Replies to post #18284 on Futuris Company (FTRS)

[ForReal]

I've done some DD on this stock and will share with all here what I have discovered.

1.) The Gold Star Mine was acquired in a stock for purchase agreement deal. At first the deal was a lease option to purchase at $400,000,000, but subsequently that deal was changed to the stock swap that gave 89% control of MISM to the seller of the mine. The asset addition to the books of the company was arrived at by utilizing the original purchase price agreement as the basis for the asset value. Now, I don't exactly know what happened to the EnviroXtract part of the business but, Carlton Wingett is still the CEO of that company and it (the company)will recieve an $8000.00 a month fee for services related to mining the Gold Star Mine. Perhaps Mr. Wingett assumed ownership of EnviroXtract (now shown as Enviro Extract) as part of the stock swap deal. This is confirmed in two places. At the Linkdin(?) site for Mr. Wingett and in a press release by Western Sierra Mining publicizing a joint venture with Enviro Extract at the Silver Cord Mine.

2.) The SilverCord Mine is listed by MISM as having an "Interest" in that mine. But in the PR by Western Sierra, I mentioned earlier Enviro Extract (note the spelling) is noted as the owner of the mine. So, I don't know all that means with regard to who owns what there.

3.) The Azurite Mine ownership is noted in another PR by Sierra Mining as being acquired by them in the 3rd qtr of 2012. That leads me to believe that Sierra owns that mine. They noted in that PR that they intend to reopen the Azurite. Whether Mission Mining still has an interest in it is in question, as the wording of the Sierra PR leads one to believe that they have ownership.

A lot of this confusion is caused by how these people word things to shareholders. I went thru several State Business Entity sites (Secretary of State) looking for a Western Gold Mining Co. The only one I could find was in Nevada, so I am assuming that is where the Gold Star Mine was purchased from. How they acquired ownership or interest in the other mines can not be determined. But it seems a lot of companies have recently claimed an interest or ownership of the Silver Cord & Azurite mines.
As usual, it is all quite confusing or at least unclear. But that, I'm sure, is by design. Anyway, I'm back to researching these penny gold miners, trying to find a decent enough one of them to plunk a few pennies into. Just thought I'd share what I found out here. You might want to bop over to the WSRA board every once in a while and see what is happening there. It appears that MISM has some kind of relationship with them. I'll keep an eye out here every now and again, as this has perked my curiousity.