My only concern comes from the fact Goodin still on the BOD. I don’t know him from Adam and cannot comment on his integrity or potential lack of integrity. But wouldn’t everyone have felt better if MDMN said, “Hey, this happened on our watch, we didn’t know, but in fairness to all of the shareholders and MDMN, we are all resigning our positions so new BOD members not involved with any past dealings can independently investigate the past events and report to you.” They could edit it through a legalese filter, but you get the drift.
I find it interesting that these investigations and summary of findings just happen to begin after Auryn/Masglas appoints two of the three MDMN BOD this year. How come Goodin, or any other past MDMN BOD member, never looked into the share issuance structure at anytime over the last 3+ years. IMO, if Goodin resigns, then no appearance of impropriety (another great legal phrase) exists regarding MDMN’s investigation of past dealings because everyone now on the BOD would not have connections to the past MDMN, MDMN BOD, or MDMN insiders. I feel shareholders would be more likely to accept a result of an investigation from that group, even if clearing past BOD members.
If you actually met/knew Gary, you wouldn’t be concerned. He is one of the good guys also. He was fooled/negligent like the rest of the past/current BOD but one shouldn’t be worried that somehow him working for Medinah at the present time is a bad thing. Juan/Les/Greg were the only insiders so to speak, everyone else was an outsider including Gary. I would guess after the present crisis mode has passed, he will quietly step aside.
I’m not sure where you’re coming from Easy. Where is the “emotional speculation.” It’s certainly your right to wait for the hard proof before complaining or accusing but that’s been the attitude of many of the folks here who attacked some for offering healthy skepticism (which turned out to be factual) while the share count ballooned from 300M to now 3B. Shareholder passivity over all of these years is what gave this BOD (or at least some of the insiders) the balls to commit outright fraud which they obviously thought they could get away with.
The smokescreen has been “next weeks” and the never ending “speculation” on the NSS situation which may exist but is without fact. The following statement (let’s call it the “asterisk argument”) is the root cause of many of our problems:
“Meeting, exceeding, and expanding production on the high content gold of Caren Mine and permitting of an open pit on the Fortuna should be the focus of investors holding common shares.”
This has been the argument of [Some here] ever since I bought my first share. The fundamentals are obviously paramount but, if you don’t respect the capital structure you fall under the illusion that “the market doesn’t get it.” This violates every layer of fundamental investing. For the moment, 3B shares outstanding will supercede everything else. Try to find me a stock that has traded significantly higher with this many shares. IMO, the clawback of shares is going to gain more attention and possible appreciation in our investment than any reports of the company upping production forecasts or the resource.
With this in mind, it becomes critically important for the shareholder base to demand basic rights like removing all of the remaining BOD members that were responsible for oversight while Les or whomever was doing his thing over the past few years. Insider ownership of MDMN and CDCH should be frozen. We can all thank our lucky stars, Buddha, or whomever, that AMC/Masglas fell into the same trap and ended up with 300Mish shares. Without them, none of this would have been uncovered and we wouldn’t have the money to go after these crooks. Fortunately, they have too much skin in the game to let the public entity fail. If they didn’t, we’d be trading at zero while some shareholders were still waiting for the FACTS while claiming we should be focusing on the fundamentals.
You were also a major supporter of the big U, and hammered realID when they came out with negative press regarding that scammer. Not exactly a beacon of truth.
On what basis does Auryn have the right to decide who is placed on our BOD? The lawyer they picked is Mr. Italo Volante. He is also the President of Auryn Mining Chile.
Was there voting by the sharehoders to put him on the BOD? Not that I know of… So they put two of their people on a 3 member board without a vote. We did not have any discussions with Auryn about the BOD. We now have a BOD where we will always be out voted. By the way did we ever get a copy of the contract in
I figured out who our new partner was using a simple Google search at the same shareholder meeting they announced we had struck a deal with a hidden partner and nearly made a decision to dump my entire position the next day as it was clear our partner was a nobody. I had an early flight out of Vegas and didn’t have time to sit in front of a computer. When I got back, I lost my resolve and decided to just sit tight and hope that we would be fine due to the merits of the property. Later I realized that Mr U was in the process of defrauding Global Gold with their Valdivia properties and quietly passed on my concerns about it to Medinah. Obviously my concerns, Baldy’s and some others were ignored…mostly because it was already after the fact. In hindsight, it is clear that birds of a feather, flock together. (I also wrote a formal letter to Juan signed by numerous shareholders here on MP about our concerns.)
AURYN Mining Chile SpA is delighted to update our shareholders regarding our continuing efforts toward preparing the Caren mine for production.
On Tuesday, August 30, an older tunnel was uncovered between adits #2 and #3. The vein pictured below was discovered in the tunnel. At this time, we are unable to determine whether this is the same Merlin #1 vein that is at surface, in adit #1, and adit #2 or is a completely separate vein. AURYN geologists will take representative samples from the vein Tuesday, September 5, 2016, and submit them for assaying and analysis.
Work progresses daily on adit #3. We have advanced over 30 meters from the tunnel’s entrance. During the process we encountered three structural faults which required time to sure up the adit in order to prioritize the safety of our workers. We are in the process of crossing the third structural fault in an effort to reach the high grade vein and begin production. Further details will be provided as they become available or at the informational meeting scheduled for October 1, 2016.
Based on the above news and last paragraph, is it correct to assume there is a little bit of delay due to safety issues and that actual production will start after the October 1st SHM?
I think production will start when they actually reach the original high grade vein which I infer to be in September. I don’t think they have very far to go.
FYI…looking at the pics of the vein in the new tunnel they discovered…I suspect it will return an assay of hundreds of grams/ton of gold…bonanza grade for sure. It is weird that the original miners left it. Perhaps the tunnel entrance collapsed etc?
From the description of the original 3 adits (somewhat collapsed), this one, and the description of the 3 faults encountered in the first 30 meters of adit #3, one can safely speculate that this part of the mountain is a challenge for stable mining adits. This would explain why these 3 adits were not pursued well into the mountain in the past - just too hard to keep open. On the other hand, these faults made this part of the mountain prone to forming nice rich gold veins when the mountain was flowing with liquid metal (volcanism) and thus of interest at all.
And so now we have careful progress on the current adits to avoid any safety issues and it is not quite as fast as they had originally anticipated. Mining is hard.
Due to the excellent continuity of the Merlin vein at the top of the Plateau in roughly a straight line across it, I think there is a good chance those faults are local nature and won’t be much of a problem as they go further in.
I recall for the horizontal LDM mine shaft, these faults represented an area of unconsolidated material that required more wood/structural support to pass through it than normal. The worse kind of fault is if the vein suddenly shifts 15 feet higher/lower due to a fault and they have to revamp the design of the shaft so they continue to drive small mining equipment in there. That doesn’t appear to be the case here.
“The old Spanish miners would say “Gold rides an iron horse.””
If you look at the new vein, you should be able to spot the quartz, the iron ore, the copper, the silver and where the gold is likely at its highest concentrations.
Looking at this picture and based on the size of the hammer, the vein appears to be at least 1 foot thick.
Note the Fortuna vein averaged about 30 to 50 cm or about 15 inches thick.
