A few choice excerpts:
After Ukragro cleared the SEC, the shell company changed its name in September to Windsor Park Forex Inc. before it was acquired in January by Ron Ruskowsky, who became president and controlling shareholder. He changed the company's name again, to Amarok Resources Inc., relocated it to California and refocused its business to prospecting for gold in Nevada and elsewhere. It still hasn't reported revenue and has yet to strike gold but has announced raising $2 million in private stock placements.
Its stock has gone from pennies a share to as high as $2.75 a share, giving the company a market value of nearly $200 million. It currently trades at about $1.30 a share on the OTC Bulletin Board under the symbol AMOK.
Mr. Ruskowsky said he had nothing to do with the company's previous management. He said that in order to bring to market what he views as a promising gold-mining prospect, he purchased the Ukragro shell, which is permissible, without really looking into its past. Since Ukragro had passed through the SEC, Mr. Ruskowsky said he assumed "it should be clean."
In February, the company announced that it had acquired an interest in a Nevada gold-mining claim via a middleman from a Canadian company run by Mr. Ruskowsky's father. In a Canadian securities filing, the father's company said it had held the claim since 1989 and "has not yet been able to identify any known body of commercial grade mineralization."
'Buy' Call
Earlier this year, a publication called Intelligent Investor Report issued a "buy" recommendation on Amarok, saying the company had "proven gold deposits" and predicting the stock price "could soon be flying past $15 a share!" A small-type disclaimer said the report was a "paid advertising issue" financed with $335,000 spent by an Amarok shareholder. The report's editor and publisher, Jarret Wollstein, said his piece didn't say that any gold deposits were at commercial-grade levels.
Mr. Ruskowsky said he had nothing to do with that report and never heard of the shareholder who supposedly financed it. While he said he is hopeful of eventually finding commercial quantities of gold, the company hasn't yet but is currently drilling on the Nevada project.
AI
