Replies to post #69993 on Medinah Minerals (MDMN)

[Medinaminer]

Rick, I appreciate your reply.

and making sure they have as much control of the deposit as possible should it prove to be worthy of exercising the option.

Why not purchase on the open market?

As to Les and his cohorts, yes I am of the opinion that so far Medinah has had the makings of a well crafted scheme. However, I have not placed the Lett's matriarch on that team. Please don't even imply that I did. I think Roberto's desire to spread his wings may be a huge motivation for him to follow a misguided plan, even if it is innocently conceived.

Historically there are many wealthy families who end up with the errant "bad boy". Roberto could be either misguided or wants to pave his own path so badly that he is willing to put his family's reputation at risk to prove he is capable. He will not be the first to put his family name on the line or spend his family fortunes on risky ventures, at best and schemes at worst.

While you've maintained a generally supportive stance on the potential of Medinah's claims, and I see the potential as well, you might agree with me that Les and the gang have displayed no fidelity nor any loyalty to shareholders. We must parse the property from those who would use such for their ill gotten gains.

And, If I am wrong, please disregard or tell me so, but even you have mentioned how Medinah suffers from the "appearance" of a scheme. Where there's smoke, there's fire.

I ask again, am I on the wrong path to suggest that these shares are easily available on the open market to Auryn, especially now at a fraction of the cost of the option, and at much lower cost of the previously accumulated 150M shares? Why not make these purchases now and with deliberate haste continue the exploration? That is all that any shareholder can ask for. There are sellers of shares on a daily basis. Some days volume is substantially higher than one million. By this date, Auryn would have had those number of shares without a fight.

If they are making purchases and they are not under any obligation to disclose such, then we certainly will see in good time what they've been up to.

[Toxic Avenger]

Here's how I see it playing out in the end.
Auryn will end up walking away because there's not enough profit in mining the properties.
They will have covered their cost of exploration by selling the 150 million shares they received at no/low cost.
They were under no obligation to disclose even their ownership of the 150 million shares - that was MDMN's obligation, let alone how they received them. If they wanted the price to go up, they would have said they purchased them on the open market (assuming they had). If they wanted it to go down, they wouldn't have even disclosed it. I believe they wanted to be 100% not blamed for "hiding" a material event, but didn't want to see the stock tank (though, once it became obvious what had happened, there really wasn't much they could do to stop that).

It's a "no lose" gamble for them. They find worthwhile mineralization, they can buy at less than 10 cents a share 85% of the company. They don't their costs are covered and then some.

Hard to find any fault with Auryn or Letts. Easy to find fault with MDMN's insiders, but then again, it has been all along.