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CGLD - Hopefully 1manband can take a look

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nodummy   Saturday, 08/01/20 10:53:40 AM
Re: surfkast post# 175672
Post # of 176054 
CGLD - Hopefully 1manband can take a look at the report that CGLD is touting


I'd love to hear his take.

Some things to consider is the cost of mining. There is gold all over the place, but most of it isn't economically feasible to mine.

When was the property last mined? If it was really that valuable it wouldn't be sitting idle for years.

Even if there is enough gold to make it worth the time/effort to mine. It takes millions of dollars to mine millions of dollars in gold.

Ok so if I'm understanding this right.

Thomas W Heathman has several claims in Plumas county:

Some were staked in 2018 and are active.
Some were staked in 2000 and were abandoned in 2016:


The date of the "report" is from 2016.


So is it for the abandoned claims?

Treasure Canyon Enterprises didn't own any of the active claims in 2016 so something doesn't add up!

As far as the active claims go...

Thomas W Heathman allegedly sold the rights to the active claims to EON Discovery (a relatively new entity) for EON Discovery to mine the claims.

Was that contract ever posted?

I'd be curious to know the cost of the rights to those claims and the terms of the agreement (certain amount to be paid for the rights, certain amount to be spent on developing/mining the claims, how much royalty goes to Treasure Canyon, etc).

Now CGLD is in the process of completing the acquisition of EON Minerals which would by default make CGLD the owner to the rights to mine those claims.

Thomas W Heathman being brought on board as the president of CGLD legitimizes CGLD's connection to the claims, but how far will they actually get with the claims (assuming they actually have any value and are worth the cost to mine).

CGLD shows $0 in cash on their balance sheet. So they have no money to mine the claims.

They allegedly just got $200,000 from EON Minerals in exchange for 1,000,000 shares but that won't go far.

I do see that they have some kind of agreement to raise $2,250,000 by selling 2,250,000 shares of preferred stock.

The filings say the 2,250,000 shares can convert into 2,250,000 shares of common stock 30 months after issuance. Why would anybody pay $1.00/share for common stock they have to wait 30 months to get? Unless a reverse split immediately before the conversion date is the plan that is a guaranteed bad investment.

This one definitely has some red flags (besides Joseph Wade Mezey who has a perfect record of scamming investors).

Gitreal is another knowledgeable mining person and I see he's already got a presence on that forum - so that's good.

Anything I post is public information that anybody is free to use in any way they want, but thanks for asking for permission.

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