From raging bull, I think more then I think it is a SCAM
“Now answer a question for me. State your reasons you believe this is a scam.”
What a wonderful opportunity.
Go back to 1995. Gold fever is everywhere with the price in the four hundred dollar range and
BreX on the front page of the papers at least once a week. The Voisey Bay Project had hit
paydirt big time and everybody wanted in on some mining action. So RK and some cronies
end up at the Mining Conference it the Radison Hotel in La Paz and hear about lots of
potentially good mining properties.
They pick out one at Cangalli and make some sort of a deal for the mining rights. They take
the rights back to the States and roll them into a OTCBB shell and we have Golden Eagle
International as the nice new mining company. Seems a lady named Mary Ericksen is
convinced to put up a few million from a family trust. I can just hear it. “Look at BreX, we can't
lose, we will all be really rich!! (speculation of course)
The Trites fellows come on board to join the Enrights and the rest of them. A whole ton of 144
restricted shares are sold to fund all of this and Trites tries to set up a working mine on the
property. No production!
Somewhere along the line the SEC gets involved and RK is out as pres. and Terry Turner
replaces him, wink, wink, nudge nudge. TT is making a good effort to clean up the legal side
of the company and they hire Guido to explore the property and write a report. Some hurdles
start to appear, the price of gold starts to fall, BreX is exposed as a giant fraud and the whole
market for gold stocks loses its luster.
So, now what? ME has her family money in there, a bunch of friends have 144 stock they wish
to cash out so we get Guido to write a glowing report and put it out. The stock takes off, but
gets delisted and the SEC file more charges. Stock goes back down, Now what? Make an
announcement that we are going to start production and be making a couple of million a
month. Worked for a bit but then without production we need a new story.
Aha! Microfine Gold that nobody has ever seen. Yup, somebody will buy stock on this theory.
Look at Naxos Resources, ten dollar stock on desert dirt. We need to get something
happening so we hire BD&C to audit Giuido's report. Everybody knows that his sampling
method was lax so what to audit? BD&C can tell us to do more testing, which will stall all of
this for another year. Maybe gold stocks will come back into favour and we can dump this
bowser for once and for all.
Short Answer:
If there is economical gold there the company would have been able to mine it.
The locals think that Cangalli is mined out.
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