AURYN Mining Corporation (OTC: AUMC) is pleased to inform its shareholders about the following updates.
Altos de Lipangue – Las Dos Marias
Progress continues at the Altos de Lipangue mining district. At Las Dos Marias, Hochschild Mining plc has advanced studies by completing 6 kilometers of IP Geophysics. Results are pending. With this information there should be suitable understanding of the target to develop a more advanced next stage of exploration.
Altos de Lipangue – Fortuna
At Fortuna, we have completed the draining and collection of water from within the access tunnel and mine workings. This exposed approximately 50 to 60 cm of mud which prevented safe access to explore. Removal of the mud is progressing. The tunnel is clear for 90 meters currently. The mineralized veins will be remapped and sampled once exposed. Surface mapping has been reviewed.
New VP of Engineering – Dan Dumas, M.Sc., P.Eng.
Dan Dumas, M.Sc., P.Eng. will be joining Auryn Mining Corporation as VP of Engineering on August 1, 2019. Dan is a Bachelor, and Master of Mining Engineering and Professional Engineer. He is a proven leader with operations experience and strong business acumen. He is the Founder and CEO of Dumas Contacting Ltd. Dan is a strong addition to the AURYN team and will provide solid contributions to the projects moving forward.
The following is my opinion re the happenings at AURYN, AMNP, CDCH, AUMC, MDMN, and MASGLAS . . .
MC is building a mining company with a bunch of great projects. Some greenfield like ADL and some not so greenfield. It’s a slow process and comes with plenty of risks.
I had no appreciation for the risks when I was a happily believing the lies of a conman and sinking a fortune into MDMN.
Many of us are upside down on MDMN. It’s unlikely we’ll see a recovery to the valuations we experienced during the pump and dump. However, I do believe it will be converted to AUMC when all the regulatory issues are solved. Once the allocation is completed and we have AUMC shares, I believe the value for the prorated shares will be significantly greater than what we have now in MDMN. Until then, it’s dead money.
No regrets though. Once Maurizio, Chapin, and Goodin discovered what was going on they took decisive action. I’m thankful for that, and was glad to be of assistance in cleaning things up. If action wasn’t taken, the SEC would have halted the stock and we would have nothing. At least this way we’ll get something.
The 6 km of IP didn’t sound like a particularly robust exploration program but applying 6 km worth of IP lines to the LDM target shows that it appears to be enough to cover it fairly well although I don’t think it would be enough to cover the area in between the LDM and the ALTO.
See aerial photo of the LDM for what the 6 km grid pattern might look like. Each line is 1/2 kilometer long.
Yes it is nice to see real mining people involved with a our properties and not a pear farmer and a stock promoter.
Now all we need are positive results to get the stock moving in the right direction and the closure of MDMN and the distribution of free trading AUMC shares . .
A potential head’s up to all my fellow MDMN/CDCH friends here…
The following is a monthly interval of the S&P 500 e-mini futures contract. The formation outlined in red looks to me like a bearish wedge. Note that the last three new price highs that have been hit did not result in a higher RSI, but instead a lower number, meaning the divergence that I often have discussed which occurs before a reversal of trends. No formation plays out as expected 100% of the time, and this wedge can have an upside breakout, which would occur around 3033, and then reverse at some point shortly after the breakout. It doesn’t even necessarily have to be indicative of a drop, but it is something to be wary of. The recent strong move higher in gold as well as the cryptocurrencies like Bitcoin over the past month could be viewed as a further indication that the markets are preparing for a drop.
I hope this finds you all well and at least relatively sane!
Rich
Hey TR… and I see the S&P daily chart is a flat top triangle. Dow broke through for all time Highs today. Nothing can go up forever eh! Thanks for the heads up and Best of Trades. “GO AUMC GO”
I agree, it remains to be seen if it means anything for Medinah or former CDCH (now AUMC) shareholders. I found it interesting that MASGLAS America Corp, Spa had tried to gain access to the public markets through acquisition of a mining claim in Peru a while back. Recall that Maurizio started a subsidiary (?) in Peru called MASGLAS Peru S.A.C. while trying to transact an RTO of Western Troy Capital Resources (TSX Venture:WRY). That bid to gain access to the public equities markets failed. I’m quite sure Maurizo is still looking for opportunities to bring MASGLAS into the public exchanges.
It is much too early to speculate how this will be accomplished, if at all. Mr Cordova founded MASGLAS Ltd., AURYN Mining Chile SpA and may presently be Executive Chairman (?) & Chief Executive Officer (?) for AURYN Mining Chile SpA, Chairman for AURYN Mining Corp. and Chief Executive Officer of MASGLAS Peru S.A.C., all privately owned. Mr. Cordova’s exact titles in these private companies is relatively unimportant as it is known he has the controlling interest. AUMC (AURYN Mining Corporation) owns the exploratory mining concessions on the Alto de Lipangue, including the Las Dos Marias, formerly under the “ownership” of Medinah and Cerro Dorado. As market watch puts it:
Company Description
AURYN Mining Corp. engages in the acquisition and exploration of copper and gold mining properties in Chile. It owns and controls mining claims comprising the Altos de Lipangue district. The company was founded on September 23, 1988 and is headquartered in Indianapolis, IN.
That description by Market Watch certainly seems to present AURYN Mining Corp. in the best possible light as a well established company. Shareholders would describe the past history and founding of the company much less amicably. At the present time, the MASGLAS site states:
MASGLAS is a privately held exploration and exploitation mining company. We are the owner of 23 prospective gold, silver, copper and cobalt mining projects across Chile and Peru.
Additionally, MASGLAS has several JV mining options and is the controlling owner of AURYN Mining Corporation, AUMC, whose sole asset is the prospective Alto de Lipangue Mining district.
I’m sure Maurizio Cordova would like to find a way for the 23 prospective gold, silver, copper and cobalt mining projects across Chile and Peru owned by MASGLAS qualified and publicly traded by any feasible means. If AUMC somehow fits into those plans is only speculation.
Kevin it is always a pleasure reading your insights into this mess! Thank you for your time and thoughtful injections! It is a little hope for a mess we all got into!
Thank you Kevin! Whats your opinion on who could be selling at these prices? Anyone selling now and who’s been selling at these prices is taking a huge loss unless the shares were given to them with No cost basis. The only person I can think of is les
People sell all the time for lots of reasons. One main reason is to offset gains and save on taxes. Les hasn’t had shares since the lawsuit was settled.
