A few questions crossed my mind that I would like to see clarification on. On November 15 AURYN announced:
As announced at the Informational Meeting, our plan is to ship three truckloads of vein material for test production runs. We expect this to be accomplished by the end of November 2016.
Is AURYN holding back the results of it’s granulometric analysis and testing (i.e. is AURYN making a distinction between test production runs and commercial processing of ore)? Are the results of the analysis regarding average ore grade as satisfactory as initially expected? Is ore being mined and stockpiled while AURYN finalizes contracts for the specific commercial processing of any ore mined? Is a certain tonnage required to be shipped for each production run? Will any concentration of ore occur on site prior to commercial processing? Any further information released by AURYN regarding the progress on it’s mining and exploration activity would be most welcome here.
Wow Kevin, your update is outstanding , a very informative and very professional touch. I think you covered all the bases that you were permitted to disclose. And hopefully the forensic lawyers will be successful in bringing Les to justice for his crimes.
Merry Christmas to you all.
Yes, outstanding Kevin and thank you for all your efforts keeping us mushrooms informed. Don’t know if your update is helping but we are looking at some buying coming in right now. Great job Taff
Kevin, thank you for taking on this responsibility. Those of us who have suffered through two decades of Les’s manipulative “wishful” thinking, know the cumulative damage done to so many. For Kevin to take charge means honesty, reliability and disclosure (when appropriate). This is a quantum change from the past, and the actions (lack thereof) of past directors.
Thank You Kevin!!
Looks clear to me where we now stand as MDMN shareholders, great job Kevin, and many thanks.
it would be appreciated if Auryn could lift the cloud hanging over their predictions for 2016
Happy holidays to everyone.
A total of $104.60 difference between the bid and the ask for over a million shares. Does the bid move to meet the ask or the ask move to meet the bid? Which one blinks first?
“Beginning 2017 I will be paid at a rate of $100 per hour with a cap of 30 hours per month billable, regardless of how much time I commit. If there is any change in this, you will be notified.”
It’s been a long time since I’ve put on my special colored glasses and allowed myself to be duped. Today I put them on, just for a minute, and saw that Medinah will be generating at least enough money to make a $3,000 monthly payroll beginning in 2017.
Alas, I think you indeed may have been duped I believe Kevin is being compensated from Mauricio and not Medinah which would make your conclusion not entirely accurate.
I don’t have the announcement in front of me, but my recollection was that he asked Mauricio for compensation and Mauricio and his team met apart from Kevin to arrive at the level of compensation stated in the announcement.
Up until now I have been a volunteer, both as Communications Director and President & CEO. Due to the time commitment involved, I recently asked the board of directors for compensation for my work going forward as I serve the board of directors and you, the shareholders. They met apart from me and last week agreed to compensate me on a part-time basis.
Beginning 2017 I will be paid at a rate of $100 per hour with a cap of 30 hours per month billable, regardless of how much time I commit. If there is any change in this, you will be notified."
Kevin is being compensated by MDMN for his services conducted for MDMN. He also has a role as Communications Director for Auryn. I believe he is being compensated separately from Auryn for that role.
MDMN currently does not have cash to pay Kevin, but expectations are that they will have revenues from Auryn’s mining operations in 2017. In the meantime, Kevin can get paid from MDMN in a number of ways:
Shareholder loans (this was done in the past)
Deferred compensation (also done in the past)
Borrow against future revenues. I don’t know how many banks would consider future ADL revenues or MDMN’s 26% ownership in Auryn as collateral, but an arms length investor such as MASGLAS might.
Get compensated in MDMN shares. No matter how much others wish to raise red flags about dilution, it is closer to impossible than unlikely that Kevin gets compensated in shares at this juncture. He and the company are on a mission to claw back as many shares as possible and undo the massive dilution caused by Price. He knows the damage that dilution has caused the company. And being an officer of the company, he would be limited in how many shares he could sell. Therefore, in order to get compensated in a more liquid form, o e of the first 3 methods of paying his compensation are more likely IMO.
I think you will be hard pressed to find any sellers for tax write offs on this board. Keeping in mind, you do have to wait 30 days before buying back the stock, without losing the write off. That is of course, if you even want to buy it back. Although, the way this stock is moving, that could be a very prudent play, especially if you are able to get back in at a lower price after 30 days. That way you would get the tax write off and buy back more shares for the same amount of money. My guess is that there is primarily one seller, and we all know who that is. Get used to it…
Not saying this necessarily has anything to do with MDMN, but I just received notice of the following re Freeport:
Freeport-McMoRan Completes Sale of Deepwater Gulf of Mexico Properties
PHOENIX–(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has completed the previously announced sale of its Deepwater Gulf of Mexico (GOM) properties to Anadarko Petroleum Corporation (NYSE: APC) for $2.0 billion in cash, before closing adjustments. In connection with this transaction, FCX also settled a preferred stock obligation with its consolidated subsidiary, Plains Offshore Operations Inc., for $582 million.
Under the terms of the agreement, FCX has the right to receive additional proceeds of up to $150 million, to be paid as Anadarko realizes future cash flows in connection with a third-party production handling agreement for the Marlin platform.
FCX expects to complete the previously announced sale of its onshore California oil and gas properties before year-end 2016. Following completion of this transaction, FCX’s portfolio of oil and gas assets would include oil and natural gas production onshore in South Louisiana and on the GOM Shelf, oil production offshore California and natural gas production from the Madden area in Central Wyoming. In third-quarter 2016, these properties produced an average of 7 MBbls of oil and NGLs per day and 74 MMcf of natural gas per day.
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is the world’s largest publicly traded copper producer.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; significant mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America.
I believe Kevin is being compensated from Mauricio and not Medinah which would make your conclusion not entirely accurate.
