Alan, an excellent post detailing your criticisms and concerns regarding mine.
The recent wells submission mentioned by the SEC is the result of the SEC questioning Paravicinis 6.4M proven claim , as far as I can tell. They think that the May 22nd press release was premature and potentially misleading. They are trying to protect us, so they say, and the investing public. BD may be helping with the audit of Guidos report and the third party verification, just speculation at this point. I do not think they would be involved in a blatant scam, they have a reputation to protect.
The third party verification should provide the answers that the SEC, and we, have. The deposit is described by Dr. Hausen and others as
a unique placer deposit. Its uniqueness may be why the SEC is questioning the claim, the deposit does not lend itself to traditional drilling samples to establish proven minerals. I am not concerned with the SECs criticism regarding the deposit and the proven at this point.
I do have problems with the late financial filings but, as you know Alan, the SEC is quite slack when it comes to filing deadlines for penny stocks. Still, the 10k is way beyond fashionably late, and I think that this is keeping us trading on the pink sheets, a miserable fate. Although the MMs must love it, what a spread.
As for their previous production, since I am not a mineral extraction and processing expert I cannot comment except to say the numbers are misleading and confusing. I could guess why there are differences in the production figures but I will not since again, not my area of expertise.
Alan, I cannot make excuses for Golden Eagles Management at this point. They seem to be learning as they go. They are the ones though, that happen to have the mining rights to this allegedly gold rich area of the Tipuani River Valley. They have made no secret that they are broke, with little operating capital. I used to joke that I was going to send them my extra shovel. Mary Erickson has used $3,000,000. of her own trust fund money to keep this company going.
The SEC is breathing down their necks and yet they persevere, working toward their goal of an open pit mining operation. If the officers knew the gold claim was bogus, I do not think they would still be pushing forward, risking fines and jail. The SEC definitely has GE in their sites.
The 10,000,000 shares to generate operating capital may or may not be issued. If they are issued, we shareholders have to deal with it I believe that a JV is the best answer for their financial and production problems. A buyout is a possibility as well. I would like to see some good mining experience at the top level of the company.
The third party verification must be completed before this company can procede. Insiders are not selling their shares, and they had the same chance to sell during the recent price spike that the rest of us had.
Alan, you will not see arguing that GE handles its financial affairs excellently. I too am waiting for the 10k.
Too long already, moving on.
Colleen |
