US Gold Corp (USAU)

[cpmill]

fsailing-

Here's my take-

Abbott is a geologist. Geologists are scientists- I know several. It's rare that they are ideal business people. Good geologists are usually good because they love rocks, and spend alot of time with them, and not so much because they love investors, and spend alot of time with them.

The job of a junior mining/exploration CEO is to raise money. Mining is a cash-intensive business, and exploration is even more expensive. While I don't know Dr. Abbott personally, I would guess that he was not the best fit for CEO.

Most of these companies are shells- they are publicly traded entities that are used as a fundraising mechanism for mining projects.

My speculation is that TOGI was simply that- a shell that was used as an attempt to raise funds for a project or projects (in this case, probably GSPG). For whatever reason, it was no sufficient to launch the project.

Dr. Abbott owns the option on Jack Creek.

http://www.victoriaresourcecorp.com/index.cfm?pagepath=Projects/Jack_Creek_Nevada/Property_Location_and_Ownership&id=9908

He put it in Tornado, but that didn't fly. I'm not surprised- I don't know who else was involved with TOGI, but if the fundraising relied on a geologist, I'm not at all surprised that they weren't able to make it happen.

Now Dr. Abbott is an integral part of USAU, and has (I'm assuming) his JV option/interest to USAU. He is in a position that is more appropriate for most geologists- a VP of Mining Operations. They have put together a team of people, including Carl Harz, Ken Berscht, Dr. Montgomery and John Perez.

Overall, this is a team that is more balanced between fundraisers and financial types (as well as the mining professionals), which bodes well for their chances of success.

That's my take on Abbott and TOGI.....