Penny stock mining scams have been around since the creation of the penny stock cesspool. And certainly the most successful in defrauding the public. Even some big board mining scams have been run by criminals - Remember the Bre-X scandal which spawned NI 43-101 in Canada and subsequently Industry Reg 7 for US public mining operations?
Before that mining scams have been quite rampant for centuries, worldwide and in all forms and fashions.
Not much changes regarding human greed and the propensity to deceive and defraud their fellow man for their individual benefit.
What's that Mark Twain saying? To paraphrase it goes something like "Show me a gold mine and I will show you a liar standing up top"
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