[quote=“Baldy, post:393, topic:808”]
apples to oranges…
[/quote]My concern arises from wording in CDCH’s latest filings:
Upon liquidation, dissolution or winding up of the Company, the holders of Common Stock are entitled to receive pro rata the net assets of the Company available after the payment of all creditors and liquidation preferences, if any, of any outstanding Preferred Stock. Holders of Common Stock have no preemptive subscription, conversion or redemption rights.
I’m sorry is this good news or bad news for us?
According to what I got so far, it all depends how long you are willing to wait.
You know I thought it was a good news based on the fact that everything that was initially said as part of the agreement between auryn and Mdmn is still progression with the same terms.
No. Juan owned it before Global Gold. He got it for nothing from the government.
? The timeline for this being all wrapped up is this Spring. Also Auryn is going public this year as well.
This is all a nice acceleration to the original JV terms so if you were willing to wait till the end of the Option agreement before…should be doubly pleased now.
[quote=“andy2, post:395, topic:808, full:true”]
I’m sorry is this good news or bad news for us?
[/quote] Remains to be seen. Many of us got into both CDCH and MDMN about the time MDMN had this update to shareholders Jul 12, 2007:
We are presently negotiating with more than 12 major companies, some of the world’s largest, with sincere interest in developing our Alto de Lipangue properties in Chile. Many of these entities are co-sharing their proposals, reducing the number to 5 or so groupings.
While the negotiations continue, each of these entities, being public companies, has entered Confidentiality and Non-Disclosure Agreements with Medinah, not permitting us to reveal their identities or significant details at this point of time.
Presumably the main backers of AMC were around at the time these negotiations were in play. You’ll recall CDCH traded above 0.12 and MDMN traded as high as a nickel around this same time period. This appeared in a CDCH projects page:
A joint venture agreement, with a consortium of major mining companies, may be concluded shortly. (AGM is set for Sept. 23, 2006) Cerro Dorado, Inc. will update as needed. Major mining companies have been doing work of their own on the property as of October of last year. Recent satellite photos show that their work is indeed extensive.
In early 2011 CDCH went as high as 0.27 and MDMN 0.19.
A lot has transpired since then, much of it ambiguous and/or in the dark.
JMO, but no one should listen to any spin from Les and crew on this. Does he know what is going on, probably 75%, will he share the truth, not without bs spin.
I am a small and recent holder, but these unfolding events need much better explanation, and not next month but this week.
If anyone has the individual email addresses for esteemed directors/officers/trustees, please pm me. These are public companies and while shareholder rights are quite limited, they need to hear from shareholders.
15% or voting shares, shareholders of record or in street name, can call an emergency shareholder meeting.
they already paid all of their fictitious creditors through share issuance…if these guys try to pull a fast one it’s really going to backfire on them…they got a pass on the “outstanding loans” but if there isn’t a reasonable exit for CDCH shareholders everything, including JJ’s 50% claim, is going to be put back under a microscope…it would be really stupid to tie of up the Fortuna by trying to railroad shareholders as it would impact progress on the rest of the mountain…however, as with everything MDMN “stupid is as stupid does.”
If the BOD agrees to forgo the $100M option agreement in exchange for shares it’s going to go down as the biggest blunder in Medinah’s long record of blunders…IMO, staying firm on this agreement would lead to a TO…I have no interest in owning shares of a RTO. Especially in this market…not sure if our guys have a clue as to what they are getting themselves into…time will tell…At least we still own our shares in Amarant!
And the elimination of the .07-.08 imaginary floor based on the $100m hard 85 percent value
[quote=“Baldy, post:404, topic:808”]
if these guys try to pull a fast one it’s really going to backfire on them
[/quote]I agree, if the BOD has final approval rights of anything negotiated by JJ, it will need to be renegotiated and swiftly.
[quote=“MikeGold, post:400, topic:808”]
if you were willing to wait till the end of the Option agreement before…should be doubly pleased now.
[/quote]I won’t be satisfied if CDCH shareholders aren’t treated to the full value of the Fortuna claims (including what was "given to NUOCO for “private investment” by insiders). The value of these is increasing expotentially. The old lore surrounding the claim is finally coming to fruition.
The first modern day mining activities at the Fortuna property occurred
around the turn of the century during which time the mine was worked for
several years; several decades later, in 1941, mining activities started
again, and, over the next 30 years, approximately 2,000 MT (sic - should be 2,000 tonnes, thanks CHG) ore were mined, with recovered grades averaging 64 gm Au and 52 gm Ag.
At present, there are over 1,100 meters of underground development on four
levels at Fortuna (about one-third of the development representing drifting
along the Fortuna vein), including six shafts and five chimneys.
Independent geologists and engineers estimate that by re-opening the old
workings that at least 80% of the ore reserves still in place would be available for mining and recovery. The Fortuna mine has a great deal of potential for new resources to be discovered beyond the limits of the existing proven, probable and possible ore blocks.
The vein style gold mineralization at Fortuna occurs in a series of
> sub-parallel, fault-hosted quartz veins that strike N-NW and dip fairly
steeply to the northeast. The main vein on the property is called the
Fortuna vein; it can be traced underground and on surface over a total
strike length of about 800 meters, and remains open at depth and along
strike to the south. The mineralized quartz veins are narrow (averaging
about 30 to 50 cm in thickness) but extremely rich.
On the surface, several other veins occur within 5 or 10 meters in the
hanging wall of the main vein and may be splays off of the main structure
or fault-repeated veins. West of the Fortuna vein, at least 5 sub-parallel veins or vein zones ranging in width from 0.2 to 2 meters have been identified by A.C.A. Howe.
re: “approximately 2,000 MT ore were mined”
Just to be a butt head: it should be “2000 tonnes” not “MT” - It’s actually a very small amount. “2000 MT” would be … very large
This figure is repeated at least twice in each of the 1999 and 2000 Howe reports.
The Ulander fiasco was based on new issues of pyramid scheme shares of “new stock”/ shell company. Somehow it still leaves a very bad taste! That was and still remains a total cluster…
for shareholders. I don’t know which overshadowed the other, greed or incompetence.
This time, at some point there needs to be serious accountability and transparency.
Peter
The US dollar has topped, US economic growth for the fourth quarter anemic (.07 not even 1%), Yellen big mistake raising rates in December while other countries are introducing negative rates, no rate increases this year so what does this mean? gold will have excellent years ahead.
Fed’s Williams says sees ‘smidgen’ slower rate hikes
The Federal Reserve probably needs to keep U.S. interest rates lower for longer given headwinds from weak global economic growth, a stronger dollar and an unexpectedly sustained drop in oil prices, a top Fed official suggested on Friday.
San Francisco Federal Reserve Bank President John Williams told reporters he now sees slightly slower growth, slightly higher unemployment, and about a tenth of a percent lower inflation this year than he had expected in December, when the Fed raised rates for the first time in nearly a decade.
At the time, officials at the Fed, the U.S. central bank, had as a group expected about four further rate hikes this year, and Williams had said that was in line with his own expectation.
That view appears to have changed, after investor worries about a global slowdown and weakness in China sent equities and oil prices plunging through most of January. Meanwhile the dollar has strengthened, pushing down on U.S. inflation, which is running well below the Fed’s 2-percent target.
“Standard monetary policy strategy says a little less inflation, maybe a little less growth … argue for just a smidgen slower process of normalizing rates,” Williams said.
“We got a little stronger dollar, some mixed data on the economy, some weakness in (fourth-quarter U.S. GDP growth), all of those coming together kind of tell me that we probably need a little bit more monetary accommodation this year than I was thinking in the middle of December.”
Earlier this week Williams was in Washington, where he and other Fed policymakers decided to leave benchmark rates unchanged and to acknowledge that they were closely watching global financial markets.
Williams said that over the past several months nothing had fundamentally changed in his view of China’s growth path, and that even the Bank of Japan’s surprise move to negative interest rates on Friday had not changed his baseline forecast for the U.S. economy.
Further, his scenario of what’s most likely for the U.S. economy, his “modal” forecast, remains fundamentally unchanged for 2016 and 2017, he said.
He has previously forecast the U.S. economy will grow at about 2 percent to 2.25 percent, inflation will begin to return to the Fed’s 2-percent target over the next couple of years, and the unemployment rate, now at 5 percent, will also fall.
“The thing that has changed is that commodity prices keep coming down,” he said.
The Ulander fiasco was based on new issues of pyramid scheme shares of “new stock”/ shell company. Somehow it still leaves a very bad taste! That was and still remains a total cluster…
for shareholders. I don’t know which overshadowed the other, greed or incompetence.
This time, at some point there needs to be serious accountability and transparency.
-Luckily the ratio of those calling for it vs. those arguing no need of it has flip flopped.
Well Mike… what can I say? You look like the only one being pretty much excited about this development. Everyone else appears to be perplex to put it mildly (if not outright worried). I haven’t seen any comment from Doc yet but Baldy and CHG do not share your enthusiasm.
You say Spring is when this should be wrapped up. I welcome the “nice acceleration” and the idea of wrapping this up ASAP… but HOW?
Thread closed – go to new weekly thread.