How can MISM have 100% ownership in the Mines yet, others have ownership in the mines as well? That's just silly and clearly an indication of an intent to deceive and coerce for capital gains on the stock market. The company seriously needs to clean up their terminology before they get shutdown/fined/whatever it is the SEC does to companies/persons who commit fraud. I will certainly keep an eye out for other companies who claim ownership in MISM's 100% owned mines, (per their most recent financial report *not necessarily per my personal beliefs *that clarification is for the benefit of gitreal).
Another clearly intended misuse of terminology by MISM is clearly seen by their selective use of the terms "resources" and "reserves". On their most recent financial report, the company did not and does not use the two terms at all. Meanwhile, on all PR publications they do use the terms and they use them in such a manner as to excite others into believing the company has more gold than what was actually measured for. Now, (as of mid february) the company has placed a disclaimer on their website about their lackadaisical use of the terms explaining summarily that "that's just the way it is", when according to EVERY geologist I've spoken with, the terms are NEVER confused with one another when used in geologic reports/valuations or the reports/valuations are to be considered fraudulent. Here's an excerpt I got from the company's most recent quarterly report about the value of the mines and the companies' percent ownership:
NOTE 5 - Mining Claims
On October 15, 2012, the Company entered into an agreement to Lease with Option to
Purchase the six 160 acre mining claims known as the Gold Star from Western Gold
Company, LLC. The claims, totaling 960 acres, are located on U.S. Bureau of Land
Management administered land in western Nevada. The exercise price of the option was
specified to be the greater of $400,000,000 or 0.1% of the total measured, indicated and
inferred precious metals and rare earth element values contained in the claims, computed
as of the date of the sale and utilizing the values established by the subsequent testing
specified under the terms of the Agreement. Subsequently on October 17, 2012, the
Company amended the Lease/Option Agreement wherein Western Gold Company, LLC
EnviroXtract, Inc.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2012
(Unaudited)
agreed to transfer 100% of the ownership of the Gold Star Mining Claims into
EnviroXtract, Inc. in exchange 100% of a new class of preferred shares that will
effectively convert into 89% of the total common and preferred stock of the Company.
The effective date of the acquisition was specified to be September 30, 2012.
According to the geologist certified valuation dated March 30, 2010, the claims have 69
million tons of measured resources with an in-ground value of $39.3 billion, 743 million
tons of indicated resources with an in-ground value of $423.5 billion and 465 million tons
of inferred resources with an in-ground value of $265.0 billion. The total in-ground value
of the gold and silver resources of the Gold Star Mining Claims based on the current
market prices of gold and silver is $727.8 billion.
