Here's a perspective on what has been released - and what supposedly is some kind of excitement moving forward:
The company historically (since conception 02-02-06) has focused on exploration of natural resources primarily gold recovery, which has expanded to several different projects. Actual production is the next step in the company’s plans to expand the operations. Plans to acquire or joint venture other mining projects are being formalized and will be announced as they are completed.
Several different projects? And those are? Jackpot and what? And Jackpot doesn't meet the new company business plan, right? So Jackpot is dead, and all they have to be talking about is the new unnamed projects with the company that they are officers of. Okay, now that is creative. Weak, but creative.
The company has one subsidiary called Drake Oil and Gas, which has been formed to acquire existing oil and gas operations as well as oil and gas companies. The company was just recently formed and does not have any operations or assets. Material changes will be announced as they happen. Drake Oil and Gas is a wholly owned subsidiary.[/]
Subsidiary has no operations or assets. Changes will be announced as they happen. Which means they have nothing to show to date. Something bankable here?
The company is subject to regulatory controls from government agencies that enforce environmental concerns as well as the BLM, of which many gold recovery projects are held by this agency. The effect on the company would be the cost of compliance associated with procedures instituted to comply with the regulation and oversight. Costs may include consultants or employees needed to provide services regarding this compliance.
Didn't I read in another recent post that the company was NOT subject to regulatory controls, and that was singled out as a positive? Interesting. Many of the possible recovery projects are currently held by the BLM, and the last interaction I remember between Drake and the BLM was that the BLM did not accept the findings of the Jackpot landowner (lessor) and sent out their own geologist to verify findings. Soon after that, Drake announced a new company business plan, and that Jackpot might not fit into the new plan. Ironic? Strange? Or clear as glass what happened?
There has been limited cash spent on any research and development over the last two fiscal years but there has been 144 restricted stock issued for such services rendered which is restricted from 2 years of the date issued. The cash spent was on sampling and research on site at mining projects including: Jackpot Placer Project; Norm Pearson $13,000 and The Gault Group $13,000; Georgia, Southern Mining & Exploration $5,000.
Limited cash supposedly spent on any R&D over the past two years. More than 2/3 of that was spent at Jackpot, and that project has not, nor evidently will bear any golden fruit. A total of $5,000 was spent in Georgia on this new frontier of success for the company. Was that before or after Clayton was on board? Who knows? Does it matter? I dunno. Seems like a pretty small number if even true.
Has the company followed through with any projects to date? And shareholder benefits that were talked about? Sales of existing inventories from prior businesses (lol)? Oil well management/repair business work out well?
True enough that we are transparent, with the numbers signed and verified by a former owner/board member of the previous company that this turned into, with a history of failures, that was supposedly completely out of the picture. Surprise! Not! Beautiful.
Maybe things will take off now. Shares seem to be closely held by favorable holders. Promises are grand, about the future. Price of gold extremely high.
But this remains what it is. Nothing, until something actually happens. I hope it does...long ready to cash in with the rest of you. We'll see.
AI
