Tuesday, September 10, 2013 10:15:52 AM
MDMN had no cash. They balloned their share count, diluted the shareholders and are still no closer to a deal than they were decades ago. They never proved up the property to determine if buying all the surrounding land was a good idea; they just did it and then plastered the 1,508 claims and 15,000 hectacre number all over their PRs to wow people and get them to buy more stock. I know because it worked on me...briefly.
Drill cores aren't just nice, they are essential to get any reputable company to even consider a partnership. If you don't believe me, just look at MDMN's history of past failures with the absolute worst of breed companies (at least those we know about; cursed NDAs) and then ask yourself again: "do drill cores really matter?" I suspect that if MDMN had done some legitimate exploration work AND the results were good, MDMN would have landed a JV.
Malitia
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