AAM's been on a run ... everything's gone green
stockta.com
What's up with that?
On June 1, 2004 (AAM.V $0.40), 4 the company puts out a PR saying that they're having problems with the project operator (ACF) and that AAM "now has concerns about ACF's ability and commitment to achieve its contractual obligations."
tsedb.theglobeandmail.com
The next PR was 2 1/2 months later on August 23, 2004 (AAM.V: $0.49) and was in the form of a corporate update.
tsedb.theglobeandmail.com
AAM outlines the reason for the dispute Under the terms of the Company's agreement with ACF, the mining and primary processing facilities at Aguas Blancas are to be upgraded, at ACF's sole cost, from heap leaching to mechanical leaching by September 30, 2004 in order to maximize iodine recoveries and to initiate sodium sulphate and sodium nitrate production. ACF has now formally advised the Company that it does not intend to comply with this contractual obligation. ACF's position in this regard is unsupportable. ".
AAM also advanbed the claim to the the next level ("The Company has commenced the necessary steps to bring its issues with ACF to commercial arbitration. ")
Next news is October 25, 2004 (AAM.V $0.48).
tsedb.theglobeandmail.com
In response to ACF's failure to honour its obligations the Company has exercised its rights to take sole control of the Board of Directors of Atacama Minerals Chile SA., the owner of Aguas Blancas. at a Directors' meeting held on October 18, 2004. The new Board of Directors resolved that:
a) mining operations at Aguas Blancas would be immediately suspended until changes are made,
b) production of iodine from ongoing leaching operations will continue although at reduced rates;
c) the powers and authority of the General Manager, an ACF appointee, have been restricted to provide for Board approval of all material business decisions, including:
- third party contracts of any kind
- operations
- marketing and sales
The Company intends to take all further action necessary to protect its interest in Aguas Blancas and enforce its rights against ACF. The Board of Atacama Chile will initiate a forensic review of operations, financial and sales activities from Aguas Blancas inception to date. Management remains committed to realize value from the iodine, sodium sulphate and sodium nitrate reservest at Aguas Blancas.
Next News is Jan 19, 2005 (AAM.V $0.47) Mr. Richard Clark has elected to resign as President of the Company effective as of January 19, 2005 due to responsibilities and resultant time constraints as President of Red Back Mining Inc. which is in the process of developing a new gold mine in Ghana. Mr. Clark remains a Director of Atacama.
...Mr. Lukas Lundin will replace Mr. Clark as President effective immediately.
Evidently Mr. Market likes Mr. Lundin because the stock went up $0.23 on that news until the next news on January 31, 2005 (AAM.V $0.70)
tsedb.theglobeandmail.com
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2005) - Atacama Minerals Corp. (TSX VENTURE:AAM) (the "Company") is pleased to report that it has signed a Letter of Intent ("LOI") with it's operating partner ACF Minera S.A. ("ACF") to acquire ACF's interest in Atacama Minerals Chile S.C.M. Completion of this acquisition will give the Company 100% ownership of Atacama Minerals Chile S.C.M., the Aguas Blancas mining operation and all related assets.
The acquisition price is $11.2 million to be paid upon closing of the Purchase and Sale followed by a further payment of $4.5 million within 12 months after closing. At closing Atacama Minerals Chile will repay $4.3 million which is owed to ACF.
Right now the Atacama website is under construction. atacama.com
It looks like they solve a bunch of problems for $20 million over the next year or so. I hope that most of this money is for equipment?
From June 1 at $0.40 to today at $0.90 is a 125% increase and that's without them having solved any actual production problems yet.
I wonder what the plan is there? How much will this cost and how long will it take? Where will the money come from? etc.
Well for now, as my favorite tout Tracy Moore used to say "WOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!
Its FAST and EAAAAAAAAAAAAAAAAAAAASY MONEEEEEEE!!!!"
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