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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM -- Ignore unavailable to you. Want to Upgrade?

To: goldrush2001 who wrote (10960)	10/27/2006 2:47:31 PM
From: Tim Hall	Respond to of 11603

FYI Temporary cease and desist is at: ccsd.cc.state.az.us The new release today is not yet working at Az Corp Com site, but should be soon. Summary below. Platinum from cinders? Don't believe it, says state By CYNDY COLE Sun Staff Reporter 10/25/2006 [ archive \| email this story ] A Flagstaff-based company has sold $9.8 million in stock to at least 200 investors worldwide as part of a fraudulent platinum mining scheme, Arizona securities officials said Tuesday after temporarily shutting down future investments. The company's chief financial officer said Agra-Technologies Inc. never sold stock and never did anything fraudulent. But a former vice president is suing the company, alleging securities fraud. State investigators found that investors in at least 20 states and beyond were promised big dividends in some cases for buying into a secret new mining process that the Arizona Corporation Commission's Securities Division has called unproven. Sales staff at Agra-Technologies told some investors the value of their investments would increase anywhere from 4,900 percent to 9,900 percent and that the dividends they received would be enough to cover their monthly living expenses, investigators found. "In an effort to raise funds from current and potential investors, respondents tout the acquisition of other technologies to extract gold, silver and other rare platinum group metals such as palladium and rhodium," Corporation Commission spokeswoman Heather Murphy wrote in a statement. "The (Securities) Division alleges that the respondents have yet to extract any precious metals with an economically viable process." Investors were buying 50 tons of cinders at a time and paying the company to leach out precious metals in a mining operation they were told was virtually risk-free and set to make tens of millions of dollars, the Securities Division found. This is the second time a business claiming Sheep Hill, located east of Flagstaff, holds substantial enough amounts of precious metals to make mining profitable has come under scrutiny. Investors lost $1 million in a previous mining operation there that the Securities Division called a mining scam. Agra-Technologies told investors they could typically get around 250 ounces of platinum per 50 tons of cinders, the Securities Division said in a temporary cease and desist order against the company released Tuesday. Agra-Technologies Chief Financial Officer Bill Baker denied selling stock, making specific promises of profits and other securities violations. "The cinders we have sold and they've asked us to stop selling the cinders," he said. Sales staff at Agra-Technologies would show prospective investors bars of precious metals said to have been mined in Flagstaff that had actually been mined elsewhere, the Securities Division said. The company's own vice president, Richard Allen Campbell, sued Agra-Technologies for securities fraud this summer and told the company's chief executive officer, William Jay Pierson, that the so-called special mining process they were purportedly using "had no chance in hell of ever working," according to documents filed in the case. Campbell is no longer with the company, said a man who answered the phone Tuesday at Agra-Technologies. Agra-Technologies had plans to attract $40 million more in investment, the Securities Division said. Pierson and wife Sandra Lee Pierson, of Flagstaff, Campbell and wife Sondra Jane Campbell, of Glendale, William (Bill) H. Baker Jr. and wife Patricia M. Baker, of Flagstaff, Jerry J. Hodges of Saint George, Utah, and Lawrence Kevin Paille of Sedona have been listed as members of Agra-Technologies named in Corporation Commission's cease-and-desist order. They are not registered to offer or sell securities within or from Arizona, Murphy said. This is not the first time Richard Campbell's company has had a run-in with the Arizona Corporation Commission. Campbell was the vice president of a company named Mariah International, he's said. In 1993, Richard Campbell said Mariah had recovered 8.3 ounces of gold from 114 tons of cinders. He asked investors for $3.5 million to build a mill 22 miles east of Flagstaff. Mariah was also known as M.G. Natural Resources, which went by three other names, including Xenolix Technologies, Inc., the Arizona Corporation Commission said in 2001. The Arizona Corporation Commission ordered Xenolix to offer refunds to 100 investors who had put $1.7 million into Xenolix, saying the company claimed to have a patented technology for extracting gold and other precious metals from volcanic cinders and misled investors about its ability to economically produce precious metals from the cinders. Cyndy Cole can be reached at 913-8607 or at ccole@azdailysun.com. Cyndy Cole Environment, growth, county reporter Arizona Daily Sun Flagstaff, Arizona office 928 913 8607

To: goldrush2001 who wrote (10960)	10/28/2006 1:36:07 PM
From: ijre	Read Replies (1) \| Respond to of 11603

I agree as I said there appears to be a group or one promoter who is buying up all the stock that is available. Of course this is the intelligent method. Prior to any significant move in the shares the cheap stock must be bought. The price movements prior to the present movement resulted in large fluctuations which only helped traders and not the stock holders. I presume this group has also approached the old insiders and purchased their shares. It appears to have also approached individuals who obtained the stock at fire sale prices from Dale. I wonder if individuals such as Paunch have been