Our management devotes only limited time to our operations.
Because our officers and directors have other outside business activities, they will only be devoting a portion of their time to our operations. Roger Newell, our President and CEO, will be devoting up to 40% of his time, or approximately 16 hours per week. Ahmed Magoma will be devoting approximately 20% of his time, or approximately 8 hours per week. Heidi Kalenuik, our Secretary, Treasurer and Director, will devote approximately 15% of her time, or approximately 6 hours per week. As a result, our operations may be sporadic and occur at times which are not convenient to our officers and directors. The limited ability of our management to devote time and effort to our operations may have a negative effect on our ability to implement our plan of operations currently and in the future. Our business activities may suffer negative results due to its limited operations which may include, but not be limited to, the failure to locate recoverable deposits of ore, failure to locate financing necessary to extract any ore that is located, failure to extract any ore that is located, and/or the failure to take advantage of other business prospects which may become available to the us.
A major shareholder may exert undue influence over our direction
Kilimanjaro Mining Company, Inc. a major shareholder owned and controlled by Heidi Kalenuik, one of our officers and directors, acquired stock in a series of transactions in which it now owns a total of 17.14% of the issued and outstanding shares of our common stock. Roger Newall and Ahmed Magoma are also officers and directors of Kilimanjaro Mining Company, Inc.
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Most recently, Dr. Newell joined the management team of Kilimanjaro Mining Company, Inc. (www.kilimanjarominingcompany.com) a private company involved in the acquisition and exploration of highly prospective resource properties in Tanzania, East Africa.
Roger Newell served as Vice President-Development and a Board Member of Capital Gold Corp (CGLD) from 2000 to 2007. As such he was responsible for much of Capital Gold's engineering and business development at El Chanate Gold, Mexico and continues to serve on Capital Gold Corp's Board of Directors. He also served as President (2000 to 2006) of Capital Gold's Mexican subsidiary, Minera Santa Rita.
Prior to his time at Capital Gold, he served as Exploration Manager/Senior Geologist for the Newmont Mining Company; Exploration Manager for Gold Fields Mining Company; and Vice President-Development, for Western Exploration Company.
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