Tonogold Resources Inc (TNGL)

[joeblow110percent]

Lack of volume = Mark Ashley Failure

Why should there be volume when no one knows that TNGL even exists? Ashley should be working for the CIA running covert operations!

The lack of volume is a testament to Mark Ashley's utter failure as CEO.

Ashley and the current Board are paying themselves handsomely $346,062 in wages (2013). If you add in the 2012 numbers, wages come to $546,692. Plus Ashley and his wife have been given ten million shares at a value of $463,000 for free. That is a total of $1,009,692. At the same time they have cut the promotion budget in half from a measly $13,314 to a laughable $6,615.

Considering that currently TNGL does not have any income, I think this situation is completely ridiculous. These guys seem to think that Tonogold exists to pay them a nice salary while the shareholders are left holding the bag. The purpose of raising private placement money is to promote the company and acquire income producing assets that will add to shareholder value. It is not to give over a million dollars in salaries and free stock to executives. This is totally unacceptable.

In the Tonogold Financial Statement for the years ended December 31, 2013 and 2012 it says: “Note 11. Employment agreement: In March 2013 the Company entered into an employment agreement with the Chief Executive Officer that includes PROMOTING THE COMPANY’S INTERESTS….. Remuneration was set at $192,000 per year and the issue of warrants (see Note 10).” In my opinion Ashley is clearly not “PROMOTING THE COMPANY’S INTEREST”.
http://www.otcmarkets.com/financialReportViewer?symbol=TNGL&id=118129

I don’t know what benefit to shareholds equity Ashley may be providing behind the scenes? I do know that he said in writing that the iron ore deal would close last December and then for months we heard nothing. I understand that the current deal is much better, but for months we were all left hanging in the dark with nothing. I put clients, friends and family into TNGL and was asked a lot of reasonable questions that I could not answer because of Ashley’s refusal to communicate with shareholders.

Unless Ashley can pull a rabbit out of his hat the millions of shares that I control are voting at the shareholders meeting to fire Mark Ashley for gross non performance.

I propose that the next CEO should be retained with a fair but modest salary and a performance based stock option bonus.