these are totally bs accusations without any facts behind them.
let's discuss spending on overhead vs. exploration using FACTS !!!
under the current bod, less than 10 million shares have been used for salaries, bonuses to the board (including $80,000 in salaries in the latest private placement)
let's remember that the current management reduced dilution by 300 million shares, by first renegotiating the plasma deal from 300 million to 125 million ... and then terminating the deal entirely ... 300 MILLION SHARES IN DILUTION TERMINATED.
under current management, the last 3 private placements (totaling under $2 million) were used to pay off:
1) the debt to the ex-lawyers (incurred several years ago). without paying off this debt, uspr was under risk of foreclosure.
2) paying for the drilling campaign (THIS IS DIRECT SPENDING ON EXPLORATION)
3) paying off previously incurred convertible debt to prevent further price erosion from irresponsible share dumping thru conversion
4) paying legal fees for lawsuit re: termination of the 300 million shares
5) paying for technical report (independent geologists) (imo, SPENDING ON EXPLORATION)
6) paying fees for company incorporation in delaware
7) paying fees to the mexican govt for leases (imo, SPENDING ON EXPLORATION)
8) paying fees to locals in mexico for use of land to access property (imo, SPENDING ON EXPLORATION)
9) successfully defending lawsuit in mexico - terminating deal - re: obtaining leases in 2003 (imo, SPENDING ON EXPLORATION)
10) accounting costs
btw, part of the salary payments involve paying uspr's geologist who was on site during drilling campaign (imo, SPENDING ON EXPLORATION)
like i said, just bs accusations !!!!
WHERE IS ALL THIS SPENDING ON OVERHEAD UNDER CURRENT MANAGEMENT ???
THERE ARE NO EMPLOYEES (BESIDES THE BOD).
THERE IS LIMITED RENT, OFFICE EXPENSES, ETC. (A VIRTUAL OFFICE).
AND I DON'T THINK PAYING SOME OF THE BOARD SALARIES IS UNHEARD OF, OR UNREASONABLE. AND MINIMAL BONUSES TO DIRECTORS, IN LIEU OF SALARY, IS ALSO NOT UNREASONABLE.
instead of bs accusations, why don't we discuss facts....
less than 10 million shares used for "overhead" saved shareholders 300 million in dilution. paying off debt prevented foreclosure. paying off convertibles prevented additional irresponsible dumping, and price erosion.
paying off debt .... minimal expenditures on overhead .... AND THE REST WERE ALL RELATED TO EXPENDITURES FOR EXPLORATION (directly or indirectly)
