its a shame you cant access the old MDGM board, I
had all the relevant information anyone needed
to know when Nestor Buenaflor bought the old UDVE shell,
and he simply stated that he had no such ties with anyone
at UDVE, thats a fact, so hopefully everybody that lost
money on UDVE please disappear. It is completely legitimate
to buy a shell and go about your business, I even had that posted on the old MDGM board..... now hopefully we can get rid of the dirt, because these GPGD boys will bring on board accredited investors, nuff said for now......
BOOOOOOOOOOOOOOOOOOO YAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
an old article i found worth the read
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Saturday, September 10, 2005
Firm to raise equity in US for mining project
By Angelo S. Samonte, Researcher
MINDENAO Gold Mining Corp. said it is restructuring its consortium and offering convertible preferred shares in the United States stock market to immediately raise capital for its mining project in Mindanao.
“We are rescheduling to attract foreign investors to raise the necessary mining capital,” Nestor Buenaflor, Mindenao vice president, told The Manila Times in a telephone interview.
Buenaflor added that the company’s American partner hopes to raise $125 million through a public offering, and is selling convertible stocks at the New York Stock Exchange.
“All these moves are intended to have the necessary money to be used as an initial investment,” he said, adding the company eyes to get $5 million as starting capital.
With this money, he said, they can build a small-scale plant.
A small-scale mining operation can process 1,000 metric tons of materials a day, he explained, but expansion of facilities depends on the volume of materials being extracted.
Buenaflor claims Mindenao has secured all the necessary government permits and will start operations within three to six months.
His group has a mineral production sharing agreement with the government to operate in a 4,700-hectare site in Zamboanga Sibugay in Mindanao. Mindenao will extract gold and silver.
Buenaflor estimated the mine life of the company’s Sibugay project ranges from 25 to 50 years, depending on when it hits the core deposit.
Initial estimates of mineral deposits amount to 600,000 pounds, which could be mined for 25 years. “Given the current gold price of $430 a pound, we estimated that we can extract $250 million of gold deposit from this project,” Buenaflor said.
The mining area was originally explored in the late 1990s by Placerdome, but Mindenao severed its ties with the Canadian firm before a full-scale extraction was carried out because of profit sharing disagreements.
Its MPSA is being held by Shenalin Gold Mining Corp., a member of the consortium.
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