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Wednesday, July 18, 2012 1:05:09 PM
On July 12, 2012, a final modified contract was signed by all parties and is being transported to Chile by Juan José Quijano Fernández. The new contract contains the identical Terms & Conditions as the original contract, with the exception of the reworking of funding/ownership percentage stipulations and claims areas of contention. Señor Quijano will meet with the purchaser’s Chilean Lawyers and properly register the new contracts with the Chilean Government/Ministry of Mines.
[color=red]We were premature in telling share holders at the AGM that the deal was done done done at $180M with a 15% free trailing interest in the project.[color=red]
The parties remain bound by a less restrictive Non-Disclosure clause. With the concurrence of the Purchasing Group the primary terms of the Purchase and Sale Agreement can be reported as follows:
you can go ahead throw more bones at the shareholders to keep them in further suspense
1. In exchange for the Lipangue claims, the transferring parties shall receive an aggregate of USD $180,000,000 (One Hundred and Eighty Million US dollars).
We never told you we would pay you $180M cash.
2.In exchange for the Lipangue claims, the transferring parties shall receive shares of the Chilean acquisition subsidiary equal to 15% of the total outstanding share capital of the acquisition subsidiary. The final ownership of the entire Lipangue property is 85% to purchaser and a 15% non-dilutable percentage to the Altos/MDMN partners.
Who is the Chilean acquisition subsidiary, and what is the 15% of the total outstanding share capital of the acquisition subsidiary worth? What is the 15% of the non-dilutable percentage of the Altos/MDMN partners worth. Who are the Altos/MDMN partners?
3.As security for the payment of the USD $180,000,000, the transferring parties will receive USD $54,000,000 worth of shares of a newly amalgamated mining company whose shares are being registered for trading on the Crest System at Euroclear and subsequently in the United States. The Mining Company owns the majority property interests of mines in Canada; Chile; Suriname and the United States.
Who is the newly amalgamated mining company? Financials on this company will resemble a pink sheet company, with no cash, no operating history, no revenues and management that is not accountable to anyone. Another worthless company that when and if listed on the pink sheets in the U.S. will trade for pennies per share with the typical pink sheet characteristics.
5. The transferring parties have the right to sell 10% of the pledged security for USD $5.4 million to the purchaser’s associates. The transferring party has exercised this option.
The transferring party has exercised this option, but the purchasing party needs to get a loan from their relatives to pay up the cash. Their relatives have the cash to make the loan, but they are on a long fishing trip in Norway/Seden/China/Surinam and Idaho. When they return, they will make the loan, and when the purchasing party has the funds in their account, if the funds clear, and when they clear government scrutiny, the funds will be sent on a slow boat to Chile to the account of the transferring party.
6. Until the purchase price has been paid in full, the purchaser shall pay to the transferring parties, a net smelter royalty of 7.5% of the production of all minerals from the Lipangue group of claims.
The purchaser will purposely withhold (sandbag) major production in order to minimize the royalty payment that the net smelter royalty of 7.5% represents. When the purchaser is satisfied that paying 7.5% net smelter royalty payment is not its favor, then and only then will purchaser pay off the entire balance owed to the transferring parties.
7.The purchaser will commence an extensive exploration and development program with a minimum of USD $5,000,000 (Five Million US dollars) in Year 1, commencing September 2012. The purchaser has confirmed the drilling contracts are in place.
Purchaser was just kidding over coffee when purchaser said purchaser was so impressed with the size and scope of the claims that purchaser was going to increase the exploration budget to $7,000,000 as previously reported by the transferring parties to its shareholders in order to throw out another bone to the idiot shareholders
8.The transferring parties proximity property claims, currently in production and pursuant to the contract with Compañia Minera LDM Chile, are excluded from the USD $180,000,000 (One Hundred and Eighty Million US dollars) Sale/Funding Agreement. The Purchasers retain a First Right of Refusal if the LDM Chile property is offered for sale to any third party.
Of course LDM is excluded. If it was, JJ et al would have no other bone to throw at the shareholders. So now, if the $5.4M hits the transferring parties' account, the transferring party will leverage that, loan funds to the newly amalgamated consortium that will own shares in the LDM claims, and will dilute the assets of the LDM, if there is any value there, and continue the long and laborious production of the LDM claims. Why this will be dragged out to who knows, 2020? Let's be real here, there is so much gold and other precious metals and minerals there, that it will take years to determine just how much, and then it will take decades, maybe centuries to extract all the Billions out of that mountain.
The Purchasers have already retained a Professional Geologist in Chile who has been working on issues relative to the Altos de Lipangue properties. The Purchasers report that the P. Geo has developed a drill program that is scheduled to begin in September, 2012. The Purchaser’s Geologist has also investigated the ongoing work being done at the Las dos Marias Mining Operations (Compañia Minera LDM Chile) and has observed that the material being extracted from the adit is of ore grade that is scheduled to be shipped to the refinery for processing.
The Purchasers have placed their Geologist who has been working only part time that's why it has taken six months to develop a drill program. The drill program is scheduled to begin in September, 2012 but weather permitting and if he does not go on vacation or is not summoned to Surinam, China, Canada or the U.S. on a more important assignment. And Oh by the way, see we weren't lying about Las dos Marias Mining Operations, he is a witness, because he observed the material being extracted from the adit that is scheduled to be shipped, but the trucks have not arrived yet. We are going to fire the truck driver and hire a new one who can carry out our instructions and load the truck to take to Enami.
It should be noted that the Geologists reviewed the LDM Chile operation and traced its skarn zone on surface for at least 800 meters and at a width exceeding 20 meters. Further, they noted that the strike length and width, as determined by the Geologists, radically changes the potential tonnages and valuations of the Altos de Lipangue discovery zone. It is possible that this LDM Chile skarn discovery is related to several observed structures that occur across the entire Altos de Lipangue plateau.
Just hang around, the Medianah saga will never be over. The Geologist has traced the skarn zone to the center of the earth. There is so much to explore and discover. We are having so much fun down here in Chile, that we just don't want it to be over. So much mountain, so much gold, so much minerals, it's a whole lot of laughter here. We wish you shareholders could be with us enjoying all this great fun we are having in Chile. This could take years and years and years to mine and who knows, maybe the Inca Civilization will resurrect by that time and claim their mountains and gold and treasures again. Haha, wouldn't that be a kick after all the years that you guys waited for your stock to be worth something.
Ahhhh....we are having a bery bery bery good time here in Chile. New York was hectic. I told Les I did not want to go to see Annie, but he dragged me by my pants one night and threw me into the cab and took me. I wish I never saw Annie. I hated that girl. She was always singing "Tomorrow, Tomorrow, Tomorrow".
That was my line. Now I have to sing something else.
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