Cytotekk;
It seems that the IMF is worried about basic financial fundamentals in Russia, not mining pursuits
You seem to not know the function of the IMF, it only enforces your limited knowledge of what IKAR is about. The IMF has nothing to do with IKAR and its mining operation directly.......... So whats you point. Do yourself a favor and do some reading;
imf.org
What patience......... IKAR has done much since Sept. of 97 and things are progressing very well with the Company. All the reports confirming the value of their property are done and backed by Kilborn. The summer program is another step towards IKAR's plan for the mining and development of their property. Also another note; I have been checking with the TA on the total shares issued by IKAR to date and since 1997 it has only increase a little over a Million shares a far cry less than MINE who issued 45 Million shares in a nine month period.................
Enough has been said about IKAR by me, since you are into MINE best of luck to you for IKAR has far less problems than MINE.
Do you know when and if MINE will get off the pink sheets............. Also if you read the last 8-k 7/7/98 it does not look good for MINE................ AS FOLLOWS;
SEC Civil Action On May 7, 1998, the SEC filed a civil action (SEC vs. Golden Eagle International, Inc., No. 98-Z-1020 [D. Colo.]) against Registrant; Registrant's former president, Ron Knittle (resigned in May of 1996); Registrant's current secretary/treasurer and a director, Mary Erickson; Registrant's former public relations firm (had not performed work for Registrant for over 2 years); and two individuals, regarding acts which had occurred between 1994 and mid-1996. Among the allegations made in the SEC's complaint were that Registrant and the individuals involved had issued press releases which were false and misleading in an attempt to hype the value of the Registrant's stock.
Notice The Securities and Exchange Commission has notified Registrant that it believes that the news release by the Company about the report on May 22, 1998 may have been released without a sufficient basis as to the reliability of the report. The Commission staff has raised questions concerning the methodology, analysis and preparation of the report. Registrant has determined that, in light of the SEC position, it is not appropriate to publish the report or further excerpts therefrom or to file it as an exhibit on Form 8-K. The Staff of the Central Regional Office of the SEC has notified Registrant that it is considering recommending to the Commission the amendment of its current action against Registrant to include violations [including Section 10(b)(5)] which may have resulted from the May 22, 1998 press release. That notification also permits Registrant, as well as its president, Mr. Terry C. Turner, to make a Wells Submission, which is a written statement setting forth their legal position regarding the May 22, 1998 press release.
Registrant is in the process of significant critical evaluation, review and analysis of the Report of May 1998 by Guido Paravicini. Shareholders and potential purchasers of Registrant's shares are advised that the Report, and any results from such report, are subject to substantial and material changes including reduction or elimination of "reserves". As analysis, evaluation, and review are completed, and if changes, corrections, additions, recalculations or modifications are made in the report, the results from such report may need to be substantially restated. Registrant is interviewing well-respected mining/mineral/geological consulting firms to perform an audit, analysis and review of the report, the methods used, the calculations made, and the engineering and geology contained therein. There can be no assurance that a new independent firm will confirm any "reserves" or "mineralization" on the Cangalli concessions, and such new report, if adverse, may result in substantially negative findings regarding the Cangalli Concessions, which are the subject of Registrant's contract rights.h) Changes, Omissions and Errors May Result in Material and Substantive Questions Regarding the Credibility of May 1998 Report by Guido Paravicini
Registrant is currently substantially indebted for small operating loans and one large revolving line of credit from a Texas bank. For the foregoing, Registrant is not in a financial position to develop any resources or reserves which may exist on the Cangalli concessions in any significant manner. Registrant's financial ability is very material to consideration of any investment decision by Registrant's shareholders or prospective shareholders.
Registrant has no experience or expertise operating a large open-pit, or high volume underground mining operation, and the metallurgical plant that would necessarily accompany such operations. In addition, Registrant has a track record of operating at a loss over the past two-year period on its small underground operation, and its two attempts at small, pilot open-pit operations. Registrant would necessarily have to find a joint-venture partner with the experience and expertise that Registrant lacks, or make other financial and corporate arrangements, such as a merger with a stronger, more experienced company or the sale of its subsidiary's contract mining rights. Registrant believes that these facts regarding Registrant's experience and expertise are material and should be considered by Registrant's shareholders and prospective shareholders.
Registrant has retained an attorney to file a registration statement for a secondary offering of up to 10 million shares of Registrant's common stock for capital to begin open pit mining. However, Registrant cannot assure that such efforts will be successful, particularly in light of recent actions taken by the SEC regarding the suspension of trading in Registrant's shares, and the pending civil action between the SEC and the Registrant. The registration has not yet been filed.
4. The open-pit production schedule set for the end of April 1998 is postponed indefinitely until Registrant has had an opportunity to raise capital or find a partner or joint venture. In addition, ISP Engineering, who was extremely patient with Registrant during weather-related delays, has informed Registrant (June 1998) that it must assign its equipment destined for the Cangalli open-pit project elsewhere to other productive projects. ISP has returned Registrant's equipment mobilization deposit and exercised its contract right regarding delays to withdraw. 5. German Zambrana was continuing his study of fine gold issues on the Cangalli deposit. Mr. Zambrana completed the first phase of his work the fine gold recovery study, and is awaiting second phase funding to implement his findings in a working metallurgical flow sheet. Further activities have been indefinitely postponed by Registrant until its capital is available.
The independent audit produced in Bolivia during March 1998 was found to have several capitalization and expense issues misinterpreted. Registrant has diligently sought to correct those misunderstandings, and Registrant's independent auditor has spent many hours working through the issues with the independent auditors in Bolivia. Registrant cannot give assurances, that its consolidated audited financial statements, together with its 10-K Annual Report, will be filed within any specific period.
Looking to add another 10 Million shares????? I am hearing that they are already at approx 110 Million currently and this stock is on the pink sheets selling for .50 if you factor in the dilution in comparison to IKAR MINE is selling for $2.94 per share based on a .50 per share stock price..................
My personal opinion is that MINE could not afford the expense of such a huge report it only makes common sense that this is the case since MINE was always in the red. IKAR has the luxury of the RUSSIAN Report which was extensive and detailed in content, not to mention the enormous amount of work performed by the Russians on IKAR's property. All of that work performed by the Russians and their report alone are worth Millions that IKAR needs not do, thus giving IKAR stock a more promising value especially at present when it is at only .56 per share.
Any news of IMF support that I have missed?
I think you missed much when you read the summer work program that was put out by IKAR.
Best of Luck with Mine
I thought I was dreaming when people were paying 1.75 while it was trading on the pink sheets, seems like that USA article suck some suckers into that one. But heck if some how the pink fairy emerges and MINE does a JV I will only be happy if it indeed turns out to be a success but don't count on it and remember it's just my opinion.
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