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Replies to post #202541 on Fortress Financial Group fka FFGO
06/28/12 10:40 PM
07/02/12 8:22 PM
09/28/12 9:21 PM
'Mineral resource classification' is the classification of mineral deposits based on their geologic certainty and economic value.
Mineral deposits can be classified as: Mineral resources that are potentially valuable, and for which reasonable prospects exist for eventual economic extraction. Mineral reserves or Ore reserves that are valuable and legally and economically and technically feasible to extract
Mineral Resource
This a concentration or occurrence of material of intrinsic economic interest in or on the earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. Mineral Resources are further sub-divided, in order of increasing geological confidence, into inferred, Indicated and measured Categories.
Inferred Mineral Resource is that part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological/or grade continuity. It is based on information gathered through appropriate techniques from location such as outcrops, trenches, pits, workings and drill holes which may be of limited or uncertain quality and reliability.
Indicated resources are simply economic mineral occurrences that have been sampled (from locations such as outcrops, trenches, pits and drillholes) to a point where an estimate has been made, at a reasonable level of confidence, of their contained metal, grade, tonnage, shape, densities, physical characteristics.[2]
Measured resources are indicated resources that have undergone enough further sampling that a 'competent person' (defined by the norms of the relevant mining code; usually a geologist) has declared them to be an acceptable estimate, at a high degree of confidence, of the grade, tonnage, shape, densities, physical characteristics and mineral content of the mineral occurrence.
Mineral Reserves
These are resources known to be economically feasible for extraction. Reserves are either Probable Reserves or Proven Reserves.
A Probable Ore Reserve is the part of Indicated resources that can be mined in an economically viable fashion, and in some circumstances, a Measured Mineral Resource. It includes diluting material and allowances for losses which may occur when the material is mined. A Probable Ore Reserve has a lower level of confidence than a Proved Ore Reserve but is of sufficient quality to serve as the basis for decision on the development of deposit.
A Proven Ore Reserve is the part of Measured resources that can be mined in an economically viable fashion. It includes diluting materials and allowances for losses which occur when the material is mined. A Proven Ore Reserve represents the highest confidence category of reserve estimate.
Bouse Property
COMMODITIES: Gold, silver, copper.
RESERVES
PROVEN: None at this time
PROBABLE: None at this time
INFERRED: 5,000,000 tons @.05 to .1 oz / T at Little Butte
South Copperstone Property
COMMODITIES: Gold, silver.
RESERVES
PROVEN: None at this time
PROBABLE: None at this time
INFERRED: None at this time
NEW YORK, Oct. 26, 2006 (PRIMEZONE) -- Great West Gold, Inc. (Pink Sheets:GWGO) announced that it would be providing stockholders will more detailed data on its various Mining Exploration Projects in order for stockholders to gain a better insight into the value of the Company. Great West Gold, Inc. confirms that the Chairman of its Advisory Committee, Dr. Wayne P Colliston, is continuing with the re-assessment of Great West Gold, Inc.'s Mining assets, and to that end, is releasing this report, compiled in August, 2004 on the 1,300 acre Bouse gold (silver -- copper) property situated in the La Paz area of western Arizona, USA, near the California border. Dr. Colliston is preparing an updated report on this property at this time and upon its completion, this report will be made available to our stockholders.
The Bouse area is an historic gold producer, with the Little Butte open pit and underground mines as known producers. Importantly, the historical grade recovered here averaged over 0.4 oz/ton. Around 2/3 of this production was from the Little Butte Mine, where the Arizona Department of Mines and Mineral Resources has recorded that the results of a 16-hold drilling programme showed about 5 million tons of inferred ore grading between 0.05 and 0.30 oz/ton.
Others areas of interest within the Company's 1,300 acres are the Brindle Claims, the high grade Arrastre Mine, the Blue Slate Mine and the Flat Fault Mine.
At the gold price of approximately US$400/oz (in August 2004), this provides a value estimate for the deposit in the range of up to $600 million. This estimated gold resource is for the little Butte area only, and does not include any potential from the remainder of the property. At the current Gold price of circa US$600/oz, the revised and updated valuation report being prepared by Dr Colliston, will be significantly higher.
Located just north of the Plomosa Fault, The Bouse Property includes 3 historical mines and almost 1,300 acres of project area, with significant inferred reserves of Gold, Silver and Copper. The Burnt Well Property also includes an historical mine within the project area which covers 640 acres which includes inferred reserves of Gold, Silver and Copper.
Starting in 1987, Homestake Mining leased the central part of the district (called the Brindle claims -- these are the core of our present land position) and acquired an option to purchase the smaller patented group to the west called the Paradise Mine, which is not included in our project. Homestake drilled over 50 holes over a 4 year period. They found significant gold mineralization everywhere that Tenneco did at the Little Butte mine and open pit, the Blue Slate Mine and the Flat Fault Mine. They also put down seven drill holes in the vicinity of the detachment fault. Enclosed is a pack which we obtained from Barrick which includes all of Homestake's drill logs and assay results. The map at the rear section entitled "Alteration, Mineralization and Drill Holes" includes all of the drill information for the previous work by Fischer Watt, US Borax and Tenneco.
What does the future hold for this gold deposit? While a gold deposit this big will take a substantial amount of work to turn into a large proven reserve, this should be a simple and straight forward effort if the drill programs focus on the core deposit, rather than concentrating on peripheral areas. The core deposit may be visualized as an inverted "V" with the Little Butte underground mine near the apex, the Little Butte open pit, Flat Fault mine and Blue Slate mine along the left leg, and the Airfield deposit at the bottom of the right leg. If, as we believe, the entire area of the inverted "V" turns out to be a mineable open pit resource this would be a far larger gold deposit than the 1,000,000 +/- oz Copperstone, and may be closer to the 10,000,000 oz size of the Mesquite mine, which is another detachment fault deposit in California.
the “Colliston Report” that is relied on by many on this board, does not meet the requirements of an industry-standard Technical Report. It is more an overview of historical activity and property potential, seemingly intended for promotional purposes. (You won’t find the phrases “if, as we believe,” “turns out,” “may be,” and "closer to” in a Technical Report.)
I've contacted Arizona BLM (Arizona Bureau of Land Management) and they confirmed there is an Assay Report for Copperstone / Bouse, but the company requires them to be kept private so BLM won't release them.
Fortress Financial Group, Inc. -- Further Clarification
Date : 07/25/2008 @ 10:38AM
Source : MarketWire
Stock : Fortress Financial Group, Inc. (FFGO)
Quote : 0.0002 0.0 (0.00%) @ 10:27AM
NEW YORK, NY announced on July 24, 2008 that the Company had resolved to distribute an amount of US$400 million of its Gold Assets to its Stockholders, in the form of an Extraordinary Dividend.
This Extraordinary Dividend equates to an amount of 1.24 cents per share of Common Stock based upon the outstanding shares of the Company's Stock at July 24, 2008. The Company receives an amount of US$500 million in quoted Gold Mining stock ("Goldco") in exchange for its stockholding in the "Bouse" and "South Copperstone" Gold Mining & Exploration companies. This transaction will be consummated in August of 2008. Our calculations of this valuation are contained in the latest Form 8-K filings with the SEC.
The CEO of Fortress Financial Group, Inc., Alan Santini, pledged to stockholders that he would address each of their concerns in this Press Release. The main areas of interest and concern to our stockholders are listed below with Alan Santini's responses. (Note: Only the one relevant question from the PR is shown)
18. HOW DID THE COMPANY VALUE ITS GOLD ASSETS WHEN SELLING THEM TO GOLDCO:
The Company was in possession of historical data, Reports and valuations. These were utilized to ascertain the valuations based upon a Gold price of US$900/oz.
About Fortress Financial Group, Inc.
The Company is utilizing is substantial Balance Sheet of circa US$100 million comprised of quoted and unquoted Gold Mining & Exploration stocks (This is after the payment of the Extraordinary Dividend of US$400 million to stockholders); to aggressively fund a large number of acquisitions in the consumer financial services sector; initially focused in the Mortgage Lending and Banking sectors.
12,096,115 shares of the Series A Preferred Stock at a price of US$16.00 for a total of $193,537,840. These shares were issued in payment of the purchase price for a 23.22% shareholding in Bouse Gold Inc.; this issue being to 1 Accredited Investor (Western Diversified Mining Resources, Inc.)
29,334,212 shares of the Series B Preferred Stock at a price of US$2.20 for a total of $258,073,107. These shares were issued in payment of the purchase price for a 46.84% shareholding in South Copperstone Inc.; this issue being to 1 Accredited Investor (Western Diversified Mining Resources, Inc.)
the current strategy of NMGL is to acquire a 100% interest in Bouse Gold, Inc. and South Copperstone, Inc. and to dispose of these two corporations and utilize the proceeds to redeem the NMGL Preferred Series “A” and the Series “B” shares.
“A gold miner is a liar standing next to a hole in the ground.”
The quote, traditionally misattributed to Mark Twain, defines the experience of the
many investors who have lost money in dubious Arizona mining projects. The state
has a long and glorious history of mining scams, a history that continues today.
Arizona history is inextricably tied to the mining industry. Unfortunately, a lot of the
invested money has gone to promoters and projects that had nothing to do with
actual mineral exploration and development. The state’s effort to educate the public
against mining swindles has been going on for over a century.
An unassayable ore project, for purposes of this article, is a mineral exploration and/or
development endeavor whose assay methods do not conform to generally accepted
geological or metallurgical industry practices.
Usually, offering materials do provide what the offerers claim to be assays, but beware.
Assays are only meaningful if they are based upon a systematic and scientific program
of ore sampling. An assay based upon one or two ore samples is essentially meaningless—
it takes literally hundreds or thousands of separate ore samplings to properly evaluate
the true potential of a mine site.
Statements referring to the attractiveness of a deposit because of its close proximity
to a famous producer (perhaps like American Bonanza at Copperstone?)
may have the ring of authority but are often pure speculation. There is a reason the
major mining companies overlooked a neighboring deposit.
All the regulatory hurdles in the world will not deter con artists from trying to profit from
man’s most formidable vice – greed. We can look forward to many more scams so long
as precious metals keep their value.
The lesson we learn from recent Arizona mining scams is neither new nor
complicated: there is no such thing as a free lunch. Add in the concept that if something
sounds too good to be true it probably is and the result is a better common sense fraud
prevention system than anything state or federal governments can accomplish.
Excessively optimistic promoters have and will use vast mineral wealth to inflame
investors’ greed. Arizona’s history and immense existing mining industry make the state
an attractive area for mining fraud. The promoters are a fearless and resilient breed.
AI
