Replies to post #158945 on Southridge Enterprises Inc (SRGE)

[winstoncooper]

That pesky little footnote for BGL-Note 10
Contingent Liability - BGL 11/30/11 Financial Statement:
As at November 30, 2011, the Company is still in the process of protecting its interest in the Cinco Minas and Gran Cabrera mining properties in the Mexican courts.
A ruling in favour of the Company by the Federal Court will affirm the Company’s ownership interest in the mineral property and amounts will become due in order to put the concessions in good
standing; however as the amounts are not determinable no accrual has been recorded in these consolidated financial statements. Should the ruling be in favour of the defendant, the Company would be required to recognize an impairment charge on the property for $9,601,891.

[winstoncooper]

EarnestDD: Where are the Financial Statements of BGL for 11/30/12? (Forgive me if I've asked this before....they should have been issued in early 2013)

[winstoncooper]

EarnestDD, you are way more patient that us SRGE stockholders. I had no clue that your court case was initiated in early 2008. What is taking so long??????????????????
From the 11/30/10 BGL Annual Report:
(b) Cinco Minas and Gran Cabrera Silver- Gold Projects, Mexico
Effective November 15, 2005, the Company purchased an option (the "Option Agreement") to acquire a 60% interest in mineral property rights in the Hostotipaquillo Mining District, State of Jalisco, Mexico, near the city of Magdalena ("Cinco Minas" and "Gran Cabrera") from Minera San Jorge S.A. de C.V. ("MSJ") by making option payments of $300,000 and issuing 2,800,000 common shares of the Company to MSJ.

On March 7, 2008, the State Court, Commercial Division of Guadalajara, Mexico, issued preventive measures in favor of the Company consisting of: (i) the encumbrance of assets of the defendants for an amount of CDN $6,000,000; (ii) the registration of the lawsuit on the files of each of the mining concessions subject to the Option Agreement before the MPR in Mexico City; and (iii) a prohibition for defendants, the legal representative of MSJ to leave the Court's jurisdiction (the Mexican State of Jalisco) until this case is settled, unless having appointed an Attorney to act on his behalf while he is away. In order for
these preventive measures to be put in place and stay applicable, Bandera was required to place a refundable warranty bond of 6,000,000 Mexican Pesos ("MXN"), (November 30,2010 - CDN $494,462; November 30, 2009 - CDN $491,099) in order to respond to any damages and injury that the defendants may suffer as a result of the said preventive measures being put in place.
As of April 4, 2011 the Company is still in the process of protecting its' interest in the Cinco Minas and Gran Cabrera mining properties in the Mexican courts.
A ruling in favour of the Company by the Federal Court will affirm the Company's ownership interest in the mineral property and amounts will become due in order to put the concessions in good standing; however as the amounts are not determinable no
accrual has been recorded in these consolidated financial statements. Should the ruling be in favour of the defendant, the Company would be required to recognize an impairment
charge on the property for $9,229,235.

[grego68]

WRONG! BGL is trying to get a 60% ownership they do not have it!

protecting its interest in the Cinco Minas and Gran Cabrera mining properties

is what is in the BGL financials...

Notice how it says interest in the cinco minas and Gran Cabrea properties and NOT ownership...That's how the audited financials read...BGL's prs say they own cinco minas and THAT's why the auditors can sign off on the financials...If they said they own the properties in their financials, no auditor in the world would sign off without having the concession titles...