The way I see it, the people on this site know more than the people running this company.
Or,
They are just waiting for gold to hit $5000+ and sell it all.
They are not getting any younger and they can’t take it with you.
TDK
I don’t feel like we are getting screwed. I think they are trying to figure out the most beneficial way of monetizing the mountain. Maybe they are trying to get early production from the tunnels or maybe they decided that open pit though a much longer process to production is worth the extended time because the economics would be so much better.
Either way we need to remember that Mauricio et al own about 40% of AUMC so their interests are aligned with ours.
My frustration is the lack of communication with the shareholders. As mentioned before, according to their own notifications, production on the Caren mine was imminent and 3+ years later nothing has been produced. they should have explained why production never took place.
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Yes. They put things out and then no follow through. If plans change they should explain what changed and why they changed and what the plan is moving forward.
Regarding Auryn, MDMN shareholders are not yet Auryn shareholders and won’t be unless shares exchange “if” they exchange!
The BOD should be acting as fiduciaries and keep us informed in the best interest of shareholders and the company. We have been played by a Canadian and South American under the past leadership.
I sincerely hope this comes to fruition but right now it looks like a lot of shuffling going on.
With Auryn under Masglas and main growth at Masglas, who knows what the future plans are for Auryn
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The only thing that I’m upset about, (setting aside the obvious things that resulted from my own stupidity over the past 15 years), is that someone, be it MDMN or Auryn, give us a head’s up as to where we are at with the share distribution and whatever exploration efforts might be going on… or not going on. I’m a big boy and will accept whatever they offer, but I’m not happy that they have offered no clarity for so long about anything.
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Maybe Kevin Tupper reach out to Cordoba and share this with him.
As far as I’m aware, Kevin has no more power than a regular shareholder and he went on to another career. It’s not his responsibility to communicate for/with shareholders. Yes, I would certainly appreciate any info he or anyone could get us, but it sure would be nice for the people who have the responsibility to communicate to do so. I don’t think it’s too much to ask for an update, especially in regards to the share distribution that feels like has been left hanging for over a year.
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Hi TR,
I think it’s fair to assume that the “full legal opinion” sought by Medinah’s new BOD members has not been secured yet. The communique sent by one of the BOD members to I believe it was Done Deal in answer to his inquiry about progress, said that all shareholders will be informed AT THE SAME TIME. I assume this meant don’t try to get a leg up on everybody else by asking the BOD for nonpublic information but I could be wrong.
Auryn seems to be very persnickety about doing things correctly. When they were buying Medinah shares out of the open market in between 5- and 10-cents they first notified shareholders as to their intent. Later they notified shareholders of the results of their buying. At the time their communications reminded me of a corporation covering their butt in case their purchases ended up being a tremendous bargain. In reality, they’re down about 99.5% on those purchases. Figure that one out!
Recall that Mauricio, in his various business dealings, did so much work through one firm that he ended up buying out that law firm. I sense that these guys know the law pretty well.
At the “information meeting” in Vegas a couple of years ago, it was either Dentman or EZ Million that asked Mauricio about their open market purchases. Maurizio told the gathering that management reserved the right to make open market purchases if they sensed a bargain and if all material public information was out in the public. This was back when the Caren Mine grades were the topic of discussion.
The terminology “full legal opinion” implies that there’s more going on in the background than just removing a restrictive legend and allocating and distributing “AUMC” shares to their rightful owners. For me, the elephant in the room that’s not getting much attention is the $51 million net operating loss carryforward on Medinah’s books. That would be a heck of an asset for a corporation going into gold production at gold’s current price. But that asset (if legitimate) belongs to Medinah and not Auryn. The accountant that cited it in Medinah’s quarterlies many moons ago must have thought it had some legitimacy. Over the course of 20 years, Medinah paid a lot of money for drilling, property taxes on the concessions, general and administrative, ACA Howe, geophysical work, geosampling, Gordon House, lawyers, accountants, lawsuits, etc. I wouldn’t think you’d want to “dissolve/wind up” Medinah and lose that asset. Perhaps there’s a legal way to sell it or transfer it to Auryn since they’re in the same business at the same location.
As far as management being so tight-lipped for now, it’s painful but after meeting these guys in LV I’m going to hold judgment until later. At that meeting, Kevin went up to the podium and pledged that the new management team was going to be more communicative than the last management team. He did, however, qualify that statement with a very distinct CAVEAT. He said that there will be times wherein management CANNOT BE VERY COMMUNICATIVE for reasons in the best interest of shareholders.
Maurizio said the same thing in a notification to shareholders a while back. He stated that the reasons he couldn’t be very communicative had to do with the fact that things in the background were completed yet. I think that management is very well aware of our frustration in regards to communication efforts.
STAY SAFE!
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I remember that communication now, thanks Doc. My angst is now relieved. 
Thanks and take care as well.
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Yes, so do I recall all this, and gives me some relief. All this kept me in this and made me buy more all the way to 0.04 where I stopped.
The word persnickety… nice choice of a word.
Sooooo… “In the best interest of shareholders”…hard pill to swallow at 0.0006, and AUMC 0.1800.
But it has been all transferred to a ROTH IRA, and there it sits until the day I die, or sell for a profit. I am only 57. Good health… staying safe.
TDK
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BB. I really don’t think Maurizio and his team think much about MDMN these days. They have been focused on other projects and the means to finance them. Money is tight and if you think they are going to go out of their way to save a broken stock, trading at .0006 (that’s three zeros) you are even more delusional then you were 10 years ago. MDMN can’t pay an electric bill with the shares trading at this level. Nor could they pay a lawyer to file a claim against Auryn if they decided to leave MDMN shareholders empty handed. Maurizio could send MDMN an invoice for $50k and wipe out the company. I’m not saying this will be the case but if you’re investing/invested in this stock you have no control of the outcome and the share price is telling you that that outcome will not be favorable.
This board and stock should be for entertainment value only. Anyone putting good money after bad here, seriously needs an intervention. Seriously.
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Baldy. How many shares of Auryn and MDMN do you own?
Zero. I posted when I sold my last shares of AUMC a couple years ago. Like I said, I check in here occasionally for entertainment and nostalgia. I met with Maurizio last summer at a conference about another project . Medinah was mentioned but it wasn’t a focus. Investors, operators, strategics are all looking for shovel ready, fully permitted projects with a defined resource. The irony: even if the assets get proven out, the capital structure of MDMN (broken) will never benefit.
Why would it be a focus? We are simply a shareholder ( 23% owner ) of AUMC.
How so? MDMN owns roughly 16million shares ( 23% ) of AUMC. How is there no benefit to that?
Hochschild obviously is interested.
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I never took you for an asshole, but if you come here for entertainment and nostalgia, you might want to seek professional help for that. There are some great people here, but I know if I were all out of MDMN I would delete my link to this board and not ever think of coming back, no offense to anyone here but I think most of you know why and would probably do the same. I sure as hell wouldn’t come here to be entertained and/or remind myself of a decade’s worth of my own stupidity.
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Tis true. I was being bit facetious when I wrote “nostalgia” but I did waste a considerable amount of my time contributing to this board so it’s “entertaining” to come back and check who’s keeping the lights on.
As someone who considers themself a trader, I’m surprised by your comments. It’s impossible to evolve unless you learn from past mistakes and I would consider CDCH/MDMN one of my biggest. It’s important to remind myself of all of the flags, in retrospect, so as to not repeat my idiocy. This was my last and only OTC investment I will ever make, as an example. Or forming an investment thesis on an asset without understanding the capital/ownership structure should never be done, etc etc.
I owned my stupidity by selling both positions at big losses (which would be 90% larger if I hadn’t) in 2018. To your point, I’m not sure if I could stomach participating here if I was still long nor would my position warrant the time. To think that a 20 million share position would only be worth ~$75k if you needed to sell is beyond mind boggling.
I appreciate your response. It brings clarity on some things I hadn’t even been aware I was unclear about.
“Reports that say that something hasn’t happened are always interesting to me, because as we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don’t know we don’t know. And if one looks throughout the history of our country and other free countries, it is the latter category that tend to be the difficult ones”
The market is played with different strategies that may be broadly defined as investing or speculating. All involve trading. Mix in options, ETFs, futures and Mutual Funds and there is a great many things that influence the market. I won’t pretend to know it all, nobody does. There are “unknown unknowns” that cannot logically be attributed to market behavior.
My preferred strategy is investing. There’s a good reason I have this one in my sock drawer. MDMN has gone dark for a very good reason. Originally, I added throughout the years in roughly equal dollar amounts to CDCH and MDMN. I moved most of these positions into a ROTH IRA quite some time ago. In retrospect, these stocks were great day trading stocks on occasion, but for those with an investor strategy, they have been a colossal loss. I have no illusions of averaging down at this point. There are many other opportunities that suit my strategy better as I have commented on occasionally on the Other Mining Stocks thread.
The pump and dump scheme based on fraud lasted at least up until 2014, and was finally revealed in August 2016. I did attend the Oct. 2016 Informational meeting and bought a few shares shortly thereafter, based mostly on some optimism of materials presented at the meeting. There is quite undoubtedly a great amount of as yet unexploited mineral wealth in the ground at the ADL. I have little doubt in the factual basis for that statement. Since that time all value has been destroyed causing long-lasting lasting damage. At least that is my reality check as I have pursued other opportunities the past couple of years. This weekly chart of MDMN from May of 2009 to Dec. of 2016 shows a definite trend with many missed trading opportunities:
Except to appease shareholders, and I do hold a very large position, why should there be any news on the distribution of free trading shares allocated to AUMC? What purpose would be served by having an additional 65 million free trading shares of AUMC at this point in time? Would it appease shareholders to see more? AUMC barely meets the minimal filing requirements to remain listed for the highest risk, highest speculative securities. One can see that from the Quarterly and Annual filings. There is a corporate strategy that makes sense to me. Withholding the distribution and allocating shares until there is enough real valuation is a good strategy, IMO. We truly do not know what we do not know!
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Alright, all we need to cover now are the unknown knowns, (which seem to me to be a whole lot like denials), and we’ll have all the bases covered!
Thanks for the post Richard. It’s truly comforting to know… er… or is it not know(?)… that I may know what I don’t know. Or maybe I don’t know what I know. You know? I don’t know… which is good, right? Who knows? Not me. Maybe Donald Rumsfeld will not know what we know we don’t know. Well, one thing I know, the eggs are scrambled and cooked. Time for some pancakes.
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Time for some pancakes sounds good to me … that I know!
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