Apparently, Reid is no longer interested in silver. He is now a metal refiner, specializing in drums of sand laced with platinum from New Mexico. A state that has never produced platinum before. This, from the Yahoo chat board for that "platinum miner", El Capitan:
From: C Mottley Sent: Monday, May 14, 2018 3:30 PM To: Charles Mottley - Cox Subject: LETTER TO ECPN SHAREHOLDERS
Letter to the ECPN shareholders
El Capitan Precious Metals, Inc. has been threatened by it’s former Chairman of the Board, President and CEO, John Stapleton. On May 7th---- by email –he said that he would putt the Company into bankruptcy if the Company didn’t pay him within 10 days the $ 143,000 that the Company owed him of which $40,000 some thousand is a loan and interest that Stapleton made to the Company at 18 % interest. { in contrast to that loan-- Bob Shirk, a Board member-- recently made a loan to the Company at 6 % interest.}
Approximately two years ago, when I was still the CEO and President of ECPN, Stapleton came to Arizona and met with our attorney, our contract miner and others and there were decisions made that the President and CEO should have been involved in. After counsel with a couple of close friends , I resigned, but kept my place on the Board—my motive was to do everything that I could to look out for the shareholders interest---many of them friends and family, and many people who had invested in Gold and Minerals, Inc. a Company that I had founded 40 years ago, in 1978—and then later merged it into ECPN.
There are at least four Board members who have put the shareholders first before their own personal interest—John Balding, our new CEO, Tim Gay, our new Chairman of the Board, and Danny Martinez ,who is an expert in permitting and has worked with lawyers and governmental agencies that are in his area of expertise. These four men are men of integrity. The Company is very fortunate to have these men representing the shareholders. Also, they have spent many hours working to solve the Company’s many problems---and have done so without any payment.
Here is a list of some of the problems:”
The so-called “ super concentrates “ that were shipped to Canada by Stapleton—and valued by him at $3.1 million were not shipped according to mining protocol. In the mining business you only deal with a refinery or a licensed broker---not an unlicensed broker like Duncan Reid. As of today Reid has not returned these concentrates to the Company. I have a licensed company who will process these concentrates, if returned. The concentrates that were sent to Canada by Stapleton were discussed on a phone conference call by the Board on December 28th . Martinez, Clyde Smith and Mottley voted against this transaction with Duncan Reid, and offered some constructive changes. Stapleton said that he would call Reid to suggest the changes and asked if we would continue the Board meeting the next day, December 29th. The next day, the 29th, Stapleton said that he had talked with Reid and that Reid had rejected the changes that we wanted, one of which was to ship directly to the refinery. About a month ago I asked our CFO to send to me a copy of the contract with Reid that Stapleton had signed but had not sent to the Board. After reading the contract we now understand why Reid didn’t agree to the changes—he had already signed it on December 28th---the day before the Board approved it.
On February 1, 2018, Stapleton sent an email to the Board in which he said the following to the Board “The concentrates that were sold on December27th are now in the hands of the buyer in Toronto.”
In other words the Chairman and CEO of ECPN had signed a contract with an unlicensed broker who has disappeared with reportedly $3.1 million of our concentrates without prior approval from the Company’s Board of Directors.
Do your own research, use third-party sources, and don't buy into the hype.
AI
