OK. Hope you’re right and I’m wrong…
I’m trying to be realistic. I’ll hold for now, but it’s been a long 7 years with this pig and all the lipstick ya’ll like to paint on it.
My take is that Masglas/Auryn Number 1 priority is getting the Caren to produce a positive cash flow. I am not aware of anything else they are doing that is anywhere close to being able to do that. It now has been years of putting money into the Alto with nothing come out. I’m sure they are very anxious to start seeing some return on their investment. That project will get their full attention/highest priority until its fully operational.
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None of which means it is going to positive cash Q1 17… or that the SP will increase.
The way things have gone lately, MDMNs situation has never been better, the price never a better buy?
I have no reason not to assume that Auryn’s cash flow positive projections by the end of 2016 simply got pushed back by a month or so due to the need in obtaining necessary paperwork and adding higher levels of ventilation in the mine shafts. The project is a go. I think it is more a matter of just how big the cash flow is vs it being delayed much longer.
Of course they will be cash flow positive, but this is somewhat of a misleading, or a misinterpreted statement, IMO. Just asking what is the purpose of the “test run” and just what information is being contracted for? Generally speaking, it is my understanding that ENAMI buys the ore from smaller producers for processing. Test runs are provided to determine terms of the contract based on the complexity of the processing and a minimum gold content of the “raw” ore accepted.
Additionally, AURYN stated, “We are engaging independent consultants to conduct a full granulometric analysis and finalizing the paperwork necessary to begin ore shipments for processing.” Just what analysis was being looked at and independently contracted for? In the Nov 15 release AURYN also stated, “We have taken a conservative, methodical approach in order to assess the best way to mine what appears to be a complex system of veins, not all of which are economical.” I might conjecture from this statement that AURYN has determined that some of the vein structures may need initial additional processing, which was alluded to earlier last year, before shipping out to the refinery. Not all ore mined from these veins will be suitable for direct shipment to ENAMI, it will need concentration to make it economical to ship to ENAMI for processing. It will take positive cash flow to purchase the crusher and equipment needed for concentrating the lower quality ores, IMO.
Remember there was a discussion sometime ago concerning Gravity Concentrators?
“We have conducted metallurgical test runs at recognized laboratories in Chile and Peru. These have resulted in an average gold recovery of over 90% from concentrated ore obtained by a gravimetric Falcon system. Based on this, AURYN expects to produce a total of 5,000 troy ounces of gold in 2016 and over 25,000 troy ounces in 2017.”
Acquisition of Altos de Lipangue Mining Claims | AURYN Mining Corporation
also see:
http://seprosystems.com/products/gravity-concentrators/_falcon-c-gravity-concentrators/
The revenues from initially selling the high content ores directly to ENAMI should easily pay for one of these units to further production capacity in a relatively short period of time. It appears AURYN is continuing a conservative, methodical approach to scale up mining operations.
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It’s not medinah
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mining on Alto is speeding up, not slowing down
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don’t base an opinion on what you don’t know you don’t know.
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a lot could speed it up.
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Forensic Audit Update - January 2017
January 12, 2017
During the fourth quarter of 2016 Medinah Minerals, Inc. obtained and reviewed documentation received from some of its former directors and service providers regarding the previously reported discrepancies in its financial disclosures. This review caused Medinah to file a lawsuit against Les Price, Pamela Fitzpatrick, and two companies controlled by Price. The lawsuit can be found on our legal page. In addition, further defendants are referenced as various John Does or John Does (Company).
As the investigation progressed our transfer agent, ARTCO, provided a complete record of all share transactions and transfers since Medinah’s inception and all board resolutions and correspondence regarding share issuances since 2010. These records have been entered into a searchable database for ease of analysis.
Two weeks ago our legal counsel helped us retain the services of Anti-money Laundering Specialists, LLC (AMLS). AMLS specializes in Forensic Accounting and investigations. Shannon Hodges, a principal at the firm, is leading the investigation. Ms. Hodges brings over thirty years of relevant experience. This includes a significant block of time as a Special Agent with the Criminal Investigation Division of the Internal Revenue Service, experience with analyzing international banking transactions to identify suspicious activity, and two years as the primary IRS Criminal Investigation liaison with US and foreign law enforcement agencies in many countries, including the United Kingdom and Western Europe.
With the help of AMLS, we are expanding the scope of our investigation to determine which additional individuals and companies to add to the aforementioned lawsuit. Every share issued and dollar brought into the company will be thoroughly analyzed and traced.
Forensic auditing is a detailed process. Among other things, it includes a thorough review of every share issuance and financial transaction. We will look to make sure each issuance has:
a valid board resolution authorizing the issuance,
bank records validating the payments for shares,
service contracts validating payment of shares for services,
and a cash flow analysis to ensure that the money raised was properly used.
This will occur as we undertake the process of discovery and issue subpoenas for accounting and bank records from all relevant parties. In an effort to expedite our investigation, claw back as many wrongfully issued shares as possible, and recover as much money as possible that was in anyway tied to the issuance of these shares, we will focus on the original parties to the lawsuit and a small number of shareholders (individuals and companies) who were involved in purchasing over one billion shares in aggregate arising from questionable transactions over the last fifteen years.
Although the effort to bring justice to those who perpetrated the fraud or were part of any scheme involved may be time consuming and costly in the short run, the board of directors believes it is the appropriate action to take given the potential impact on Medinah’s common shareholders.
Our hope and conviction is that AURYN will succeed in monetizing the Altos de Lipangue project. If it does, our desire is for the rewards to go the common shareholders and not those whose actions have damaged the company or who have profited from wrongful activity.
Submitted on behalf of the Board of Directors
Copyright © 2017 Medinah Minerals, Inc., All rights reserved.
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Medinah Minerals, Inc.
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Box 1269Haymarket, VA 20169
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Fifteen years! Les is TOAST!
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Thank you Kevin!
Should we also look in JJ direction?
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Maybe they changed their names to JJ and Claro Doe
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And on a side note…John Hathaway’s comments .
“Global mine output has plateaued; it now seems likely to decline through 2020 and perhaps into the middle of the next decade. As shown in the chart below, discoveries of new ore bodies are at a 25-year low, while the time required to bring new ore bodies into production continues to lengthen, and now stands at nearly 20 years”.
Amen to this paragraph.
Our hope and conviction is that AURYN will succeed in monetizing the Altos de Lipangue project. If it does, our desire is for the rewards to go the common shareholders and not those whose actions have damaged the company or who have profited from wrongful activity.
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Mr Tupper,
You are a class act! I hope you understand just how many shareholders (plus family members) are so grateful for your efforts.
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My buying is done, my avg share price has gone down to an acceptable level, never thought to have a buying opp like this.
Pyrite or Gold, wishing for Gold.
Keep your fingers and toes crossed for a bit longer and you may get another opp!
It appears time is running out for those who unappropriated funds/shares over very many years:
AMLS PROVIDES THE FOLLOWING SERVICES:
Anti-Money Laundering Regulatory Compliance assistance to financial institutions
Anti-Money Laundering Investigation
Fraud Investigation
Forensic Accounting
Expert Witness Services in all of the above areas
Comprehensive Training in all of the above areas
General Litigation Support
Executive Background Investigations
Financial Due Diligence Services
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I’d love to hear Jak’s (our resident lawyer) thoughts on this development.
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