Thank you very much. I appreciate that; I think those people who are just waiting on the sidelines to see what happens are going to be very disappointed that they have not been buying “very cheap” shares. Thank you, TDK, and I hope we meet some day to talk about our good fortunes. ldras:slight_smile:
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I know some posters mentioned that they were a little concerned that Dante Conetta comes to Auryn with no mining experience. So was I. But as Hurricane Rick pointed out so eloquently, he simply was not hired for that skill set. But what I don’t think was mentioned is that we did not look at it from Dante Conetta’s perspective. Why would a CEO of a very successful 170 million dollar security company with 17,000 employees decide to jump ship to a company with just a handful of people? Obviously I do not know. Nor does anyone else for that matter. But if one applies a little common sense here, it doesn’t take much to figure out that he assumes that this is simply an opportunity he could not pass up. Or quite possibly the opportunity of a lifetime…
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I hadn’t even considered that angle. It’s an excellent point.
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If Dante Conetta, Is a good salesman and can bring some big fish to invest in Auryn, than he’s my man.
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It also could be that he is the right guy to bring executive management experience and credibility based on his background to the IPO.
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That was a great question. Maybe he has a vision of AURYN becoming much more than the $170 million dollar company he is leaving behind. What comes to my mind is the service Dante Conetta was responsible for with the Carlye Group. “Liderman is Peru’s prominent manned and electronic security and surveillance company with operations in Peru and Ecuador.”
Is it possible AURYN anticipates a great need for keeping a close eye on expensive ore processing equipment and large quantities of concentrate being prepared for shipment to ENAMI? I don’t think a professional like Mr. Conetta would find much interest in taking on a CEO position in a small company with little chance of success. He has a very important role to fulfill. I would think that he will also bring with him Carlyle Group’s set of cultural values as stated on their website:
We believe that being a good corporate citizen is good business practice and creates long-term value for our investors.
From Carlye Group Citizenship report:
Experienced leadership and strong governance
Our founders recognize the value and benefits of maintaining a business model grounded in investment fundamentals, strong governance and transparency. We maintain strong internal corporate governance processes and fiduciary functions and are subject to regulatory supervision.
Carlyle professionals receive regular and targeted training on many
issues related to corporate governance and compliance, including anti- corruption, conflicts of interest, economic sanctions and anti-money laundering. All employees certify their understanding of and compliance with Carlyle’s global policies and procedures annually. Our Office of General Counsel provides expertise and support on all governance issues.
https://www.carlyle.com/sites/default/files/reports/carlyleccr2017.pdf
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My only concern is he lives with his family in Lima. Would be nice if moves the whole family to Santiago…
Good Thinking. BINGO!!
Could be that he was dissatisfied with his old job and Auryn was willing to pay him a little higher salary? I don’t know. Just remember, he wasn’t making 170M.
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I posted this article over a year ago on a different part of the thread. I think it still relevant today.
Interesting Article.
There are junior mining companies… and then there are junior mining companies that actually have the potential to produce gold. It’s critical you know the difference.
Junior miners can be put in two categories: those that will succeed and those that will never succeed. The vast majority of junior miners are nothing more than lottery tickets, although the odds are slightly better.
Roughly one in 1,000 attempts at finding an economically viable gold deposit will succeed. And that’s according to a very optimistic industry source. Another source, a mine manager with more than five decades of experience, recently told me that the number is closer to one in 10,000.
Now, you can certainly make a ton of money by buying shares of marginal junior miners that will never have a viable gold project. The S&P/TSX Venture Composite Index, which includes more than 400 junior mining companies, has nearly doubled since mid-January.
A rising tide lifts all boats… for a while.
But a marginal junior mining stock can move higher only as long as the promises keep coming and the cash doesn’t run out. So if the promises don’t pan out, the cash definitely runs out, and… poof (goes the junior mining stock)!
So why not stick with the best of breed in the sector?
We recently saw what can happen to real junior mining stocks with real gold prospects. Last month, Goldcorp (NYSE: GG) completed its takeover of Kaminak Gold Corporation for more than C$400 million in stock. Anyone who purchased Kaminak in January could have tripled their money!
Kaminak would have been an attractive takeover target for any major gold company. That’s because it’s just a few years away from producing its first ounce from its discovery in the Yukon. When Kaminak’s project begins producing, it will do so at costs significantly lower than the costs of most of Goldcorp’s other projects.
The deposit holds 3 million ounces of indicated gold resources. But the size of the known gold resource is likely to grow substantially as Goldcorp ramps up its exploratory drilling at the site.
This takeover is likely one of the very first in a new wave of takeovers in the sector.
Today the major mining companies are financially in relatively good shape, after shedding billions in liabilities by closing mines and disposing of assets that are unfeasible at current prices or even at prices exceeding $1,500 per ounce.
They bought projects like these during the last binge when gold soared to $1,900 per ounce. They overpaid and lost a big chunk of cash pursuing opportunities that failed to pan out. That may occur again this time, but not before some very good assets are bought at very cheap prices.
While many major gold companies are financially stronger than they were one year ago, the same can’t be said about their future mining prospects. There’s gold in the ground, to be sure. But discovering it, getting permits, building mines and finally getting it out of the ground is not only expensive, but very time-consuming. And it’s getting more expensive every year. In many cases, it can take more than five years to build out a mine.
A lot can happen to gold prices in five years. And the expense of building out a mine can easily run into the hundreds of millions of dollars, if not billions for some of the major operations. The better solution is to buy existing mining assets, especially those that are either already producing or have all their permits and feasibility studies in process or completed.
Up… but Still Down Takeovers are going to spice up the next stage of the bull run for junior mining shares. The big mining companies are looking for inventory, and the best place to find it right now is in the cheap junior shares - most of which are still down 60% to 70% from their all-time highs.
The past few years have been immensely difficult for junior miners. Investment capital has been scarce. But even so, some of the best companies managed to continue advancing their projects. And these select junior miners have now become prime takeover targets.
Good investing,
Karim Rahemtulla
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CEO COMPENSATION IN THIS INDUSTRY
Industry Range
Salary 451.2K
Bonus 622.8K
Total Short Term Compensation 744.3K
Compensation as of Fiscal Year
Grupo Liderman CEO CompensationIndustry Average
https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=271123356
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Thanks. Good info.
JJ doesn’t like his son in law.
Apparently he’s still there…
Experiencia
CEO Corporativo Grupo Liderman Peru, Ecuador y Chile - The Carlyle Group
Liderman
agosto de 2015 – actualidad (2 años 3 meses)
This is naturally excellent news . Mr. Cordova handpicked the new CEO to help Auryn start production at the ADL. And it is extremely positive that they are still purchasing adjacent properties which absolutely further demonstrates their confidence in the ADL. Now all we need is some new information about the drilling results etc. We have certainly turned a new page on the ADL and it is certainly very refreshing. Thanks again to the Auryn/Masglas organizations and Mr Córdoba and Mr Tupper.
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Good for Fritz " In and Out of the Garbage Pail" That line will live forever.
Exactly! (title of the reference used in my post)
Maybe we all need our heads examined for staying “invested” here this long! lol 
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I also like Auryn stating in their announcement that they are
"extremely " pleased with his appointment.
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I expect we’ll see AURYN news shortly after Medinah and Cerro file the Q3 with updates regarding any remaining issues with MDMN that may not have been fully resolved (i.e. Les) and the change in management with Cerro. My immediate take away from last year’s Informational Meeting concluded by stating:
I don’t think there is a single investor present in this investment that hasn’t been completely disgusted, and with good reason, over what all shareholders have experienced over the years in lost value.
There will be no quick resolution to restoring the degradation of our investment over the years, but my take away from the meeting is there are a lot of good people putting time and money into make things better NOW.
My sentiment hasn’t changed. I think all shareholders are awaiting to hear more about AURYN’s efforts on going public in this quarter. Filings of the Q3s are due out by Nov. 15. Maurizio had stated “certain issues are still pending”. I expect we’ll find out exactly what he was referring to once those issues are resolved.
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Just received this email…
MEDINAH Announces Legal Judgment in Nevada Lawsuit
Shareholder
Notification
October 31, 2017
In the Okanadian
litigation matter, Medinah Minerals, Inc. filed cross claims against Les Price
and MMC Mines, Inc. On October 2, 2017, the District Court for Clark
County, Nevada, ordered judgement in favor of Medinah, and against Les Price
and MMC Mines, Inc., jointly and severally, in the amounts of $217,094.95 for
damages and $190,902.00 for legal fees, for a total amount of $407,996.95, plus
pre and post judgment interest.
Submitted by the Board of Directors
Medinah Minerals, Inc.
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