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H GTEL 10 cents or 20 cents it does'nt matter... AZMN is ready to break out.....Check AZMN on barchart.com...It's been in this range for 2 years!!!!!When she goes, she is gonna fly!!!!!! I predict a 1 dollar by year end!!!!
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I am new to this site but why do you think this stock will go up to $1.00 at years end??? I am a bit of a skeptic and need facts to support this prediction. Any information would be greatly appreciated...
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AZCO MINING HAS 500,000 MILLION DOLLARS IN THE GROUND RIGHT NOW...AZMN WAS A 2 DOLLAR STOCK 3 YEARS AGO WITH ONLY HALF THE ASSETS THEY HAVE NOW. 2 WEALTHY INVESTORS OWN 20 PERCENT OF THE STOCK AND HAVE BEEN HOLDING FOR 3 YEARS... AZCO MINING ASSETS INCLUDE MICA, FIELFPATHIC SAND, GOLD, AND SILVER!!!! MORE PROPERTIES TO BE ANNOUNCED.. MOVING UP TO A HIGHER EXCHANGE ANYDAY NOW, A COUPLE OF WEEKS AT THE MOST... GREEN BARON RECOMENDED THE STOCK A YEAR AGO. AZMN IN A 2 YEAR TRADING RANGE BETWEEN 10 AND 20 CENTS AND READY TO BREAK OUT... LOOK AT BARCHART.COM,,, TYPE IN AZMN AND OPINIONS. THIS IS NOT SOME TYPICAL BS ALLSTOCK PICK THAT IS GOING UP BECAUSE OF A BOUNCE OFF THE BOTTOM, OR SOME NEWS EVENT THAT AMOUNTS TO NOTHING AT ALL.. THIS ONE IS A REAL COMPANY WITH REAL ASSETS AND UNDER THE RADER OF WALL STREET FOR NOW, BUT NOT FOR LONG...THIS IS THE KIND OF STOCK YOU CAN RETIRE ON!!!!!
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1 DOLLAR BY YEARS END,,,3 TO 5 DOLLARS BY THE END OF 2006.........DO YOU BELIEVE THE ECONOMY IS READY FOR A DOWN TURN? DO YOU BELIEVE THE MARKET IS GOING SOUTH? DO YOU BELIEVE GOLD WILL BE OR COULD BE 1000 DOLLARS AN OUNCE IN 2 TO 3 YEARS. I DO...THIS IS THE BEST STOCK PLAY AT 20 CENTS IN THE MARKET RIGHT NOW...49,000,000 0/S 15,000,000 FLOAT,, THIS STOCK IS READY TO EXPLODE!!!
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WHEN THE HOUSING BUBBLE BURST, AND THE MARKETS RETREAT, AND THE DOLLAR STARTS TO SLIDE, AND OIL HITS 70 AND 80 DOLLARS A BARREL AND THE PRICE OF GAS STAYS AT 3 DOLLARS A GALLON, YOU BETTER OWN GOLD!!!!!!!!!!!!!!!!!!!!!!
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WHEN THE HOUSING BUBBLE BURST, AND THE MARKETS RETREAT, AND THE DOLLAR STARTS TO SLIDE, AND OIL HITS 70 AND 80 DOLLARS A BARREL AND THE PRICE OF GAS STAYS AT 3 DOLLARS A GALLON, YOU BETTER OWN GOLD!!!!!!!!!!!!!!!!!!!!!!
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THE MARKETS WILL COLLAPSE UNDER THERE OWN WEIGHT, A NATIONAL DEBT OUT OF CONTROL, CONSUMER DEBT THE LARGEST ITS EVER BEEN, OIL 70 BUCKS A BARREL, GAS 3 DOLLARS A GALLON, HOUSING BUBBLE TO BURST ANYDAY NOW, ECONOMY ON SHAKEEEE GROUND, THE CONSUMER WILL RUN FOR COVER....YOU BETTER OWN GOLD! JUST TODAY APPLEBEE'S LOWERED FULL YEAR AND NEXT YEAR EPS,,AND ALL THE REST. STOCKS WENT SOUTH...WHY, BECAUSE THE CONSUMER HAS ALREADY STARTED TO CUT BACK.....BE SMART THIS TIME PEOPLE BUY GOLD OR GOLD STOCKS, DON'T CHASE A BUNCH OF BS ALL STOCK PICKS ALL THE WAY DOWN!!!!!!!!!!!!!
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BUYTEX I'M NOT RUNNING PAL, I'LL BE HERE WITH AZMN TO THE END OF THE YEAR.....I'LL BE GETTING RICH WHILE YOU SIT HERE AND TYPE YOUR NEGATIVE BS.
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REMEMBER FOLKS, WHEN YOU SEE, 1 BOTTOM BOUNCE ALERT 2 GAPPER IN THE MORNING 3 BIG NEWS COMING ITS AN ALL STOCK PICK, 9 TIMES OUT OF 10 YOU'LL LOSE YOUR SHIRT......BE SMART THIS TIME, BUY GOLD
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WHO IS US? YOU GOT A MOUSE IN YOUR POCKET? THIS STOCK [AZMN] IS FOR SMART INVESTORS, NOT PUNKS LIKE YOU, THAT BUY 10 MILLION SHARES OF A .0003 STOCK AND THINK YOU'RE GONNA HIT THE BIG TIME........AZMN WILL MAKE THOSE WHO BUY IT RICH, I'VE DONE MY DD, YOU DO YOUR OWN.....
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By Edgar Online - (EDG = 10Q, 10K) Last Update: 6/7/2005 10:40:40 AM Data provided by
(EDGAR Online via COMTEX) -- ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The results of operations for the years ended June 30, 2003 and 2002 reflect under-capitalization of the Company's Black Canyon mica project, which project requires additional funding to be able to resume production and to achieve sustained profitable operation. Results of operations similar to those in 2003 and 2002 can be expected to continue in the foreseeable future, and are not expected to change significantly until such time as additional capital and/or debt resources are secured and the Company is able to restructure its debt and lease commitments. The Company anticipates a need for at least $5.2 million in order to satisfy past commitments, commence mining operations and initiate an exploration program as discussed in detail under the Liquidity and Capital Resources section of this report. If it fails to procure this funding, the Company may be required to eliminate substantially all business activities and to seek protection under the U.S. bankruptcy laws.
Results Of Operations
Year Ended June 30, 2003 Compared To Year Ended June 30, 2002
Sales
Sales decreased in fiscal 2003 to $55,469 from $64,880 in fiscal 2002 due to the curtailment of operations at the Company's crushing and concentrating facilities at the Black Canyon mine in November 2002. Prior to the closure of the Black Canyon facilities, the Company generated $31,060 in revenues from the sale of feldspathic sand, a by-product of the mica concentrator. In addition, revenues of $24,409 were generated from the sale of cosmetic grade mica and mica-filled plastic pellets. The Company continues to process and sell inventoried mica into the cosmetic and reinforced plastic industries, while it seeks financing to resume production.
If and when financing is procured and production resumes, the Company expects that it will require 12 months or more time in order for it to introduce its mica and feldspathic sand products into the markets and to build a customer base necessary for sustained sales and profitable operation. Although the Company anticipates being able to sell dual products of mica and feldspathic sand, it has not yet sold significant quantities of these products and has not entered into sales contracts. There are numerous factors beyond the Company's control that could affect markets for both mica and feldspathic sand. The profitability of the Company's operations could be adversely affected if it does not achieve the selling prices or sales volumes currently targeted for its products. See also "Risk Factors" under the description of the Black Canyon mica project in this annual financial report.
Expenses
Production costs decreased by $338,792 in fiscal 2003 due to the curtailment of production at the Black Canyon facilities in November 2002.
Exploration costs decreased by $148,769 in fiscal 2003 as the result of the Company's election to not fund its current portion of expenses associated with the Piedras Verdes project.
General and administrative expense decreased to $914,015 in fiscal 2003 from $1,149,508 in fiscal 2002. This decrease was due to legal fees of $12,121 in fiscal 2003 compared to legal fees of $139,638 associated with the lease transaction and other financings in fiscal 2002, and stock exchange fees of $52,309 in fiscal 2003 compared to $108,023 related to maintenance of AMEX and TSX listings in fiscal 2002.
Financing expenses in the fiscal year ended June 30, 2003 were $463,476 compared to $315,591 in the previous year. The increase was due to fees under the Pacifica financial agreement, whereby the Company agreed to pay fees to Pacifica in the form of its common stock in the amount of $430,000, $363,000 of which was recorded in fiscal 2003 and $67,000 in fiscal 2002.
The Company recorded a recovery of expenses of $257,743 in fiscal 2003 due to the relinquishment of debt when it entered into a second settlement agreement with two former executives and restructured the terms of the initial settlement agreement. Expenses of $1,030,900 related to the initial settlement agreement were recorded in fiscal 2002.
An impairment charge of $3,291,773 was recorded in fiscal 2003, which reduced the carrying value of mineral properties, plant and equipment. The amount of impairment was based upon a third party's formal indication of willingness to acquire the Company's mining assets. It represented management's best estimate of the fair value of those assets.
Other Income and Expenses
Other income and expenses in fiscal 2003 were $(634,643) as compared to $(768,778) in 2002. Interest expense increased to $952,854 in fiscal 2003 from $781,723 in fiscal 2002 due to an increase of $315,000 in accretion expense under the land and building leaseback arrangement with Muzz Investments, offset by a $119,391 reduction of deferred interest expense due to the amortization of the premium placed on warrants attached to debt financing packages.
Gain on the sale of mineral properties and equipment in fiscal 2003 consisted of $250,000 received in connection with the sale of the Company's interest in the Piedras Verde project and $65,000 for the disposal of mobile equipment.
Income Tax Benefit
The Company's income tax benefit of $998,053 in fiscal 2002 was associated with the carry back of net operating losses resulting from the March 2002 enactment of the Job Creation and Workers Assistance Act of 2002.
Year Ended June 30, 2002 Compared To Year Ended June 30, 2001
Sales
Sales increased in fiscal 2002 to $64,880 from $17,600 in fiscal 2001 due to the acceptance in the market of our cosmetic grade mica. Our sales volume in 2002 was 31,600 lbs. as compared to 8,800 lbs. in fiscal 2001. The sales were derived from cosmetic grade mica produced from the Black Canyon project.
Expenses
Production costs decreased by $104,705 in fiscal 2002 as compared to fiscal 2001 due to lower than expected demand for the Company's mica product.
Exploration costs decreased by $250,921 in fiscal 2002 as the result of the Company's election to not fund its current portion of expenses associated with the Piedras Verdes project.
Salaries expense decreased in fiscal 2002 to $341,608 from $430,111 in fiscal 2001. This decrease was due to the non-renewal in October 2002 of management contracts with two former executives.
General and administrative expense increased in fiscal 2002 to $1,149,508 from $588,632 in fiscal 2001. This increase was due to $180,000 in financing new lease payments in fiscal 2002, as well as investor relations expense relating to contract services of $495,903 in fiscal 2002 compared to $71,644 in fiscal 2001, accounting fees of $118,180 in fiscal 2002 compared to $38,583 in fiscal 2001 and stock exchange fees of $108,023 in fiscal 2002 compared to $51,673 in fiscal 2001. Investor relations expense includes $336,043 of non-cash expense related to the issuance of 820,000 shares of stock and 50,000 warrants in exchange for services rendered. The increase in accounting fees in fiscal 2002 is due to services rendered in connection with the various financings throughout the year.
Expenses of $1,030,900 were recorded in fiscal 2002 related to the settlement reached with two of the Company's former executives.
Financing expense in fiscal year 2002 was $315,591 compared to $72,139 in fiscal 2001. The increase was due to recording of the transaction fees due under the Cornell Capital equity line of credit agreement, whereby the Company agreed to issue $250,000 of its common stock as fees.
Other Income and Expenses
Other income and (expenses) was $(768,778) in fiscal 2002 as compared to $70,826 in fiscal 2001. The principal factors in the decrease in fiscal 2002 were interest of $139,639 on new notes payable and $457,745 of non-cash amortization expenses on debt discounts relating to the financing arrangements.
Income Tax Benefit
The Company's income tax benefit of $998,053 in fiscal 2002 was associated with the carryback of net operating losses resulting from the March 2002 enactment of the Job Creation and Workers Assistance Act of 2002.
Liquidity And Capital Resources
As of June 30, 2003, Azco had cash-on-hand of $707, a decrease from $884,647 at June 30, 2002. The decrease was a result of increased expenses relating to financing activities.
In fiscal 2004, Azco has continued to seek funding for its mica project. The Company financed these efforts during the first six months of fiscal 2004 with the proceeds of the sale of approximately $160,000 of cosmetic grade mica and mica-filled plastic pellets. In addition, the Company sold $348,000 of common stock during the first nine months of fiscal 2004 through the offering of stock subscriptions to shareholders and sophisticated investors.
In an effort to bring the mica project to commercial production, fund the Company's corporate commitments and initiate an exploration program, Azco anticipates the need for at least $5.2 million of additional financing during the next 12 months, in order to fund the following expected uses:
This projection assumes that the Company will be able to restructure its current debt and lease commitments whereby interest, principal and lease payments will be paid from future mica project revenues or with equity components.
Management has developed a plan to place the Company on an improved financial footing. Important elements of the plan include becoming compliant in the filing of our annual and quarterly financial statements, raising of interim funding to provide for corporate survival, restructuring of debt with secured creditors and arrangement of funding of $4.0-$6.0 million. An important priority has been to bring the financial reports current. Our auditor has completed the audit of the annual financial statement for the period ending June 30, 2004 and we expect to be able to file that annual report, followed by the quarterly financial reports for fiscal 2004 and 2005 and to be able to timely file our fiscal 2005 annual financial statement. We have provided for interim financing of the Company's activities by selling mica, on a limited basis, to key customers in the plastics and cosmetic industries, and during the first half of fiscal 2004 received revenue of $160,000 from such sales. In addition, the Company has obtained interim funding through the first ten months of fiscal 2004 by selling $348,000 of its common stock to accredited investors. We have received verbal, nonbinding expressions of interest for a larger project financing once the Company becomes compliant in the filing of its annual and quarterly financial statements and its stock resumes trading on the Over the Counter Bulletin Board. We have begun discussions with secured creditors concerning restructuring of debt and believe such restructuring may be possible in conjunction with a major project financing if such financing can be arranged.
Azco will need additional interim funding to meet its operating expenses. We plan to secure such interim funding through sales of the Company's common stock to accredited investors and by continuing to sell mica from inventory. If we are unable to procure such additional funding, the Company may be required to eliminate substantially all business activities to conserve cash or may need to seek protection under the U.S. bankruptcy laws.
In fiscal 2003, Azco raised approximately $1,000,000 through the sale of securities to Cornell Capital Partners ("Cornell") under an equity line of credit agreement and a securities purchase agreement, which the Company and Cornell entered into in June 2002 and September 2002 respectively. The Company issued the maximum of 6,000,000 shares allowed under the terms of the agreements.
In January 2002, Azco completed a financing lease transaction that yielded Azco net proceeds of $2,842,500. Under the terms of the transaction, Azco sold a 40% ownership in its mica processing facility located in Glendale, Arizona.
In December 2001, Azco received a one-year $100,000 loan, bearing interest at 12% per annum, from a sophisticated investor and shareholder, Luis Barrenchea.
In October 2001, Azco received a one-year $100,000 loan, bearing interest at 12% per annum, from Mr. Barrenchea. In connection with this loan, Azco issued a warrant to purchase 125,000 shares of Azco's common stock at $.40 per share. In October 2002 the loan was restructured and was payable in October 2003. It currently is in default. The warrant vested in December 2001 and expired in October 2003. Azco plans to negotiate a restructuring of this loan in conjunction with the procurement of the mica project financing if and when it becomes available.
In September 2001, Azco received a one-year $200,000 loan, currently bearing interest at 12% per annum, from Mr. Barrenchea. In connection with this loan, Azco issued a warrant to purchase 250,000 shares of Azco's common stock at $.40 per share. In September 2002 the loan was restructured and was payable in September 2003. It currently is in default. The warrant vested in November 2001 and expired in September 2003. Azco plans to negotiate a restructuring of this loan in conjunction with the procurement of the mica project financing if and when it becomes available.
In March 2001, Lawrence G. Olson, Azco's Chairman and former President and CEO, jointly with his wife, made an unsecured loan to Azco in the amount of $800,000 at an interest rate equal to the prime rate of interest as reported by Imperial Bank plus one percentage point. In conjunction with the loan, Mr. Olson received a warrant to purchase 300,000 shares of common stock for $0.70 per share. In October 2001, Azco restructured the $800,000 loan agreement with Mr. Olson. Mr. Olson agreed to extend the note payable an additional year to March 2003 in consideration for 700,000 warrants to purchase common stock at an exercise price of $0.40 per share. The warrants vested in December 2001 and expired in October 2003. In addition, effective October 1, 2001, the interest rate payable on the $800,000 Olson loan was adjusted from prime plus 1% to 12% annually. In June 2002, the loan was extended an additional year and Azco entered into a security agreement with Mr. Olson, whereby Azco's assets secured the loan. The loan became payable in March 2004 and currently is in default.
The agreements with Mr. Barrenchea and Mr. Olson described above are with parties related to Azco and may not be at arms-length.
A summary of the maturity dates of the notes payable currently due and the amounts payable (excluding debt discounts, accrued interest and default penalties) are set forth below:
(*) all notes are in default
Azco leases heavy equipment. Certain equipment leases are classified as capital leases and, accordingly, the equipment and related obligation are recorded on its balance sheet.
Effective March 2003, Azco was released from lease obligations on its former executive office in Vancouver, British Columbia. In exchange, the Company agreed to pay amounts totaling CDN$51,750 to the landlord and sub-lessor on September 1, 2003. Azco failed to make the September payments and is in default under the agreements with the landlord and sub-lessor. Azco plans to pay the amounts owing if and when financing can be procured, of which there can be no assurance.
The following table provides details of our contractual obligations and lease commitments:
If we are unable to procure additional financing, Azco (i) may be forced to further delay or terminate the development and marketing of Azco's mica and sand by-products, thereby hindering or eliminating Azco's expected primary source of future revenue, (ii) may be required to eliminate substantially all business activities to conserve cash, or (iii) may need to seek protection under the U.S. bankruptcy laws.
Critical accounting policies and estimates
Our discussion and analysis of Azco's financial condition and results of operations is based on the Company's financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses for each period. Critical accounting policies are defined as policies that management believes are the most important to the portrayal of the Company's financial condition and results of operations. These policies may require us to make difficult, subjective or complex judgments, commonly about the effects of matters that are inherently uncertain.
Our significant accounting policies are described in the audited consolidated financial statements and notes thereto included in Item 8. We believe our most critical accounting policies relate to revenue recognition, accounting for asset retirement obligations, capitalization of mineral properties and ore reserves, depreciation of plan t and equipment, and the carrying value of inventory.
An independent geological engineering firm estimated ore reserves at the Black Canyon mine based on Azco's exploration program completed in 1999. Ore reserve estimates are based upon engineering evaluations of assay values from 41 drill holes and 59 samples of outcropping surface exposures. These data were analyzed geostatistically and a geologic block model produced. The model formed the basis on which the open pits were designed and on which the probable and proven reserves were calculated. The methodology used was rigorous and conforms to accepted industry standards. However, the distribution and spacing of data were such that the open pit analysis in the study produced a geometry that approached the limits of the model. Additional drilling would need to be carried out in order to improve confidence in the mica grade and to increase the amount of proven and probable material.
On July 1, 2002, the Company adopted the provisions of Statement of Financial Accounting Standards No. 143, "Accounting for Asset Retirement Obligations" (SFAS No. 143). SFAS No. 143 addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs estimated to aggregate approximately $250,000.
The asset retirement costs associated with the Black Canyon mine consist of reclamation of disturbed property as well as the disposal and dismantling of related property and equipment. The Company developed estimations of and accounting for asset retirement costs in conjunction with third parties and with the Company's auditors. The Company previously accounted for these costs through periodic charges to earnings using the units-of-production method. The change in accounting resulted in a decrease to long-lived assets of $161,746, a decrease to long-term liabilities of $147,844 and a cumulative effect charge to earnings of $13,902 during the fiscal year ended June 30, 2003.
As of June 30, 2003, the Company, pursuant to regulatory requirements, maintained the following restricted assets associated with reclamation costs for the Black Canyon property: $50,000 held on deposit on behalf of the Arizona State Treasurer in a one-year automatically renewable short-term investment; and $131,092 held on deposit on behalf of the U.S. Bureau of Land Management, maturing October 25, 2004.
A roll forward of the Company's asset retirement obligation through June 30, 2003 is as follows:
In October 2001, the FASB issued SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. SFAS No. 144 replaced certain previously issued accounting guidance, developed a single accounting model for long-lived assets other than goodwill and indefinite-lived intangibles, and broadened the framework previously established for assets to be disposed of by sale (whether previously held or newly acquired). This Statement was effective as of the beginning of fiscal 2003. The Company considered the guidance in SFAS No. 144 in writing down approximately $3.3 million of long-lived capital assets for the fiscal year ended June 30, 2003. This write-down was based on a formal indication of willingness by a third party to acquire the Company's mining assets received during the third quarter and accordingly represents managements best estimate of the fair value of these assets. Due to the limited market for this equipment, its current dormancy and its remote location it is highly likely management will need to make additional adjustments to the estimate if additional impairment of this equipment occurs.
The Company recognizes the sale of product when an agreement of sale exists, product delivery has occurred, title has transferred to the customer and collection is reasonably assured. The price received is based upon terms of the contract.
Inventory is stated at the lower of cost or net realizable value. Inventory consists of the following as of June 30, 2003:
Inventoried mining costs
$634,351
In-Process inventory
$353,196
Finished goods inventory
$ 90,000
Finished goods inventory is valued at cost, which currently is less than the estimated retail value the product would be able to realize in sales.
Prior to 2001, the Company had a policy of capitalizing inventory costs.
Markets Stocks Funds Bonds ETFs Azco Mining Inc. CEO Issues Shareholder Message
By BusinessWire Last Update: 8/22/2005 9:15:02 AM Data provided by
GLENDALE, Ariz., Aug 22, 2005 (BUSINESS WIRE) -- Azco Mining Inc. (AZMN), a U.S.-based mining and exploration enterprise with an emphasis on gold, copper and industrial minerals, today issued the following message to shareholders:
I want to take this opportunity to welcome our new shareholders and to bring you up to date on the progress your company is making. To reintroduce myself, my name is Pierce Carson. I have a PhD in economic geology from Stanford University and have been in the mining business for 35 years. Since I have become CEO of the company, management has developed a plan to transform Azco into a viable operating company. Execution of that plan has consumed almost every waking hour of senior management's time as we have worked diligently to build value for the company's shareholders. I assure you we are making significant headway and believe you will see more tangible evidence of progress over the next three months.
The first step in our plan is to place the company on an improved financial footing so it will be possible to arrange the funding needed to advance our projects. An important priority has been to bring the financial reports current. Quite frankly, this task has taken considerably longer than originally anticipated. However, we have continued to make progress and I am pleased to report that in the near future we expect to file the required 2004 and 2005 annual and quarterly financial statements.
Upon regaining currency in our financial reporting, we plan to apply for resumption of quotation of the company's stock on the OTC Bulletin Board.
Azco's two main properties, the Ortiz gold project in New Mexico and the Black Canyon mica project in Arizona, each contain immense in-ground resources and in my view constitute very promising mining propositions. The task before us is to bring these projects to fruition and thereby increase shareholder value.
I also have made it my mission to redirect the company's strategic future to further acquisition of high quality gold, silver and copper properties. These metals have deep world markets and bright demand outlooks and attract great interest in today's mining markets. The acquisition of the Ortiz gold property represents the first realization of our new strategic agenda. But in addition, I am happy to report that we have been successful in identifying other attractive precious metals properties containing drilled resources and have begun active negotiations on two of those properties.
The Ortiz gold project contains two million ounces of gold in several deposits that other companies discovered and drilled in the 1970's and 1980's at a cost of $40 million. These deposits have yet to be mined, although a major gold company did operate another open cut, heap leach mine on the property in the 1980's. Two of the undeveloped deposits contain one million ounces of gold and were the subject of extensive drilling, metallurgical testing and feasibility studies. We have conducted field verification and in-house analysis of the large amount of data we acquired and have concluded that at today's gold price the Ortiz project could support development of one or more very profitable new gold mines. We intend shortly to commission an independent engineering review and are confident it will support our conclusions. The company holds mineral rights to a huge area covering 90 square miles, and the geology offers superb potential for discovery of other major gold deposits. We realize of course that development of an enormous property of the magnitude of Ortiz represents a formidable undertaking for a junior mining company. As an alternative to developing the property ourselves, we are considering the option of bringing in a strong mining company partner to more quickly advance the project.
I am aware that many of you are long-term shareholders who may have invested in this company because of the promise of the Black Canyon mica project. Black Canyon is a new mine development already permitted and largely completed. The mine is planned to produce mica for the growing cosmetic, plastics and pigment industries, and by-product feldspathic sand for the expanding Phoenix construction market. Since 1999 the company has spent over $15 million on resource assessment and construction of production facilities. In 2002 the mine operated for several months on a limited basis and was successful in demonstrating it could produce high quality products. However, the project requires additional capital to reach sustained profitable production. Once this capital is obtained, we believe initial production could begin within four months and that positive cash flow could be achieved within twelve months. At full production, the project's economics are anticipated to be very attractive. The company controls a very large mica resource at Black Canyon, sufficient to support the mining operation for many years.
We will continue to work diligently to execute our strategic plan outlined above. After regaining currency in our financial reporting and returning to trading on the OTC Bulletin Board, the company will be in a much stronger position to arrange the financing necessary to complete development of Black Canyon, to restructure corporate debt, to take the Ortiz gold project forward and to acquire additional precious metals properties. Our overall goal here at Azco is to build a substantial mining company driven by cash flow and possessing a portfolio of quality exploration and development projects for future growth.
We believe the next several months will be an exciting time in the transformation of Azco and want to thank you for your patience and support.
About Azco Mining Inc.
Azco Mining Inc. is a U.S.- based mining and exploration enterprise with an emphasis on gold, copper and industrial minerals. Azco owns mineral lease rights to 90 square miles at the Ortiz gold property in New Mexico, where previous exploration has identified resources containing two million ounces of gold. Azco also owns and operates the Black Canyon mica deposit in Arizona, which contains a large resource of mica and bi-product feldspathic sand.
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
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Azco Makes Progress Toward Financial Reporting Compliance; Shareholder Increases Stake to 10 Percent
By BusinessWire Last Update: 6/21/2005 9:30:02 AM Data provided by
GLENDALE, Ariz., Jun 21, 2005 (BUSINESS WIRE) -- Azco Mining Inc. (AZMN), a U.S.-based mining and exploration enterprise with an emphasis on gold, copper and industrial minerals, today provided an update on progress in bringing its financial reporting into compliance with regulatory requirements.
The company recently filed an amended 10-K/A annual report for the fiscal year ended June 30, 2003. The company's auditor has completed the audit of the annual financial statement for the period ending June 30, 2004. The company expects to be able to file the 2004 annual report in July 2005, followed by the quarterly reports for fiscal 2005, and to be able to timely file its fiscal 2005 annual financial statement in September 2005.
Upon regaining currency in its financial reporting, the company intends to apply for resumption of quotation of its stock on the OTC Bulletin Board.
Dr. Pierce Carson, CEO, stated, "Bringing the financial reports current is an important element in management's plan to place the company on an improved financial footing. Other elements of the plan include raising of interim funding, restructuring of debt with secured creditors and arrangement of $4.0-$6.0 million for development of our mica and gold projects."
The company has provided for interim financing of its activities by selling mica, on a limited basis, to key customers in the plastics and cosmetic industries, and by selling its common stock to accredited investors in private placements.
Dr. Carson said the company has received verbal, non-binding expressions of interest for a larger project financing once it becomes compliant in the filing of its financial statements and its stock resumes trading on the OTC Bulletin Board. He stated, "If we are able to continue to secure interim financing, restructure debt and in 2005 obtain the additional required project financing, we believe that in 2006 the company could be in a position to begin profitable mining operations."
The company announced also that a long-term supportive shareholder, a Swiss-based industrialist, recently had increased his stake in the company to more than 10 percent. Two insiders also hold more than 10 percent of the company's stock. The respective shareholdings were disclosed in Section 13-G and 13-D filings.
About Azco Mining Inc.
Azco Mining Inc. is a U.S.- based mining and exploration enterprise with an emphasis on gold, copper and industrial minerals. Azco owns mineral lease rights to 90 square miles at the Ortiz gold property in New Mexico, where previous exploration has identified resources containing 2 million ounces of gold. Azco also owns and operates the Black Canyon mica deposit in Arizona, which contains a large resource of mica and byproduct feldspathic sand.
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
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"If we are able to continue to secure interim financing, restructure debt and in 2005 obtain the additional required project financing, we believe that in 2006 the company could be in a position to begin profitable mining operations."
One thing is if they are profitable in 2006 does that mean I should buy this now. Or will it drop back down to .10 cent before it goes to 1 dollar. Recently I bought another stock that was projecting its first earnings next quarter. For the most part people were still selling off the current bad situation of the stock. It took about a month before the earnings statement realease before it started rallying. I got in right before it went up and made a decent profit. Why is this one going to rally over a year before anything happens. Im not saying it wont becauase ive seen it happen both ways, but do you have a reason to think that right now it will rally?
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My crystal ball broke the other day, so I don't know if it will go back down to 10 cents...IMO you will never see 10 cents again...The company is worth way more then 20 cents or todays current price...If anything 15 cents should be as low as it goes.....If you like the stock, buy now and average in, if you think it is going down...IMO its ready to break OUT.........NOW......There are things happening that you can't paste and post..
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One more thing.....The stock has been between 10 and 20 cents for 2 YEARS!!!!! That is a long and strong base....When it breaks above 20 cents, the sky is the limit!!!!!!!!
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Tex, you happy now. Somebody cut and pasted for your lazy azz....Go buy HIET and be quick about it!lol dardog at 68 cents on some bs allstock news,company has a new meter,,,, WOW a new meter, LLLLLLLLLLLLOOOOOOOOOOOOOLLLLLLLLLLLLLLLL
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