Searchlight Minerals Corp. (SRCH)

[gitreal]

You are correct. The SRCH BOD and their "consultant" continue to live quite well! This from the latest 10-Q:

Mineral exploration and evaluation expenses - related party increased to $95,966 during the six month period ended June 30, 2012 from $95,058 for the six month period ended June 30, 2011. These expenses relate to services provided to us by Nanominerals Corp. ("NMC"). NMC is one of our principal stockholders and an affiliate of Carl S. Ager, our Vice President, Secretary and Treasurer and a director. We utilize the services of NMC to provide technical assistance and financing related activities. In addition, NMC provides us with use of its laboratory, instrumentation, milling equipment and research facilities. We pay NMC an advance royalty payment of $15,000 per month and reimburse NMC for actual expenses incurred.

This is a rather transparent method of transferring SRCH investor money to Charles Ager, the originator of the SRCH scam. For PR reasons, he was removed from the company BOD due to his sordid, and well-documented scammer past. Ever heard of Delgratia? Google it.

Or, ever heard of UNITED STATES OF AMERICA vs. PASS MINERALS INC.,
KIMINCO INC., PILOT PLANT INC., K. IAN MATHESON? Fascinating reading, that court case! Charles Ager plays a prominent role in that case. In fact, one almost feels sorry for him after the BLM makes an absolute fool out of him after catching him forging fake assay numbers on a map.

Just unbelievable this scam lives on, year after year.