John, I don’t think anyone is getting concessions.
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Good to hear. Then there would be no reason to rewrite the existing contract. That being said, rumour has it that NUOCO insiders accepted shares in Auryn. Did MDMN only get credit for the 15% equity we are owed or did the FCI (the main source of value) make it into the equation? Did JJ receive shares in Auryn for his Madre property in exchange for giving up his CDCH “phantom 50%”? These are the side deals/concessions that should be disclosed.
I have no idea. Like I’ve said, here’s to hoping the pattern has been broken and we’re all about to make a ton of money. CDCH’s deal, which will need to be announced next week, might be a good precursor of what to expect.
As long as things are transparent and somewhat fair I’m a happy camper. One can dream.
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It seems the lawyer they hired for legal advise is quite competent. Everyone is jumping the gun without facts.
Director
LatinLawFirm
octubre de 2004 – actualidad (11 años 5 meses)
providing legal and business depelopment advice in Latin America to several international clients since 2004. Successfully concluded some US$ 400 million in business transactions,including purchases of the Pascua-Lama gold project royalties for International Royalty Corporation and the purchase of an interest in the Algorta Norte Iodine Project for Toyota Tsusho Corporation
Legal Advisor for Chile
Xstrata Copper
octubre de 2004 – diciembre de 2005 (1 año 3 meses)
Legal Advisor for Chile
Mount Isa Mines
mayo de 2001 – septiembre de 2004 (3 años 5 meses)
Associate
Geographe Corporate Advisory
junio de 1999 – septiembre de 2002 (3 años 4 meses)
responsible for developing business, succeeded in the sale of the assets of a Chilean mining company for a UK client
Estudio Arturo Alessandri
Of Counsel, Natural Resources & Environment
Estudio Arturo Alessandri
enero de 1999 – diciembre de 2000 (2 años)
responsible for the mining and environmental law practice at this traditional law firm in Santiago, Chile
CODELCO
Advisor to the VP, Exploration and Mining Associations (VEAM)
CODELCO
abril de 1997 – diciembre de 1998 (1 año 9 meses)
responsible for expanding the exposure of CODELCO to the international mining arena
Business Manager, South America
Mount Isa Mines
marzo de 1996 – abril de 1997 (1 año 2 meses)
International Legal Advisor
Placer Dome
diciembre de 1993 – febrero de 1996 (2 años 3 meses)
responsible for coordinating global legal advice to Placer Dome Exploration Inc. In such capacity I was exposed to many jurisdictions from Kazakhstan to Indonesia with an emphasis on Latin America
Corporate Secretary
Placer Dome South America
julio de 1989 – noviembre de 1993 (4 años 5 meses)
Responsible for the legal affairs of Compañia Minera Mantos de Oro (La Coipa) and Compañía Minera Zaldívar in Chile
http://www.latinlawfirm.com/ his website
Yes hulkster that is a big list of clients.
Like CHG stated Auryn should be coming out with an announcement of news this week. Since Medinah can’t disclose much maybe Auryn will
My take is there is a scale and formula above the $100m cash option. If
exploration results exceeds the basis on which the $100m was determined the $100m goes up accordingly. AMC has asked MMC to consider paying the excess in AMC stock rather than cash.
“Companies to consider AURYN’s outright purchase formula”.
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[quote=“cornhuskergold, post:5, topic:836”]
Rumor was the Fortuna option was exercised. But we’ll have to see how the “amalgamation” affected CDCH and MDMN’s ownership of CDCH. A safe guess: NOW: MDMN = 0% of CDCH. Does CDCH then still own 15% of Fortuna? Definitely details to be revealed here.
[/quote][quote=“Baldy, post:16, topic:836”]
Did MDMN only get credit for the 15% equity we are owed or did the FCI (the main source of value) make it into the equation? Did JJ receive shares in Auryn for his Madre property in exchange for giving up his CDCH “phantom 50%”? These are the side deals/concessions that should be disclosed.
[/quote]I agree, we’ll have to wait to see the official AURYN release and what the Days response may be. See further comments under the CDCH thread.
"AURYN’s outright purchase formula"
reads like entirely different language from
"option to purchase 85% of the Altos de Lipangue group of claims for a minimum price of US $100,000,000, in an all cash transaction, upon the final exercise of the Joint Venture Option Purchase Agreement"
But I obviously like your interpretation a lot more
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110% and counting! He must be gone forever!
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I truly hope that someday shareholders will be told everything that they’re currently not being told so that an accurate perception can be made of JJ and GC in particular, and I’m not lumping them in the same category. Quite the opposite.
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You are not the only one. That is exactly what I was saying yesterday. We will get more, the sale price has gone up. Cash/shares equation, who knows? But our stock will have more value now.
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Exactly, been saying it for years. Without JJ, no mountain. Gotta take the good with the bad if you want to play here. And now I’m saying Blue Skys are starting to look Bluer.
I told another shareholder who knows the whole story the same thing. IMO, their not telling it reduces the value of our shares.
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Did this shareholder tell you the whole story?
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AURYN Mining Chile SpA (AMC) Continues Land Consolidation Adds Three New Areas to Portfolio
(February 01 th at 08:40:00 am)
Santiago, Chile, February 1, 2016 – AURYN Mining Chile SpA (“AURYN” or “the Company” or “AMC”) today announced the following three acquisitions:
85% of the outstanding shares of NUOCO (LDM), and in doing so effectively exercised the corresponding mining option agreement.
The Caren mine, through the acquisition of Minera Mantos Azules Chile, which in turn holds exploitation and environmental permitting to start early production of up to 5,000 t/month on the identified high grade veins that yield grades as high as 124 g/t (Update on bonanza gold grades in Caren mine, have returned over 100 g/t Au at Fortuna - Merlin system in the Altos de Lipangue project, Chile. - AURYN Mining Chile)
100% of the Fortuna and Lonco Millarepu mining properties, that constitutes the Fortuna de Lampa mine.
With these acquisitions, AURYN Mining Chile SpA has only one JV mining option agreement pending to be exercise with Medinah Mining Chile (MMC).
“Adding over 3,000 hectares of ownership to the AURYN Mining Chile SpA portfolio is an exciting step forward for AMC,” said AMC’s Executive Chairman, Maurizio Cordova. “This now consolidates the entire mining district, called Altos de Lipangue. With this consolidation, AMC expects to start production this year on the exposed high grade veins, namely Caren-Merlin-Fortuna. A team of mining engineers is travelling to Santiago in February to start the preparation and design work to achieve AMC’s production goal. We expect it to be cash flow positive that will supplement AMC’s exploration efforts and ultimate exercise of the JV Mining Option Agreement, with MMC,” added AMC’s Executive Chairman.
Submitted on Behalf of the Board of Directors
AURYN Mining Chile SpA
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So by reading this nothing has changed regarding the 100 million and everything all properties is under 1 agreement. Production to start this year
I take this a great news!
Options being excersised, producing this year, gold prices up, looks real good
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IMHO it is great news. Now all we need is for MDMN to be allowed to put it out on the news wires ASAP. Also we should be getting news from CDCH this week to follow this.
With respect to this news release,I am just wondering if any of our informed posters know anything about the terms of Auryn’ s purchase of the CDCH / Fortuna properties? And whether this news is a positive for CDCH shareholders?
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So apparently they in-effect disconnected the NUOCO option from the ADL option, i.e., they cancelled the option between MMC and NUOCO. The NUOCO guys (Greg, JJ, etc.) received some type of compensation (Auryn shares?) for their 85% of NUOCO. And apparently MMC/MDMN still has the remaining 15% of NUOCO (which Auryn will want obviously).
They worked a completely different arrangement from the Fortuna option and outright bought 100% of the Cerro properties whereas the option was for 85% of the properties after exploration expenses. Clearly there is much to be revealed even after this statement re. how Auryn bought Cerro’s two properties. How was Cerro compensated? I’m sure Cerro will be communicating shortly.
And yes it makes it obvious that Auryn will want to buyout the ADL claims.
My interpretation of the last part is
- a. if MDMN holds to the current agreement, Auryn will try to set up mining and cash flow to help pay for the $100M option but this will probably wait until Mid 2017 because of the time it takes to get the mining going. If they can get enough cash flow going they can finance the $100M
b. the alternative theory is that this course of action by Medinah would prompt a TO in the near future but probably at a lower-than-what-most-of-us-want price point
Else,
2. Medinah does a deal here, which Medinah said is being negotiated, to lower the $100M cash point in exchange for Auryn equity, thus raising the current 15% to something more. We have no insight at this point what the negotiations are, whether $100M becomes $0, or $10M, or $20M or whatever. That’s what negotiations are for. In this case, one may presume the deal could be done sooner and thus possibly get some cash (maybe) into Medinah’s hands sooner
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