Replies to post #38463 on Bayport International Holdings Inc. (BAYP)
The BLM regulations establish three levels of authorization, (1) casual use, (2) notice level, and (3) plans of operations. Casual use involves minor activity with hand tools, no explosives, and no mechanized earth moving equipment. No permit is required. Notice level activities involve use of explosives and/or earth moving equipment. The total annual unreclaimed surface disturbance must not exceed 5 acres per calendar year. A plan of operations is required for all other surface disturbance activities. A full environmental assessment and reclamation bonding are required.
01/03/12 1:19 PM
01/03/12 7:21 PM
01/03/12 10:43 PM
On September 16, 2011, the Company entered into an agreement with two groups of private investors pursuant to which the groups agreed to fund 100% of the costs for mining and commercialization of the Company’s WOW mining claims in exchange for the issuance of 60,000,000 shares for one group and 65,000,000 shares for the other group of the Company’s common stock, and an aggregate of 70% of the proceeds from such mining operations. The two investor groups subsequently divided and distributed their shareholdings. The two groups of private investors delayed moving forward with funding and operations until all the administrative filings were in place with the US Bureau of Land Management (BLM) and after the Company becomes current in its obligations to OTC Markets. The two groups have subsequently sub-divided these holdings.
From reading through the company’s filings, the company will only get Net Profits of 25% of what is pulled out of the ground because of not having to account for any of the expenses to sure up the property and fund the Small Scale Mining Operations. So…
01/04/12 1:20 AM
The previous owner of the mining claims, Mel Carson, spent approximately $2500.00
on mineral assays (tests done by laboratories to determine relative mineral content).
Since Mr. Carson controlled the assay process, although such assays were performed
by reputable laboratories, it is impossible to assess the accuracy of Mr. Carson’s
sourcing activities. The Company has not, as yet, done independent assays of its
own.
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