SRGE's IR doing business as Minera San Jorge
Guess who that poster is on this board!
George Salizar d/b/a/ Minera San Jorge, S.A. de C.V signed a joint venture agreement with Bandera Gold, Bandera completed all the requirements of the J/V including spending $7,000,000 in exploration fees to obtain the property. George Salizar has reneged on the deal and has folded the company into a pink sheet shell by the name of Southridge Enterprises, Inc. (SRGE)
(the long version)
Bandera Gold Ltd. (“Bandera” or the “Company”) was incorporated on November 23, 1993 pursuant to the Alberta Business Corporations Act, is listed on the TSX Venture Exchange and trades under the symbol BGL.
The Company signed an Option Agreement with Minera San Jorge, S.A. de C.V (MSJ) to acquire a 60% interest in the Cinco Minas and Gran Cabrera Mexican mining properties (the “Properties”) by making option payments of $300,000, issuing 2,800,000 common shares of the Company to MSJ and providing financing of $5,600,000 for Cinco Minas which has been fulfilled, and a commitment of $2,000,000 for Gran Cabrera to MSJ over a five year period for the exploration and development of the Properties.
The Company has now made all of the option payments, met its entire financing requirement on the Cinco Minas property and issued and delivered 650,000 common shares to MSJ on April 4, 2006. The Company issued an additional 900,000 common shares on April 10, 2007 and will deliver the shares to pending resolution of the MSJ lawsuit. The Company will issue an additional 1,250,000 common shares to MSJ one year after the approval of the Joint Operating Agreement.
As of November 30, 2011 the Company is still in the process of protecting its’ interest in the Cinco Minas and Gran Cabrera mining properties in the Mexican courts.
A ruling in favor of the Company by the Federal Court will affirm the Company’s ownership interest in the mineral property and amounts will become due in order to put the concessions in good standing; however as the amounts are not determinable no accrual has been recorded in these interim consolidated financial statements. Should the ruling be in favor of the defendant, the Company would be required to recognize an impairment charge on the property for $9,601,891.
Opinion:::: George is screwed for selling a property he already optioned and is desperate.
