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As best as I can tell FFGO has tried to make sure that shareholders of past dividend dates receive the stated dividens ( prorated into HGLC & new company ). However, if your shares are/were held in "Street Name", the Brokerage Houses will make the decision as stated by TDAmeritrade on Nov. 26, 2007 as follows:
Subject: Re: Reorganization and Dividends (FFGO )(KMM43050226I17490L0KM)
Dear desertdirt:
Thank you for the information. We do have a copy of this press release and at this time we are waiting for the company to give us these shares, but they are asking for personal client information that we are not at liberty to share. Regulation S-P precludes us of sharing any personal, non-public information with any third party entity.
Currently, we are informing clients to ask the company to deliver the shares based on the brokers records. It is not necessary for the company to have the clients non-public confidential information to effect a reorganization.
Reputable companies do not need that kind of data and this company should not need the data. When we get these shares from the company, we will update your account accordingly. Thank you for your understanding and please feel free to status back at another time.
Sincerely,
Mary W.
Apex Reorganization and Safekeeping, TD AMERITRADE
Division of TD AMERITRADE, Inc.
--------------End Of E-Mail Message--------------------------
AURC went thru the same delay earlier this year and promised shareholders of record on "Pay Date" that they would receive their shares ( about 6 months went by before shares were actually distributed ). AURC made a few PRs just prior to issuing dividend, that the dividend was for shareholders who owned stock on the Feb. 2007 "Pay Date" - the Brokerage Housed gave the dividend to "current shareholders" stating that the sale of all shares from Feb. to the actual receipt of dividend shares carried the dividend with them. If a shareholder actually wanted the dividend, then he/she should have held onto their shares until the dividend was placed into their account.
I believe that the same will happen here. At the time of FFGO's formation, I asked FFGO's Shareholder's Relations if current FFGO shareholders were entitled to "Past Due Dividend" shares - they said no, only past GWGO shareholders will receive dividens.
Since AURC went thru a similar situation, I have purchased additional shares since the Reverse Split and personally have no concerns about dilution from additional shares added either by FFGO or GWGO shares purchased/dividended after the the stated "Pay Dates". Hopefully you did the same. If not, you still have time to purchased additional shares at a steep discount ( Yesterday & today I purchased 25 million shares for practically nothing )
I do not quite understand your question. FFGO has ( according to their PRs ) "sold" the 5 mining properties - 3 to HGLC & 2 ( Bouse & Copperstone ) to a USA trading mining company. Shareholders are to get shares in both HGLC and the "not yet announced" USA mining company. FFGO has approx. 49% of the transacted shares which it stated that in the near future, it will give the majority of the remaining shares as a dividend to FFGO shareholders and thereby complete it's promised "value creation" to stockholders. FFGO will use the remaining (24% ?) as a means of acquiring additional financial entities.
You are correct if the PR's were not all released thru Marketwire. I was searching for any mention of Bouse & Copperstone in relation to who agreed to purchase ( did not find any ) and accidently came across fifty ( 50 ) PR listings for Great West Gold, Inc. in one file from Sept. 8, 2006 to March 7, 2005. The PR with reference to Bouse dividend in Dec. 2005 is in the list!!!
For access to all GWGO's PRs from Mar. 02, 2005 to Sept. 08, 2006 go to www.marketwire.com/mw/search.do
The original "Record Date" for Bouse Mining Holdings PLC was November 7, 2005.
If I am correct, if your shares are held in "Street Name", your Brokerage House will not honor the "Record Date" and distribute shares to current FFGO shareholders ( Doesn't matter to me since I have been averaging down and now own 45X's post "Reverse Split" - either way I win!!! )
If you noticed, it says annual ( means that they do one every year ). Also, for those lacking mining knowledge, this will provide additional knowledge. Plus the mining sector is not on an ever changing technological edge - how many mining firms are using environmentally friendly extraction methods ??? EFEM has been around for years and very few will use it unless forced to do so. So the 2004 issue is sufficient for those not inclined to locate the most recent issue. I still use a 1973 dictionary, so a 2004 report is a substantial move up for me!!!
Have you heard of any Banks making a sector wide "recall" of all it's outstanding credit cards & debit cards ?
Have you or anyone you know stopped getting credit card solicitations in the mail ?
How many people do you know that do not use credit/debit cards ?
How many people make only cash transactions for their daily expenses - food, gas, clothes, etc. ?
Do you still need an answer to that question ???
Hunt Gold & Brook Hunt - are they related ?
Brook Hunt Mining & Metal Industry Consultants
( www.brookhunt.com )
Gold Costs: Mines & Projects
6/11/2004 4:13:56 PM
Brook Hunt’s annual Gold Costs: Mines and Projects study provides the most comprehensive gold mine cost and production database available, in both printed and electronic format. The study contains detailed analysis of more than 550 mines and projects representing over 90% of Western World formal-sector gold output, with comprehensive cost and production forecasts. A discounted cash flow analysis of each operation is included.
The 2003/2004 edition of the study includes a new component dedicated to gold mine projects, which is available separately. Click here to see more details.
The complete Gold Mine Cost study package includes:
Detailed mine-by-mine profiles in five data volumes each showing reserves, production data, operating and production costs from 1997-2015 and discounted cash flows. Notes for each mine provide technical data on the geology, mining method and ore processing and summarise the mine history showing key operating events.
A Summary Volume which analyses and comments on gold production cost trends and discusses topical issues affecting the future of the industry.
A CD-ROM providing electronic access to spreadsheet profiles and mine notes, a user-friendly criteria search engine, a cost and margin league generator, competitive analysis, flexing models and C-Plot cost curve-charting software. Cost and margin leagues can be generated based on mine, company, country or regional groupings, and on an array of cost parameters. A flex league generator allows the creation of cost leagues and cash flows using user-input metal prices and economic parameters (exchange rates and inflation).
Click here to request Mine Cost Study brochure
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Here's a report you may be interested in:
Brook Hunt Mining & Metal Industry Consultants
( www.brookhunt.com )
Gold Costs: Mines & Projects
6/11/2004 4:13:56 PM
Brook Hunt’s annual Gold Costs: Mines and Projects study provides the most comprehensive gold mine cost and production database available, in both printed and electronic format. The study contains detailed analysis of more than 550 mines and projects representing over 90% of Western World formal-sector gold output, with comprehensive cost and production forecasts. A discounted cash flow analysis of each operation is included.
The 2003/2004 edition of the study includes a new component dedicated to gold mine projects, which is available separately. Click here to see more details.
The complete Gold Mine Cost study package includes:
Detailed mine-by-mine profiles in five data volumes each showing reserves, production data, operating and production costs from 1997-2015 and discounted cash flows. Notes for each mine provide technical data on the geology, mining method and ore processing and summarise the mine history showing key operating events.
A Summary Volume which analyses and comments on gold production cost trends and discusses topical issues affecting the future of the industry.
A CD-ROM providing electronic access to spreadsheet profiles and mine notes, a user-friendly criteria search engine, a cost and margin league generator, competitive analysis, flexing models and C-Plot cost curve-charting software. Cost and margin leagues can be generated based on mine, company, country or regional groupings, and on an array of cost parameters. A flex league generator allows the creation of cost leagues and cash flows using user-input metal prices and economic parameters (exchange rates and inflation).
Click here to request Mine Cost Study brochure
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© Brook Hunt & Associates Ltd 2007
The "Expert Conclusion" states that the value of Krong is $3,999,000,000.00 (US)( almost 4 billion U.S. dollars ). The 2nd. page gives the approximate yearly sales value ( income before cost ) of the various materials with a yearly projected sales revenue or $85,000,000.00 (US)( 85 million U.S. dollars ).
The word "cost" should have been translated as "VALUE" - read the sentence above the Seal - ... taking into account the average sell prices for products.
million - coming my way!!!
prisoner - FFGO's share of Hunt Gold will be restricted. I believe that the number of shares given to each shareholder, will be decided by the Brokerage Firms and not by GWGO's pay dates. Since I have not sold any shares ( have only purchased additional shares ), I will get my expected percentage and perhaps a lot more then justly due. The losers will be those that sold. The value of Hunt Gold shares will be determined by the market - not some ficticous value assigned by RA or PB!!!
UK PETER - until you have FFGO's gold shares in your portfolio, you can not count on anything. GWGO had purchases a number of other gold mining properties then recently mentioned and had also promised to give shareholders divi shares of the other properties - never happened; instead they used the other properties to settle all prior debts and end up with FFGO "free & clear". Only time will tell what additional shares we will get, for now, shares of the gold mining properties ( 49% of total )which were already transferred to a third party for holding are to be put into shareholders' hands/brokerage accounts in the near term.
UK PETER - if you reread the most recent PR, FFGO states that the shareholders of past ( holding shares in mining properties ) will receive unrestricted Hunt Gold shares ( the reason given is that the shares have already been held for 2 years ); however, the Hunt Gold shares received by FFGO will have a two year restriction. The 2 year restriction will most likely be carried with the Hunt Gold shares that FFGO gives as dividens to current FFGO shareholders at a future date ( to be announced ). To find out more information on the 2 year restriction, you can go to the SEC's website ( restricted shares can not be sold within the 1st. 12 months, but a percentage can be sold during the 13th. to 24th. month period; after 24 months, there are no restrictions )
million - The truth is I had a major lost since I was in prior to the RV. However, my goal ( if things look good ) is to buy back in at a discounted price and perhaps end up making a profit - time will tell.
davewashdc - Excellent summary. I am long & strong with AURC!!!
DragonMan - I'm not the one doubting you. I have over 6 million shares and would have a substancial loss if I sold now. SO like I said, I will hold for another year. Again, thanks for the update ( Ray of Hope ).
million - I'm in no rush. As best as I can tell, they actually do not have anything yet - just promises. There are better plays out there then this one. ( Sold 95% of my holdings @ $1.85 )
Wake me up when they have something tangible!!!
I'm waiting for $0.35
DragonMan - Thanks for the ray of hope. I was going to dump all my shares tomorrow for a tax writeoff, now I guess I will wait until this time next year!!!
"meanwhile the shares have the same nominal value as 99.9% of lottery tickets - dreams fed from HOPE!" - Isn't that what all penny stocks have in common???
I know that the chances of winning the mega-million lottery is slim to none, however that does not stop me from purchasing a lottery ticket and/or from trying to find just the right pink stock. I am buying FFGO ( a field of dreams )- not selling!!!
TD Ameritrade responds to Gold Mining dividens:
Dear Desert Dirt: ( name changed to protect the innocent )
Thank you for the information. We do have a copy of this press release
and at this time we are waiting for the company to give us these
shares, but they are asking for personal client information that we are not at liberty to share. Regulation S-P precludes us of sharing any personal, non-public information with any third party entity. Currently, we are informing clients to ask the company to deliver the shares based on the brokers records. It is not necessary for the company to have the clients non-public confidential information to effect a reorganization. Reputable companies do not need that kind of data and this company should not need the data. When we get these shares from the company, we will update your account accordingly. Thank you for your understanding and please feel free to status back at another time.
Sincerely,
Mary W.
Apex Reorganization and Safekeeping, TD AMERITRADE
Division of TD AMERITRADE, Inc.
prisoner - see post #6325 ( this board )
BWNR's website is unavailable - perhaps they are loading it up with much needed information. Trying to stay positive.
Not knowing who your broker is, it would not hurt to call them.
If they are not aware of the situation, give them the contact information. Don't accept any excuse for their not contacting FFGO, they work for you and contacting them is in your interest - without clients, they would be out of business. Be a pest and make sure they are doing their job.
Yes. I contacted TD Ameritrade and they said that they were in contact with FFGO and were trying to provide them with the requested information.
Also, FFGO sent E-Mails out yesterday:
Dear Sir,
FORTRESS FINANCIAL GROUP, INC. (formerly GREAT WEST GOLD, INC.) – STOCK DIVIDEND DISTRIBUTIONS
The above-mentioned refers.
Firstly, I apologise for this “canned” response.
We are simply overwhelmed with requests for information and our responses to our stockholders, are leading to even more correspondence, whilst” constructive, it is “killing” our ability to communicate effectively with all of our stockholder requests.
To clarify matters, I wish to set out events, as follows :-
Stockholders in Great West Gold, Inc. (now Fortress Financial Group, Inc.) were awarded Stock Dividends distributions, in the form of Ordinary Shares of 1p each (Par Value), in the below-mentioned Gold Mining Exploration companies :-
Ambassador Gold Holdings Plc - 2nd January 2006 (the “Record Date”)
Bouse Mining Holdings Plc - 7th November 2006 (the “Record Date”)
Copperstone Mining Holdings Plc - 2nd December 2005 (the “Record Date”)
Golden Eagle Mining Holdings Plc - 4th January 2006 (the “Record Date”)
Sentinel Resource Holdings Plc -14th November 2005 (the “Record Date”)
The “Record Date” reflects the day that you had to have to held stock in Great West Gold, Inc., to be eligible for the above-mentioned Dividends.
An amount of 900,000,000 Ordinary Shares of 1p (Par Value) was distributed by Great West Gold, Inc., to its stockholders, in each of the above-mentioned five Mining Companies. The balance of the stock, in these aforesaid Gold Mining Exploration Companies, is retained by Fortress Financial Group, Inc. (formerly Great West Gold, Inc.).
It is now apparent that in excess of 90% of eligible stockholders held their stocks in their brokerage accounts, on the “Record Dates”.
All of these shares are reflected on the five Gold Mining Exploration Company stockholder registers, under “Cede & Co.”, a clearing house of the DTC (Depositary Trust Company), used to “house” stocks for and on behalf of Brokerage firms.
The only and simplest way for us to resolve this issue, is now, as follows :-
We are contacting the DTC to establish which Broker/Dealer Firms held stock in Great West Gold, Inc. on those “Record Dates”.
Upon receipt of this information from the DTC, we will then be in a position to request from each of the applicable Broker / Dealer firms, a breakdown of their client accounts, addresses and number of shares held by each of their clients on the “Record Dates”.
Once we have all of this information, our Transfer Agent will be in a position to reconcile the accounts and “transfer” the stock from the “Cede & Co.” stockholding into the various eligible stockholder accounts. Please understand that a lot of paperwork and regulatory “hurdles” need to overcome to ensure that this is effected correctly, so as not to prejudice any stockholders. This is a very precise exercise.
We are left with no alternative but to pursue this avenue.
You may derive some comfort from our expedited “deals”, as announced, to dispose of these stockholdings to other quoted companies.
Once completed, this will undoubtedly pressure the DTC and the Broker/Dealer Compliance departments to resolve the matter as fast as possible.
You may rest assured that the Dividends to which you entitled, will be credited to your accounts in due course.
Please understand that our hands “are tied”, to some degree, we are reliant upon various regulatory bodies for this information and no Transfer Agent is going to accept Brokerage Statements, reflecting your stockholdings on the “Record Dates” as sufficient proof to simply transfer stock in these companies from the “Cede & Co.” stockholding to yourself.
Please believe me, we share in your frustration and are doing everything in our power to resolve this, and fast.
The fact that we now know, that all of your stock is held in the DTC “Cede & Co.” accounts has simplified matters considerably. You may derive some comfort in knowing that your stockholding records are safe in the hands of the DTC.
Kind Regards
Fortress Financial Group, Inc.
I understand your concerns, and I was downright pissed off yesterday when I read the PR. However, there is a tone in the E-Mail which gives me the opinion that Prime Time will not be involved other than perhaps having a share interest in the new mining entity and value will be created for FFGO & shareholders. Time will tell.
New mining ventures take an average of 9 years from startup to production. This still does not stop investors from running up the price in the beginning or on good exploration results.
A few days ago, I looked into an existing mining company that had a quarterly production income of $30 million, and stated a quarterly loss in the $millions and more to come, due to exploration cost on a newly acquired property. The share price is over $30.00.
Why, if the company is losing money and will for sometime, would someone pay $30.00/share unless they planned to sell the shares for a profit to someone else? Same thing here - we will sell to another future shareholder, hopefully for a profit. I don't expect to receive gold bullion in the mail from any mining company anytime soon.
This is a must read - a reply to my E-Mail sent yesterday from FFGO:
Dear Sir,
PRTH is virtually, a “shell company” in my opinion, that will change, after these transactions, it will reorganized and “cleaned up” to be a respectable Reporting Gold Mining Exploration Company.
The history of PRTH is not relevant, in my opinion.
PRTH may be trading at a price of 0.005, that will change after a huge reorganization (Reverse Split) of their outstanding stock, coupled with the cancellation of the majority of their outstanding stock; prior to concluding any transactions with ourselves.
As announced, full details of this transaction will be announced shortly, do not “jump to conclusions” until you know the facts, please!
We are creating value, for Fortress Financial Group, Inc. stockholders (as well as minority stockholders in these three Mining Companies), not destroying it!
I am not permitted to disclose any additional details, at this point, full details will be announced shortly.
I do understand your concerns, but please do not make judgements until such time as we have announced the complete structure of these transactions.
Stephen Lumb
---------------------------------------------------------------
I will change my vote to yes, and wait with anticipation on the final outcome. This definately sheds more light on the transaction!!!
My response to the Oct.1, 2007 PR:
Invsetor Relations,
I have read today's PR, and looked into Prime Time Group, Inc.'s past record. I do not see how trading shares of the gold mining properties for worthless shares of PRTH is a benefit to FFGO & FFGO's shareholders. PRTH does not appear to be able to follow thru with their established goals, and ending in failure. What makes you think this time will be different. You should be negotiating with an existing mining company, and with someone having extensive mining experience in order to bring true value to FFGO for future growth & to FFGO's shareholders.
I currently own 1,309,668 shares of FFGO. I vote against selling the three gold properties to PRTH, unless you can otherwise show the financial soundness in this transaction. I would rather hold onto the mining properties until a viable opportunity arises. This is a losing proposition.
Sincerely,
XXXXX XXXXX
Bamaguy, started with post #77608 by Castboy - posted last night.
I have been here for awhile, and I am down overall and like you, I hate seeing RED. However, I am confident that this will work out, and it is only a matter of time. I believe in averaging down when I can. I am hoping to bring my average down again tomorrow! The naysayers do not bother me!
The longs should be happy with the bargain basement prices. I know I am, bought more today at $0.045 and will try again tomorrow. When this finally pays off, I might be able to retire! Long & Strong.
You might find this comparison interesting:
There is another senario - is anyone familiar with AURC? They had a similar situation which was recently resolved. In Feb. 2007 they promised a 10% stock dividend which was held up due to their TA being investigated by the SEC & eventually stopped doing business. AURC did not have access to shareholder's information in order to proceed with 10% Dividend until Sept. 2007. They orginally had a pay date of Feb.24 ( Could be off on exact Feb. date ), the new cutoff date was Oct.1, 2007, with a pay date about a week later. Everyone expected Feb. 24 to be the cutoff date for 10% divi entitlement and all shares purchased after that would not get the divi, however everyone who bought shares between Feb. 25 & Oct. 1, 2007 received the dividens. Which means that those who purchased shares prior to Feb. 24 and sold before Oct.1 did not get their promised shares - many cried foul. The Brokerages said that since the 10% dividend was not paid at the time promised, all shares that traded between Feb. 25 & Oct. 1 carried the 10% dividend with the trade. If you wanted it, you should not have sold!!! AURC delayed the 10% dividend from a Friday to the following Monday and issued a Friday PR reiterating the fact that the dividend was to be paid to shareholders of record on Feb. 24. This did not happen, shareholders were told by AURC that they could not do anything about how the Brokerage Houses paid out the delivered shares; this was something they would have to work out with their broker. You already know what happened - sorry.
With this in mind, I believe that FFGO is trying to be fair to past shareholders and make sure that if you held shares on the pay dates and sold before now, that you will receive the dividens as promised. If they deliver the shares to your broker directly, whoever has shares now will receive the dividens, regardless of time frame.
For me, I will not be hurt and will greatly benefit since I was constantly buying more shares as the price was dropping, and now own
7X's the post 2000:1 reverse split which would equal more than 1.5 billion pre 2000:1 reverse split shares.
I won't cry on the way to the bank, however I believe in being fair, and the shareholders at the divi date stated in prior PRs should get the dividens. However, if your Broker is too lazy to assist FFGO with trying to make this happen and decides to give me your shares - I will say sorry, and thank you for your contribution to my retirement fund. So you better get busy with your Broker and forget crying to the SEC.
If you feel that they are pulling your leg, don't worry - you knew they were not going to give you the dividends/BWNR ripped you off anyway - so why bother! Stamp these words on your forehead "LOSER" so you will always remember!!!
P.S.: I do not agree with the above - just trying to help
someone resolve their issues.
oreodiamonds, just back into it based on the current shares, 2000:1 reverse split, 2:1 forward split, 1.25:1 forward split, etc. based on split dates. Example:
1x2000 = 2000
2000/1.25 = 1600
1600/1.25 = 1280
Etc.
Mule,
I too do not believe that MGMX did all this intensionally. Things happen which when we look back, we ask ourselves how could I have allowed this to happen. I would give Ken the benefit of doubt, just to say that unintentional situations developed, and that he did what he had to in order to make the best of his current situation. No matter how it happened, it is what it is.
That would indeed be great. No one likes to lose, including me. However, one should play the odds, and find a few hopefuls to spread their money between ( I think 5 as a minimum is good ). If one out of 5 does well, it should offset your losses. How many Pinks actually make it???
Hello Mule,
Unfortunately, I do not believe that you will recoup your money without averaging down again ( assuming something significant is indeed happening here ).
Yes, I believe that I had more invested here than you. However with lack of communications and web site lacking any useful information, things look bleak. No sense in selling now, perhaps in December if I need a tax writeoff, otherwise I will hold and see what develops. If price goes to $0.10, I may average down; otherwise I will wait.
Same thing happened to me with GWGO ( now FFGO ). Things may be turning around; I have averaged down and now own 7X's the post split number of shares when they did a 2000:1 reverse split. With the increased number of shares at a significant discount to the hoped for post split share price, I believe I will make a profit. Time will tell. Best wishes.
Excerpts from GWGO Aug. 2, 2006 PR (Stock Dividens Quantified)
The Company confirms the Stock Distributions are as follows:-
Bouse Mining Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at November 7, 2005, 28.82 Ordinary Shares are being paid as a Stock Dividend. This Company owns Western Gold Limited and Windsor Resources, Inc. which own the "Bouse" Gold Mining Project.
Sentinel Resource Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at November 14, 2005, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Golden Sierra Limited and Sentinel Resources, Inc. which own the "Mockingbird" Gold Project.
Copperstone Mining Holdings plc, Great West Gold, Inc. is
distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at December 2, 2005, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Copperstone Mining Limited and Copperstone Mining, Inc. which own the "South Copperstone" Gold Project.
Ambassador Gold Holdings plc, Great West Gold, Inc. is distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at January 2,2006, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Ambassador Gold Limited and Ambassador Gold, Inc. which owns the "Ambassador" Gold Project.
Golden Eagle Mining Holdings plc, Great West Gold, Inc. is
distributing an amount of 900,000,000 Ordinary Shares of 1p each. For every 1,000 shares of Common Stock held in Great West Gold, Inc. as at January 4, 2006, 19 Ordinary Shares are being paid as a Stock Dividend. This Company owns Golden Eagle Limited and olden Eagle, Inc. which own the "Golden Eagle" Gold Project.
FURTHER STOCK DIVIDENDS:-
...
WESTERN DIVERSIFIED MINING RESOURCES, INC. ("Western"):
Great West Gold, Inc. holds a 71.43% in Western. The Company is at time, in negotiations to acquire the balance of the stock (28.57%) in Western that the Company does not own, thereby making Western a wholly owned subsidiary Company of Great West Gold, Inc.
Western owns 1,075,000,220 Ordinary Shares (circa 48%) of each of :
Bouse Mining Holdings plc, Ambassador Gold Holdings plc, Copperstone Mining Holdings plc, Golden Eagle Mining Holdings plc and Sentinel Resource Holdings plc.
Shareholders will be kept appraised of developments in this
acquisition.
For a listing of GWGO's Gold Mining Exploration projects as related to the mining companies being sold by FFGO see Post 8183( GWGO board - the old Raging Bull site )
The following is the first DD on possible valuation ( At this time, I believe that the below mentioned is related to just one of the Holding Companies )
From Greatwest Gold Inc. 8-K for 9-15-2004
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On September 9, 2004 (the "Effective Date"), pursuant to a Stock Purchase
Agreement between us, and all of the shareholders of Golden Sierra Limited
("Golden Sierra"), a Gibraltar company, we acquired all of the shares of Golden
Sierra from the Golden Sierra Shareholders in consideration for the issuance of
a total of 2,000,000,000 shares of West Africa Gold, Inc. to the Golden Sierra
Shareholders. Golden Sierra controls one hundred (100%) percent of certain
mineral rights relating to the Mockingbird and Great West project areas. These
project areas are comprised of four claim groups spread over 2,500 acres in
Mohave County consisting of gold mining properties in Arizona. Pursuant to the
Agreement, Golden Sierra became our wholly owned subsidiary. The Acquisition was
approved by the unanimous consent of our Board of Directors on September 9,
2004.
Also on September 9, 2004 (the "Effective Date"), pursuant to a Stock Purchase
Agreement between us, and all of the shareholders of Western Gold Limited
("Western Gold"), a Gibraltar company, we acquired all of the shares of Western
Gold from the Western Gold Shareholders in consideration for the issuance of a
total of 2,000,000,000 shares of West Africa Gold, Inc. to the Western Gold
Shareholders. Western Gold controls 100 percent of certain mineral rights
relating to the Bouse property in Arizona, comprised of 12 placer claims spread
over 1,300 acres in La Paz County. Pursuant to the Agreement, Western Gold
became our wholly owned subsidiary. The Acquisition was approved by the
unanimous consent of our Board of Directors on September 9, 2004.
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
Pursuant to the Stock Purchase Agreements, we acquired one hundred percent
(100%) of the issued and outstanding shares of common stock of Golden Sierra and
Western Gold in exchange for a total of 4,000,000,000 shares of our common
stock. Pursuant to the Agreement, Golden Sierra and Western Gold became our
wholly owned subsidiaries.
Golden Sierra
Golden Sierra controls one hundred (100%) percent of Mockingbird, Great West,
Hall (Dandy), and Pocahontas, being the gold mining prospects in Mohave County,
Arizona.
The Mockingbird mineralisation is tectonically and structurally controlled, an
important feature which may not have received sufficient attention from previous
owners of the property. Mockingbird is an historic gold producer, with some
15,000 ounces from high-grade ore at an average grade of 0.8 oz/ton being
produced. Most of this production was from the Mockingbird Mine itself, the
centerpiece of the Company's present land position. Other mines which produced
gold at this location included the Great West, the Hall (Dandy) and the
Pocahontas Mines, all of which are included in the Company's property.
The Mockingbird Project contains a new and important type of gold deposit, a
"detachment fault" deposit (first recognized as a separate form of gold deposit
in the 1980s), the best example of which is Copperstone. This was the biggest
gold discovery in Arizona in the past 50 years. Cyprus Gold profitably mined the
500,000 oz open pit Copperstone resource during the 1980s. Based on underground
drilling by the American Bonanza company, it is likely that the underground
high-grade resource at Mockingbird is even larger.
The Company's mining title consists of 2,500 acres of mineral rights comprising
a number of federal claims with 3 lode deposits and 16 placer deposits, as well
as the Mockingbird Claims. Significantly, these include the 4 existing mines -
Mockingbird, Great West, Hall (Dandy) and Pocahontas, all of which contributed
significantly to the past gold production in this important gold producing
mining district.
Mineralization is found both in quartz veins and in breccia zones hosted by
steep faults, with the mines located along north-west to east-west striking,
north-dipping to flat quartz veins containing specular hematite, oxidized copper
and free gold. The nature of these structures and associated mineralization
suggest even further potential for a major detachment fault-associated
gold/copper deposit, similar to the proven and mined Copperstone and Mesquite
deposits.
The Mockingbird Project area therefore has the potential for the development of
a large gold reserve. Anaconda estimated a deposit at Mockingbird of at least 10
million tons grading 0.05 to 0.1 oz/ton gold, with additional resources of
silver and copper, putting the potential deposit size in the range of 500,000 to
1,000,000 ounces of gold, approximately the same size as Copperstone. The
Anaconda estimate is corroborated by US Geological Survey Open File Report
92-002 and the Arizona Department of Mines and Mineral Resources.
2
8-K 3rd Page of 16 TOC 1st Previous Next Bottom Just 3rd
Western Gold
Western Gold controls 100 percent of certain mineral rights relating to the
Bouse property in Arizona. These mineral rights consist of twelve placer claims
spread over 1,300 acres in La Paz County, located just north of the Plomosa
Fault and include the Little Butte, Flat Fault, and Arrastre projects.
The 1,300 acre Bouse gold (silver - copper) property situated in the La Paz area
of western Arizona, USA, near the California border.
The mineralising event at Bouse was a mid-Tertiary epithermal event, causing
complex mineralisation of gold, fluorite, barite, and associated metals into
previous copper-specularite mineralisation. The prime cause was regional crustal
extension along the Plomosa Fault, just north of the Plomosa mountains, which
has now been identified as a detachment fault. The "detachment fault" style of
deposit is best seen at Copperstone, the biggest gold discovery in Arizona in
the past 50 years, where 500,000 oz of gold were profitably by Cyprus Gold in
the open pit there. The Mesquite mine is another of this type.
Mineralisation at Bouse is located primarily below the fault trace, in the lower
plate, in pre-Cambrian rocks older than 1 billion years. Mineralization is found
both in steeply dipping quartz veins and in laterally extensive breccia zones.
The nature of these structures and associated mineralization over almost all of
the 1,300 acres suggest further potential for major detachment fault gold
deposits, and other deposits associated with this style of mineralisation.
The Bouse area is an historic gold producer, with the Little Butte open pit and
underground mines as known producers. Importantly, the historical grade
recovered here averaged over 0.4 oz/ton. Around 2/3 of this production was from
the Little Butte Mine, where the Arizona Department of Mines and Mineral
Resources has recorded that the results of a 16-hold drilling programme showed
about 5 million tons of inferred ore grading between 0.05 and 0.30 oz/ton.
Others areas of interest within the Company's 1,300 acres are the Brindle
Claims, the high grade Arrastre Mine, the Blue Slate Mine and the Flat Fault
Mine.
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The following is not from the above 8-K filing and is just general information on three other Holding Company claims:
The Company acquired 100% of the outstanding shares in Copperstone Mining
Limited on November 3, 2005. Copperstone Mining Limited holds the rights to the
Gold and Silver Mining Exploration Projects which are situated in La Paz County,
Arizona and extend to an area of 5,760 acres. These claims consist of 1 Lode and
36 Placer sites.
The Company acquired 100% of the outstanding shares in Golden Eagle Limited on
October 24, 2005. Golden Eagle Limited holds the rights to Gold and Silver
Mining Projects which are situated in Imperial County, California and extend to
an area of 3,345 acres. These claims include 2 Lode Claims and 22 Placer Claims
which include the GE Claims, Picacho East and Picacho West Lode Claims.
The Company acquired 100% of the outstanding shares in Ambassador Gold Limited
on November 9, 2005. Ambassador Gold Limited holds the rights to the Gold and
Silver Mining Projects which consist of the Ambassador property in Yavapai
County, Arizona and extend to an area of 1,600 acres, include 1 Lode Claim and
10 Placer Claims which include the AM and Ambassador Lode Claims.
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My intent is to seek information on the possible reserves contained in the various claims for valuation purposes.
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)