE and Crested refer to those entities, as well as their subsidiaries that are parties to the APA. The APA is an exhibit to the Form 8-K filed on February 23, 2007.
At closing, USE and Crested sold their uranium assets (the Shootaring Canyon uranium mill in Utah, unpatented uranium claims in Wyoming, Colorado, Arizona and Utah (and geological data information related to the sold claims), and USE's and Crested's contractual rights with Uranium Power Corp. ("UPC"), to subsidiaries of Uranium One, for consideration (purchase price) comprised of:
Consideration received at closing:
Cash and Uranium One stock:
· $750,000 cash (paid in advance on July 13, 2006).
· 6,607,605 Uranium One common shares. On the April 30, 2007, the Uranium One common shares closed at CAD$16.65 per share on the TSX (approximately USD$15.04).
· $6,606,000, comprised of (i) $5,020,900 as a "UPC-Related Payment" to pay USE and Crested for transferring to Uranium One their contractual rights with UPC; and (ii) $1,585,100 in reimbursements for USE's and Crested's property expenditures from July 10, 2006.
(i) UPC-Related Payment:
· $3,013,600 as the net present value of $3,100,000 in future cash payments owed by UPC to USE and Crested under the purchase and sale agreement for UPC to buy a 50% interest in certain of USE and Crested's mining properties (as well as the mining venture agreement between USE and Crested, and UPC, to acquire and develop additional properties, and other agreements). At February 22, 2007, the future payments amount was $4,100,000, however, prior to the date of this report, UPC paid USE and Crested $1,000,000 of that amount.
and
· $2,007,300 as the net present value of the 1,500,000 shares of UPC stock to have been issued in the future by UPC to USE and Crested under the purchase and sale agreement. The UPC stock was priced at a 5.25% annual discount rate applied to the volume weighted average closing price of UPC stock for the ten trading days ended April 25, 2007.
(ii) Reimbursements:
· $1,585,100 for property acquisition and exploration costs, and Shootaring Mill holding expenses.
Net cash paid to USE and Crested was $6,602,700 after deduction of $3,300 for pro rated property taxes paid by USE and Crested. Of the cash paid as reimbursable costs, $88,000 was escrowed for resolution of work related to some of the mining claims.
Assumption of assumed liabilities:
· Uranium One has assumed certain specific liabilities associated with the sold assets, including (but not limited to) those future reclamation liabilities associated with the Shootaring Canyon Mill in Utah, and the Sheep Mountain properties. USE and Crested's cash bonds in the approximate amount of $6,883,300 will be released and the cash will be returned by the regulatory authorities. Receipt of these amounts is expected in the near future.
Payments which may be received in the future:
· $20,000,000 cash when commercial production occurs at the Shootaring Canyon Mill (when the Shootaring Canyon Mill has been operating at 60% or more of its design capacity of 750 short tons per day for 60 consecutive days).
· $7,500,000 cash on the first delivery (after commercial production has occurred) of mineralized material from any of the claims sold to Uranium One on April 30, 2007 (excluding existing ore stockpiles on the properties).
· From and after commercial production occurs at the Shootaring Canyon Mill, a production payment royalty (up to but not more than $12,500,000) equal to five percent of (i) the gross value of uranium and vanadium products produced at and sold from the mill; or (ii) mill fees received by Uranium One from third parties for custom milling or tolling arrangements, as applicable. If production is sold to a Uranium One affiliate, partner, or joint venturer, gross value shall be determined by reference to mining industry publications or data.
All consideration paid and to be paid, will be primarily paid to USE, for itself and as agent for Crested and the several private subsidiaries of USE and Crested that were parties to the APA. Pursuant to a cash flow sharing arrangement on certain of the properties and joint ownership on others the cash proceeds will in principal be divided equally between USE and Crested.
USE's and Crested's joint venture holds a 4% net profits interest on Rio Tinto's Jackpot uranium property located on Green Mountain in Wyoming. This interest is not included in the APA.
USE and Crested, and Uranium One, have entered into an agreement by which, for two years, Uranium One has the first opportunity to earn into or fund uranium property interests which may in the future be owned or acquired by U.S. Energy Corp. and Crested Corp. outside the five mile area surrounding each of the properties sold to Uranium One on April 30, 2007.
Section 9. Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(b) Pro Forma Financial Information
Basis of Presentation The pro forma financial statements filed with this report reflect what the Company's financial position would have been had the transaction with sxr Uranium One closed on January 1, 2006. The audited balance sheet, and statement of operations, at December 31, 2006, and for the year then ended, have been condensed. The accompanying pro forma combined condensed consolidated balance sheet and statement of operations have been presented as if the disposal had occurred on January 1, 2006.
Basic earnings per share are based upon the weighted average number of common shares outstanding. Diluted earnings per common share are based on the assumption that all of the common stock options and purchase warrants were converted into common shares using the treasury stock method. There are no differences in net earnings for purposes of computing basis and diluted earnings per share as conversion of the common stock options and purchase warrants would have no effect on net earnings.
U.S. ENERGY CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED PRO-FORMA BALANCE SHEET
(Unaudited)
Pro Forma
December 31, Uranium One January 1,
2006 Closing 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 16,973,500 $ 14,028,600 (2)(4) $ 31,002,100
Marketable securities
Trading securities 123,400 123,400
Available for sale securities 1,148,500 99,400,600 (5) 100,549,100
Accounts and notes receivable 905,400 905,400
Assets held for sale 9,686,300 (9,686,300 ) (2) --
Deferred tax assets 14,321,600 (14,321,600 ) (8) --
Other current assets 166,500 166,500
Total current assets 43,325,200 89,421,300 132,746,500
INVESTMENTS: 27,000 27,000
PROPERTIES AND EQUIPMENT - NET: 6,109,300 6,109,300
OTHER ASSETS:
Real estate held for resale and
other 1,829,700 1,829,700
Deferred tax asset 610,200 (156,900 ) (8) 453,300
Deposits and other -- 88,000 (4) 88,000
Total other assets 2,439,900 (68,900 ) 2,371,000
Total assets $ 51,901,400 $ 89,352,400 $ 141,253,800
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On May 2, 2007, U.S. Energy Corp., with the approval of its board of directors of the recommendation of the compensation committee (independent directors), paid a $4,887,000 gross cash bonus to all employees for extraordinary service related to the April 30, 2007 sale of the uranium assets to sxr Uranium One. Included in the cash bonus were executive officers (amounts shown are gross payments): Keith G. Larsen ($799,000); Mark J. Larsen ($709,800); Harold F. Herron ($709,800); Robert Scott Lorimer ($709,500); and general counsel Steven R. Youngbauer ($403,300). Additionally the four outside directors each received a $40,000 bonus: H. Russell Fraser, Michael Feinstein, Michael C. Anderson; and Allen S. Winters. The outside directors' bonus was approved by the non-independent directors; the compensation committee did not make a recommendation on bonuses paid to its members. The balance of the cash bonus, paid to employees, was generally equivalent to one year's gross salary for 2006.
Also on May 2, 2007, U.S. Energy Corp., with the approval of its board of directors upon the recommendation of the compensation committee, paid a total of $649,500 in taxes owed by officers and employees, upon the release to them on May 2, 2007 by U.S. Energy Corp., of forfeitable shares of common stock of U.S. Energy Corp. These shares had been issued to individuals in the early 1990s, and have been recorded at issue dates on the books as compensation expense, but the stock was held by the company; recognition of income by the recipients was deferred pending vesting upon retirement total disability or death. The board of directors has amended the plan to allow release of the shares (fully vested) as of May 2, 2007. U.S. Energy Corp. had agreed in the 1990s to pay taxes, when commercially feasible, on the shares when released to the individuals. The taxes paid for the individuals were $29,700 (Keith G. Larsen); $276,300 (Harold F. Herron); and $261,900 (Robert Scott Lorimer). Also in connection with the payment of such taxes for the individuals, U.S. Energy Corp. reimbursed the estate of John L Larsen for $213,800 of taxes recently paid by the estate upon release of forfeitable shares to the estate following Mr. Larsen's passing in September 2006; and reimbursed Daniel P. Svilar $162,300 for taxes he paid following release of forfeitable shares to him upon his retirement in January 2007. Payment by U.S. Energy Corp. of all such taxes, at such time as the forfeitable shares were released to the recipients, was approved by the board of directors in the early 1990s at such time as the payment of the taxes was commercially feasible.
Item 8. 01 Other Events.
As disclosed above, the closing of the transaction with Uranium One resulted in taxes due and payable by U.S. Energy Corp. of $27,293,200, after the utilization of all the Company's NOL's. In order to satisfy this tax obligation, and to prevent the Company from being deemed an "investment company" for purposes of the Investment Company Act of 1940, as amended, U.S. Energy Corp. signed on May 4, 2007 a contract to sell (to two Canadian financial institutions) 4,400,000 of the Uranium One shares for net proceeds (after commission and bulk sale discount) of $Cdn 67,320,000. Closing is expected on or before May 15, 2007
U.S. Energy Corp. Announces Supreme Court Decision Concerning Patented Claims at Its Lucky Jack Molybdenum Project
Wednesday May 2, 9:30 am ET
Supreme Court Affirms 10th Circuit Court of Appeals Decision Upholding Nine Mineral Patents
RIVERTON, Wyo., May 2 /PRNewswire-FirstCall/ -- U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development companies, today announced that in an order issued on April 30, 2007, the United States Supreme Court denied a petition for certiorari in High Country Citizen's Alliance, et al v. Kathleen Clarke, et al., No. 06-1176. This decision effectively exhausts the legal challenge to the mineral patents associated with the Lucky Jack (formerly known as Mt. Emmons) Molybdenum Project in Gunnison County, Colorado.
High Country Citizen's Alliance, the Town of Crested Butte and the County Commissioners of Gunnison County sought Supreme Court review of a decision of the Tenth Circuit Court of Appeals affirming a lower court decision upholding nine mineral patents issued to the predecessors of the current owners of the Mt. Emmons property, U.S. Energy and Crested Corp. The United States Bureau of Land Management (BLM) issued the patents after determining that the property contained a valuable discovery of molybdenum. High Country Citizen's Alliance, the Town of Crested Butte and the County Commissioners of Gunnison County had filed a protest with BLM as part of the patenting process, and then sought review of the decision in the courts. Both the trial court and the Tenth Circuit Court of Appeals determined that protesters did not have the right to have the BLM decision reviewed in the court. By denying the petition for certiorari, the Supreme Court brought these legal proceedings to a close.
"We are very pleased with this ruling as the highest court in the nation found no reason to question the validity of the patented claims overlying our 'world-class' molybdenum deposit," stated Mark J. Larsen, President of U.S. Energy Corp.
U.S. Energy Corp. Closes on Sale of Uranium Properties to sxr Uranium One
Tuesday May 1, 9:30 am ET
U.S. Energy and Crested Corp. Receive 6.6 Million Uranium One Common Shares and $6.6 Million in Cash
RIVERTON, Wyo., May 1 /PRNewswire-FirstCall/ -- U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development companies, today announced the April 30, 2007 completion of their sale of certain uranium assets to subsidiaries of sxr Uranium One Inc. ("Uranium One")(Toronto: SXR; Johannesburg Stock Exchange), in accordance with a previously announced definitive Asset Purchase Agreement ("APA"). Uranium One shares closed at a price of $16.65 on the Toronto Stock Exchange on April 30, 2007 (equivalent to approximately $15.04 per share in U.S. Dollars).
"The sale of our uranium properties to Uranium One represents a significant milestone in the execution of our strategy to 'monetize' the values inherent in our portfolio of natural resource properties, either through sale or development," stated Keith Larsen, Chairman and Chief Executive Officer of U.S. Energy Corp. "In addition to the $6.6 million in cash and 6.6 million Uranium One common shares that we received upon completion of the sale of our uranium assets, Uranium One has agreed to pay U.S. Energy and Crested up to $40 million in additional consideration upon the accomplishment of certain future events."
While additional details of the asset sale will be provided in a Form 8-K to be filed with the Securities and Exchange Commission, the primary consideration paid by the Uranium One subsidiaries to U.S. Energy Corp., for itself and as agent for Crested Corp. and various subsidiary companies, included the following:
* $750,000 cash (paid in advance on July 13, 2006);
* 6,607,605 Uranium One common shares;
* A cash payment of $5,020,921, in accordance with a revised agreement
between U.S. Energy Corp., Crested Corp., and Uranium Power Corp.
("UPC") that granted U.S. Energy Corp. and Crested Corp. the right to
transfer all rights, responsibilities and obligations of certain UPC
agreements, including the right to receive all future payments
thereunder (cash plus UPC common shares); and
* $1,585,057 to reimburse U.S. Energy Corp. and Crested Corp. for certain
expenditures since July 10, 2006.
Additional consideration, if and when certain events occur, will include:
* $20 million cash when commercial production occurs at the Shootaring
Canyon Uranium Mill;
* $7.5 million cash on the first delivery to the Shootaring Canyon Mill
following commercial production of mineralized material from any of the
claims sold to the Uranium One subsidiaries; and
* From and after the date that commercial production occurs at the
Shootaring Canyon Mill, a 5% production payment royalty up to but not
more than $12.5 million.
The Uranium One subsidiaries have assumed certain specific liabilities associated with the assets they acquired in the transaction, including future reclamation liabilities associated with the Shootaring Canyon Mill and the Sheep Mountain uranium properties. Following regulatory approval of replacement bonds (for future property reclamation) issued by the Uranium One subsidiaries as the responsible parties, U.S. Energy Corp.'s cash bonds in the approximate amount of $7 million will be released and the cash returned to U.S. Energy Corp. by the regulatory authorities.
Further, on April 25, 2007, U.S. Energy Corp. received approximately $1.26 million from UPC in accordance with a $1 million contractual payment that was due on April 29, 2007 and approximately $260,000 in expenses that were reimbursed. This $1.26 million amount is not included in the proceeds, shown above, from sale of the assets to Uranium One.
"We are delighted to become a shareholder in Uranium One, which has uranium projects in South Africa, Australia, Kazakhstan, the United States and Canada," noted Mark Larsen, President and Chief Operating Officer of U.S. Energy Corp. "This transaction allows us to pursue the development of our other business interests with significantly enhanced liquidity. We are now evaluating several new prospects and we are very pleased with the progress that we are making at our 'world-class' Lucky Jack molybdenum project with Kobex Resources Ltd. Concluding this transaction is a tremendous step forward for our company", he concluded.
Good morning RMICers.
U.S. Energy Corp. and Crested Corp. Announce Updated Drilling Results For Sutter Gold
Tuesday April 24, 1:46 pm ET
RIVERTON, Wyo., April 24 /PRNewswire-FirstCall/ -- U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development Companies, announce updated drilling and assay results for their subsidiary, Sutter Gold Mining Inc. (TSX VENTURE: SGM - News) from its surface and underground diamond drilling programs at the project site located in the historic Mother Lode District east of Sacramento, California. Holes 190 through 193, and hole KDH-24 have continued to discover gold mineralization in both the Lincoln and Keystone areas of the project.
Surface Drilling Program
Hole KDH-24 intersected 2.0 meters (6.4 ft) of gold mineralization grading 5.5 g/tonne (0.16 oz/ton) from 219.0 to 221.0 meters (718.5-724.9 ft) in the Keystone 5 Vein. Hole KDH-24 intersected the Keystone 5 Vein at the shallowest portion of the historic Inferred Resource. The K5 Vein was intersected approximately 60 meters southward along strike and at the same approximate elevation from hole KDH-22 (see Feb 21, 2007 news release) and demonstrates the geological and grade continuity through the historic mineral resource within the K5 Vein (455,000 tonnes @ 7.2 g/t; 500,000 tons @ 0.21 oz/t). Hole KDH-23 is the fourth surface core hole to further define a portion of the historic Inferred Mineral Resource within the K5 Vein, with the goal of upgrading it to a higher degree of confidence in the presence of mineral resources. The final hole of the surface drilling program (KDH-0028) is nearing completion, having encountered 5.3 meters (17.5 ft) of strong mineralization showing coarse visible gold from 335 to 340 meters (1098-1115.5 ft). Approximately 2,410 meters (7,900 ft) of the planned 2,750 meter (8,100 ft) surface drill program has been completed. Assays for Hole KDH-26 through 28 are expected soon.
Underground Drilling Program
Core drilling from underground drill stations continues to demonstrate continuity of the vein structures and mineralization between the Comet and Lincoln Zones. Underground Holes 190 to 193 have added tonnage to the 5 Vein shoot, added significantly to the north extension of the new 10 Vein structure, and produced two solid intercepts in the 50 Vein shoot. Hole 190 veered from its projected course, narrowly missing its intended target, the high-grade 9 Vein, but successfully intersecting several vein structures, including the new 10 Vein. Hole 190 is the northernmost intercept in the 10 Vein, and a new resource will be estimated along a 600-foot strike length in that structure. Hole 193 veered off course and intersected the 50 Vein structure well below the projection of the shoot intersected in Hole 175 (see Oct 26, 2006 news release). The 2006 underground drilling has demonstrated continuity for several vein structures northward from the Lincoln into the Comet area, some of which were not previously included in the 2006 Sutter estimate of minerals in place. Assay results for Holes 195 will be released soon, once the assay results are received and evaluated by the Company's consulting geologist.
The underground drill program has been completed. Assays have now been received for thirty-one of the thirty-three underground holes representing 2,700 meters (8,800 ft) of the total 2,750 meters (9,000 ft). New mineral resources have been identified in several new structures parallel to, and in close proximity to existing announced resources in all three areas tested in the current drilling program. The drilling continues to validate Sutter Gold's structural and ore control models and to demonstrate continuity of the Comet veins southward into the Lincoln area.
Results and Analysis
Results from SGM's most recent diamond drill holes are shown in Table 1
below.
Drill Holes 190 - 193, and KDH-24 Assay Summary
Visible
Interval width* Au Interval width* Au Au in
(m) (m) (g/tonne) (ft) (ft) (oz/ton) Vein Core
Hole#
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DDH-190 E 41,845.5; N 70,592.8; bear 166 deg, +45 deg, 205m (671 ft)
66.8 - 68.3m 1.5m 1.0 g/t 219.0 - 224.0 ft 5.0 ft 0.03 oz/t 48 Vn
75.6 - 79.5m 3.9m 4.5 g/t 248.1 - 260.8 ft 12.7 ft 0.13 oz/t 5 Vn
including
75.6 - 77.6m 2.0m 6.9 g/t 248.1 - 254.5 ft 6.4 ft 0.20 oz/t 5 Vn
85.1 - 86.9m 1.8m 5.1 g/t 279.0 - 285.0 ft 6.0 ft 0.15 oz/t 50 Vn Au
including
86.0 - 86.9m 0.9m 7.5 g/t 282.0 - 285.0 ft 3.0 ft 0.22 oz/t 50 Vn Au
164.6 - 167.4m 2.8m 3.8 g/t 539.8 - 549.0 ft 9.2 ft 0.11 oz/t 10 Vn
including
165.4 - 166.5m 0.9m 5.5 g/t 543.0 - 546.0 ft 3.0 ft 0.16 oz/t 10 Vn
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DDH-191 E 41,838.1; N 70,593.0; bear 234 deg, +45 deg, 101m (331 ft)
67.3 - 69.1m 1.8m 6.5 g/t 220.8 - 226.8 ft 6.0 ft 0.19 oz/t 50 Vn
including
68.2 - 69.1m 0.9m 8.9 g/t 223.8 - 226.8 ft 3.0 ft 0.26 oz/t 50 Vn
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DDH-192 E 41,592.0; N 70,973.0; bear 318 deg, -65 deg, 15m (51 ft)
12.9 - 14.3m 1.4m 0.7 g/t 42.2 - 47.0 ft 4.8 ft 0.02 oz/t 42 Vn
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DDH-193 E 41,594.0; N 70,970.0; bear 315 deg, +62 deg, 61m (201 ft)
23.5 - 24.5m 1.0m 1.7 g/t 77.2 - 80.5 ft 3.3 ft 0.05 oz/t 50 Vn
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KDH-24 E 39,318.0; N 74,663.7; bear 203 deg, -68 deg, 241m (792 ft)
216.7 - 221.0m 4.3m 2.7 g/t 710.9 - 724.9 ft 14.0 ft 0.08 oz/t K 5 Vn
including
219.0 - 221.0m 2.0m 5.5 g/t 718.5 - 724.9 ft 6.4 ft 0.16 oz/t K 5 Vn
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* True vein widths for KDH - 24 are approximately 80% of the reported
intervals, and approximately 50% for 48 and 5 Vn, 75% for 50 Vn, 90%
for 10 Vn intercepts in Hole 190, approximately 90% for Holes 191, 192,
and approximately 75% for Hole 193.
"The Company is currently conducting an updated Mineral Resource Estimate under Canadian regulatory standards, with the results to be announced shortly. Our 2006-2007 drilling program has continued to deliver positive results and should result in the addition of significant quantities of new, higher degree of confidence resources and modest amounts of new lesser degree of confidence resources to the overall Sutter Project resource inventory," reported Mr. Hal Herron, President.
"Significant new resources should be added with these latest results. Hole 190 provided 200 feet of geological and grade continuity to a new vein structure (10 Vein). Past and current drill results have now delineated a 600-foot strike length of gold mineralization in the new 10 Vein structure, which remains open in all directions. Hole KDH-24 was our fourth surface drill hole, and it intersected the up-dip periphery of the historic Inferred Resource in the Keystone 5 Vein. The 2006 drill program continues to produce results that support the expansion of the mineral resource base for the project as well as providing essential geologic data for mine plan development. The successful identification of strong gold mineralization outside of the present defined resources validates Sutter Gold's models for continuity and lateral extensions of the gold bearing veins. Thus, we are confident that ounces can be moved up (2,697,400 tons @ 0.193 oz/ton containing 521,000 ounces and 492,900 tons @ 0.352 oz/ton containing 173,000 ounces as reported in the March 2006 NI43-101 Resource Report under Canadian regulatory standards) into the higher degree of confidence resources category, which was the primary goal of the Company's $ 1.2 million (Cdn) diamond drill program. The proposed drilling program only involves some 10% of the Company's 3.2 miles of property position along the Mother Lode trend, leaving some 90% of the property open for further exploration along strike and at depth", stated Mr. Hal Herron, President.
All core samples from the drilling program are sawn in half, with one half of the core being prepped and analyzed using screened metallics fire assay methods by American Assay Laboratory in Reno, NV. The remaining half core is stored in a secured facility at the Sutter Gold site for future inspection and assay verification. Standards and blanks are inserted into all sample shipments and a minimum 10 percent of samples are resubmitted for replicate analysis.
The Sutter Gold 2006 core drilling program is planned and supervised by Mr. Mark Payne, P.Geo. Calif. 7067, the Qualified Person for the Sutter Gold Project, as defined by NI 43-101, and has reviewed this release.
It looks like two of our picks (DPDW & LDTI) thus far have been at least 2 baggers with the latter being a 4-5 bagger. Even DJRT is up a little bit since being mentioned here. RXPC is the only selection down to date. But do not feel this will be for very long. Anything new on your radar over there bliz?
Hadn't seen that one...thanks for the post bliz.
Nothing frustrates me more than misinformation. Please tell me the daily low from 1/17/2007 and re-evaluate your "all time share price bottom" statement. thanks.
RXPC .036 x .05
.035 x .045 ... if you believe in rxpc ... definitely a buying opportunity now. the fundamentals of the company hasn't changed. these prices haven't been seen since the end of January. Outstanding share count unchanged per Bliz's DD.
FTR, I added on this dip, looking forward to long overdue news.
Good morning RMIC. I still very much like DJRT and will be watching it very closely over the next two weeks. Hopefully will see a capitulation day again similar to Fri.
Also...DPDW slipping on some light volume this am. Keeping an eye on it.
Unbelievable. What a storm eh? Don't think that I've ever seen one quite like this in my few years out here. Not to mention we had about an inch of rain in the system late last week!!! It's something though. Have been seeing lots of Johnson county footage on the weather channel as well. 'Bout time they pay attention to us out here.
Any new stocks to look at? Haven't had much time as of late to search for anything new. Will hopefully get some more time over the upcoming week...
Would really like to see this in a RXPC PR, with verifiable information from Cleveland Clinic. Believe that would bring in another wave of new investors to the stock. Thanks for the links. Great work bliz. Wyo
Unbelievable. Just another example of how risky investments/trades at this level are. Never invest money here that you are not willing to part with, case in point! Seemingly legalized gambling from the armchairs of any state in the union. Except, in this arena you are able to shift the odds slightly by strong, verifiable DD...which is what this board is all about...
An interesting chart. The stock price has certainly taken a beating over the past year. Now sitting close to 52 week lows. I remember looking at this stock late in 2005 while it was on the rise. Have not followed it much since. Undoubtedly they are in the right business to be poised for a quick swift turn around.
But the question is where is the bottom? Where would be a good entry point? It has slashed through both the 50DMA and 200DMA supports in the last 9 mos. Not to mention institutions & insiders (director) have been selling heavily.
Like the stock, especially the business, but just don't want to catch a falling knife.
I agree with you Bliz. The seller has disappeared the past 2 or 3 days, so share price has stabilized and unfortunately for us, no more fire sales have given us the opportunity to capitalize on cheapies. 50DMA is sitting at .07 and RSI and MACD beginning to bottom out, I think that we will see price above a dime within the next two weeks. In addition to any good news from Peter, it should be a fun March & April. IMO
Thanks for the others bliz. Some of these have potential and bear watching, IMO.
TRGD.pk ... MACD and RSI both still turning downward. Believe that anything in the 70 cent vicinity would be a good buy. Strong support at the 200 dma as indicated last September. Don't know much about this company, but will investigate in the coming weeks.
LDTI.ob ... downward trend continues. Haven't seen the likes of these levels since last December. Where is a good entry point here. All time low is in the .02 range. This should be the bottom, unless dilution kicks in of course. May be one to slowly accumulate in small blocks. Thoughts?
CLME.pk ... What's the point of ungagging the TA after financials are released. Seems like a weird way to run investor relations to me. Like the chart though. Golden cross coming within a week. One to watch for the reason alone. Should see a nice little jump from TA traders.
MMGW.ob ... We need to speak with the CEO if we want to invest here. Still sinking south with no substantial news in the past months. Probably stay clear of this one now, until something, anything in the way of news is released.
Welcome to the RMIC redReiter! We are happy to have you here. We want to keep this an open forum, so don't hesitate to post anything!
wyo
It made it onto yahoo a little over an hour ago...
http://finance.yahoo.com/q?s=soyo.ob&x=0&y=0
Wyo
That would be my guess as well. Wasn't planning on adding, but couldn't help myself at the prices this am.
Somebody didn't like the PR. Dropped it this morning on relatively low volume. Thanks for the cheapies. Added at .053.