Making a nice move, symbol change on friday (AAGM) is the old symbol MGMX is the new one. La Esperanza mine looks like it has some monster reserves, been moving up for the last few days MGMX could be positioning itself for a nice little run
Volume been skyrocketing and this stock is on the move, gold is huge right now and it seems like MGMX is taking advantage of some great reserves down in Columbia.
"La Esperanza Facts
Proven reserves: 1,080,000 tons of gold-silver bearing material (400,000 m3 x 2.7 ton/m3) with dimensions of 1,000 m in length and a width of 0.8 m and an average of 0.8037 troy ounces of gold and 0.9645 troy ounces of silver per ton.
Probable reserves: 1,620,000 tons of gold-silver bearing material
with 1,080,000 tons located in an inferior block with the same dimension of the last one, plus another adjacent block of 540,000 tons located in the east. The total amount of probable reserves of material is 1,620,000 tons, assuming the same average of 0.8037 troy ounces by ton of gold"
"AREA FACTS
Colombia has the largest coal reserves in Latin America, as well as containing substantial reserves of iron ore (producing 0.7 Mt in 2003 compared to 0.6 Mt in 2002), nickel, gold and copper.
Silver production rose 37% from 6.9 t in 2002 to 9.5 t in 2003. Estimated emerald production was 9.0 Mct in 2003 compared to 5.4 Mct in 2002.
Colombia has produced in excess of 125 million ounces of gold, making it South America’s largest recorded gold producer.
Volume been skyrocketing and this stock is on the move, gold is huge right now and it seems like MGMX is taking advantage of some great reserves down in Columbia.
Posted by moosehead9nc on :
news out
Press Release Source: MGM Mineral Resources
MGM Mineral Resources Begins Trading Its Shares on the OTC Pink Sheets Under the Symbol MGMX Monday May 1, 9:31 am ET
TORONTO--(MARKET WIRE)--May 1, 2006 -- Metro Gold Mines Mineral Resources Inc. (Other OTC:MGMX.PK - News), a precious metal mining company focused on the development of producing properties internationally, announces that it has begun to trade its shares on the OTC Pink Sheets under the symbol of MGMX.
"We are happy to finally be trading and we feel that our exposure as a public company will only grow among investors as we begin to outline our business plan and growth strategy. There are several rich properties that MGM is interested in and I believe that in the current market climate our shareholders will be quite satisfied and maybe even a little surprised by our growth." (Ken Lamb, President)
As President of the company, Mr. Ken Lamb, possesses a strong sales and marketing background, along with extensive and diverse entrepreneurial / leadership abilities have allowed him to excel in various successful marketing, consulting and fundraising corporations. Aside from being President and Manager of several innovative companies, Mr. Lamb has served as a Professor of Academics for over twenty years and has been an instrumental key for implementing various breakthrough concepts and administrative ideas for MGM Mineral Resources. With excellent prospects all over the world, Mr. Lamb, along with Metro Gold Mines Mineral Resources are moving forward to be one of the major precious metal producers in the world.
The Company's current focus will be on acquiring and developing producing precious metal properties located in South America. It is MGM's goal to be a world-class mining company with efficiency in all areas, not only profits, but of the employees' well-being, social aid, and environmental management. The company's long-term goal is to expand and consolidate with the acquisition of other rich mines. This coupled with management's contacts and reputation in the region will allow it to assemble a world-class property portfolio years ahead of what could be accomplished and gained by outsiders.
"Our board and our company has developed a good reputation and prestige in South America and we wish to leverage on this goodwill and hopefully turn it into acquisitions that may turn out to be quite lucrative." (Jairo Giraldo, Chairman and C.E.O.)
As C.E.O., Mr. Giraldo's background is in Mining Engineering, having graduated from the National University of Colombia (Universidad Nacional) as well as certified in Mining Management with the American Management Asociation (A.M.A.). He worked for over ten years with the Ministry of Mines and Energy of Colombia, registering more than forty years of experience within the mining industry overall. Mr. Giraldo has served as a renowned professor throughout Colombian institutions, including SENA. Although his experience is quite diverse, he is a specialist with emeralds, gold, silver and platinum mines. He has been a special advisor for the Colombian government and helped establish the mining regulations that exist today within the country.
The Company is currently in the later stages of negotiations with several gold and silver mines and will announce these acquisitions once they have been fully completed, as well as obtaining all necessary mining and land rights.
About MGM Mineral Resources
Metro Gold Mines Mineral Resources S.A. is an independent precious metal mining company engaged in the acquisition and development of an impressive portfolio of exploration and production properties internationally. The Company's staff consists of economists, senior geologists, mining engineers, and experts in environmental management, all of them with extensive experience resulting in the best knowledge to explore and develop the interests of the company.
MGM's initial focus will be on the exploration and procurement of gold and silver in the richest and most traditional Colombian "gold zone." This region is comprised of the nearby municipalities of El Bagre, Zaragoza, Segovia and Remedios. The mining in this region, which is located approximately 200 kilometers from the large city of Medellín, is rich in gold and history. The emphasis in the recovery of gold dates back to the pre-Columbus period and was described by the Spanish settlers as one of the richest lands that had been discovered in the world.
Colombia is seen today as one of the countries in the region with excellent potential given the sustained growth of its economy throughout the past five decades. The growth rate and most macroeconomic variables have been recording a favorable behavior, thus promoting an excellent investment climate.
The current macroeconomic stability is to a great extent due to the growing confidence of the private sector in the work carried out by the Government to improve the security conditions throughout the national territory. The impact of these efforts has been a higher economic growth rate.
FORWARD-LOOKING STATEMENTS:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.
Contact: Contact: Mr. Kenneth Lamb President 905-704-8026
Posted by moosehead9nc on :
i wonder if today's pr will move it up any today
Posted by billjohnson on :
Not sure if it will move it up but Gold is still on fire and when they come out with some real news not just an introduction this one could really fly, la esperanza is a monster of a mine!
Posted by billjohnson on :
Flurry of trade as closing bell get closer, will she be able to run?
Lots of buying going on, some say brokers are having trouble because of symbole change, looks like when all that gets worked out some real buying will come in.
Posted by blou on :
MGM Mineral Resources Completes Acquisition of La Esperanza Mine in Colombia's Highest Yielding Gold Zone Gold Company to Modernize Operations and Maximize Production of Newly Acquired Mine Update: 4:05 PM ET May 2, 2006
TORONTO, May 02, 2006 (MARKET WIRE via COMTEX) -- Metro Gold Mines Mineral Resources Inc. (MGMX : mgm mineral resources inc com News , chart, profile, more Last: 0.07-0.03-34.00%
5:21pm 05/02/2006
Sponsored by: MGMX0.07, -0.03, -34.0%) , a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, announced that it has completed the acquisition of La Esperanza gold mine. La Esperanza is located in Segovia, the richest, most gold-bearing municipality in Colombia. There are proven multi-million ounce deposits of rich gold under Colombian soil. Colombia is the highest-yielding nation in South America, having produced more than 125 million ounces of gold. But it is also the most under-explored and under-developed. With the notable exception of neighboring Frontino Gold Mines LTD -- which has produced over 5 million ounces of gold in the Segovia area -- the majority of local miners have not had the resources or technology to sustain maximum production. MGM Mineral Resources is working to modernize operations and maximize profitability of La Esperanza mine, which is located within the province of Antioquia where between 60 and 80 percent of the nation's gold is produced. Through partnerships with local and federal government authorities and the surrounding communities, the company is ramping up the mine to achieve full production capacity. MGM Mineral Resources believes it can significantly accelerate the extraction process, increase overall productivity and lower production costs. "MGM Mineral Resources has been working to acquire La Esperanza since its inception and it is extremely gratifying to see this exceptional property become part of our portfolio," said Ken Lamb, President of MGM Mineral Resources. "The Company is very excited about La Esperanza's prospects and would like to thank Mr. Jairo Giraldo, our CEO, for orchestrating this acquisition. Mr. Giraldo is a highly respected figure in the Colombian mining community with more than 40 years of proven experience in the industry. Due in large part to his hard work, close relationships with government and industry officials and excellent reputation we are able to embrace this opportunity." "We are working on releasing the results of our geology reports, which will outline just how extensive a project this mine will become," said Chairman and CEO Jairo Giraldo. "La Esperanza is located within our country's richest gold zone. We are highly pleased with what we have seen so far. We believe this acquisition has the potential to significantly improve our bottom line and increase shareholder value." About MGM Mineral Resources (MGMX : mgm mineral resources inc com News , chart, profile, more Last: 0.07-0.03-34.00%
5:21pm 05/02/2006
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: MGMX0.07, -0.03, -34.0%) Metro Gold Mines Mineral Resources Inc. is a growing, expertly managed gold mining company focused on acquiring and producing an impressive portfolio of exploration and production properties in South and Central America. MGM Mineral Resources is working to establish itself as a world-class gold company, capitalizing on smart acquisitions, leading edge technology, modernized operations, deep industry expertise and a strong gold market to cost-effectively produce high quality gold. The company has identified a significant opportunity to exploit proven but under-developed mineral resources in Colombia and is in the later stages of negotiations with several high grade gold and silver properties. MGM Mineral Resources is initially targeting the richest gold zone in Colombia, where between 60 and 80 percent of the nation's gold is produced.
Posted by moosehead9nc on :
nice pr after the bell, i believe mgmx hit bottomed out today, so tom morning will be a great time to get in for a quick run up to sell...
Posted by skipdeez on :
agree. finished down, could gap up tomorrow with this news. I'm tied up in this great oil company about to release a PR , anybody want to loan me some money so I can play in the meantime?
Posted by billjohnson on :
You are always on top of things huh great news for the company!
Showing some real promise the best thing about these Columbian mines is they are underdeveloped a company like MGMX can come in there and really start to get some value out of this Monster Gold mine!
Posted by moosehead9nc on :
this is a definite gapper tommorrow morning however, my scottrade still hasn't changed the symbol name from AADN to MGMX so i can't sell
Posted by billjohnson on :
Why would you want to sell?
Posted by blou on :
Metro Gold Mines Mineral Resources Inc. (MGMX) may be a target of aggressive investors and day traders this morning! Yesterday the company, a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, issued a press release announcing that it has completed the acquisition of La Esperanza gold mine; located in Segovia the richest, most gold-bearing municipality in Colombia.
The news may get the attention of investors! According to the press release, there are proven multi-million ounce deposits of rich gold under Colombian soil. Colombia is the highest-yielding nation in South America, having produced more than 125 million ounces of gold. But it is also the most under-explored and under-developed. With the notable exception of neighboring Frontino Gold Mines LTD-which has produced over 5 million ounces of gold in the Segovia area-the majority of local miners haven't had the resources or technology to sustain maximum production.
Continue to watch this company! "MGM Mineral Resources has been working to acquire La Esperanza since its inception and it is extremely gratifying to see this exceptional property become part of our portfolio," said Ken Lamb, President of MGM Mineral Resources. "The Company is very excited about La Esperanza's prospects and would like to thank Mr. Jairo Giraldo, our CEO, for orchestrating this acquisition. Mr. Giraldo is a highly respected figure in the Colombian mining community with more than 40 years of proven experience in the industry. Due in large part to his hard work, close relationships with government and industry officials and excellent reputation we are able to embrace this opportunity."
"We are working on releasing the results of our geology reports, which will outline just how extensive a project this mine will become," said Chairman and CEO Jairo Giraldo. "La Esperanza is located within our country's richest gold zone. We are highly pleased with what we have seen so far. We believe this acquisition has the potential to significantly improve our bottom line and increase shareholder value."
Investors should continue to monitor the progress of Metro Gold Mines Mineral Resources! MGM Mineral Resources is working to modernize operations and maximize profitability of La Esperanza mine, which is located within the province of Antioquia where between 60 and 80 percent of the nation's gold is produced. Through partnerships with local and federal government authorities and the surrounding communities, the company is ramping up the mine to achieve full production capacity. MGM Mineral Resources believes it can significantly accelerate the extraction process, increase overall productivity and lower production costs.
Posted by blou on :
This news release was from the Wall Street Journal
Posted by moosehead9nc on :
i don't want to sell, im just saying, i can't buy either
Posted by blou on :
5/03/2006 9:15 am MGM Mineral Resources Acquires Exceptional Property in Colombia's High Yielding Gold Zone
Posted by blou on :
up nice %%%% already this morning!!
Posted by blou on :
Catch it if you can!!!!
Posted by blou on :
up 81%!! how high will this go!!
Posted by billjohnson on :
wow this one is freaking flying great news yesterday and it seems this is all over the net huge gold mine, could really move if it breaks resistance at .12!
Posted by billjohnson on :
MGMX THINGS are really heating up with this Gold move!
Volume really heating up stock pulled back a little, trading at 20 times average volume two hours into open, Gold is on fire right now, La Esperanza mines are supposed to be huge.
Posted by Johnvh2811 on :
off to lunch we go
Posted by billjohnson on :
HEading onto close volume could pick up a close above .115 would mean a ton to the chartist!
Posted by jules on :
More news today.
Thursday, May 04 2006 6:00 AM, EST
MGM Mineral Resources Appoints New Lead Senior Geologist to Direct Production of La Esperanza Gold Mine
TORONTO -- (MARKET WIRE) -- 05/04/06 -- Metro Gold Mines Mineral Resources Inc. (OTC: MGMX), a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, announced the appointment of Mr. Alvaro Alzate Castaño as Lead Senior Geologist. Mr. Castaño is charged with driving production of MGM Mineral Resources' newly acquired La Esperanza mine located in Segovia, the richest, most gold-bearing municipality in Colombia, as well as assessing future acquisitions.
MGM Mineral Resources is led by a team of senior experts in geology, mining, environmental biology and business administration with proven industry expertise and an extensive network of contacts in Colombia. Not only are they experts in their fields, they also have proven experience working directly in the area.
"Mr. Castaño is a talented and respected lead geologist with highly specialized expertise developing gold properties in the area and we are extremely pleased that he has chosen to join our team," said Ken Lamb, President of MGM Mineral Resources. "Mr. Castaño's career includes twenty years of increasing responsibility with Frontino Gold Mines LTD, which has produced more than 5 million ounces of gold from two local mines -- El Silencio and Providencia. Providencia is directly adjacent to our La Esperanza property."
Mr. Castaño is leading the geology team of MGM Mineral Resources including managing the various stages of La Esperanza mine. Mr. Castaño is a graduate of the National University of Colombia with a major in Business Administration. He worked for world renowned Frontino Gold Mines for over 20 years. Mr. Castaño worked for civil engineering firms Pervel and Mingtec, where he managed a major tunnel system expansion. Throughout his extensive career, he has been involved in all aspects of mining projects including planning, surveying, topography, and construction. Most recently, with Frontino Gold Mines, he directed the majority of production, management and planning.
"We are working diligently with Mr. Castaño to finalize the Geologist Report detailing the prospects of our La Esperanza mine and expect to announce the results shortly," said Jairo Giraldo, Chairman and CEO. "We believe Mr. Castaño will play a vital role in both the successful production of our first mine and the rapid growth of our company."
MGM Mineral Resources is focused on acquiring and developing world-class gold properties in Colombia. Colombia is South America's largest recorded gold producer, yielding more than 125 million ounces. But it is also the most under-explored and under-developed. With a few notable exceptions, the majority of local miners have not had the resources or technology to achieve and sustain maximum production of the nation's rich reserves.
Posted by blou on :
AUSTIN, Texas, May 05, 2006 (BUSINESS WIRE) -- SmallCapVoice.com, Inc. today announced that a new audio interview is available at SmallCapVoice.com. The featured guest is Ken Lamb, President of Metro Gold Mines Mineral Resources Inc. (MGMX : mgm mineral resources inc com Last: 0.05+0.01+21.95%
3:59pm 05/05/2006
MGMX0.05, +0.01, +22.0%) . The interview includes Mr. Lamb's personal insight into the Company's growth to date and its recent news. The interview can be heard here at http://www.smallcapvoice.com/mgmx/mgmx-5-4-06.html. The company is ramping up operations in its newly acquired La Esperanza mine located in Segovia, the richest, most gold-bearing municipality in Colombia. MGM Mineral Resources is initially targeting Colombia's richest gold zone; where between 60 and 80 percent of the nation's gold is produced. For more information please visit www.mgmmineralresources.com. Posted by Mule on :
MGMX should do very nice this week. Shares are as cheap as they will get.
Posted by waradmiral on :
Should move pretty good with news coming on the geological report and acquisitions.
Posted by ohio_trader on :
This stock is getting ready to soar again....
a great gold play...buy this month, gold will fly in June
IMO
***do your homework**
Ohio_Trader
Posted by ohio_trader on :
we may not see abetter entry point on this one.....
GOLD,GOLD,GOLD going over $700 soon
Long and Strong !!!
IMO
Posted by ohio_trader on :
on this last dip, this is the DEAL of the day, week and maybe month
***do your homework***
Posted by moosehead9nc on :
i agree, im in
Posted by moosehead9nc on :
this should go up tommorrow, on a down day like this
Posted by ohio_trader on :
today was a great buy opportunity...your right moosehead this should move back up...im in for 55,000 shares
GO MGMX !!!!!!
IMO
Posted by waradmiral on :
Hoping for the turn up tommorow
Posted by ohio_trader on :
last chance to buy at these bargain prices ???
back up we go......
Posted by Mule on :
Gold $693 an ounce today. This stock will rock with news
Posted by jdg257 on :
This is the bottom....wow this is a bargain im LOADING UP.
Posted by Thorn on :
What makes you guys think this will move? It looks like a terrible chart to me (but I don't know a lot about charts).
Posted by blou on :
Gold jumps above $700 Metal's huge recent gains driven by investors buying on geopolitical concerns. May 9, 2006: 12:42 PM EDT
NEW YORK (Reuters) - Gold futures jumped above $700 an ounce Tuesday, hitting a fresh 25-year high, fueled by relentless investor buying on geopolitical tensions and worries about inflation.
Posted by ohio_trader on :
quote:Originally posted by Thorn: What makes you guys think this will move? It looks like a terrible chart to me (but I don't know a lot about charts).
---------------------------------------------- GOLD GOLD GOLD now over $700 per ounce historically it trades abot 15x the price of a barrel of oil...it will continue to go up and this company has mines in the top gold producing country in South America
when we get the geologocal report this will go way up, it was just at .12 last week,and this is a great dip to enter..... -------------------------------------------- MGM Mineral Resources Acquires Exceptional Property in Colombia's High Yielding Gold Zone Wednesday May 3, 9:15 am ET
Gold Company to Modernize Operations and Maximize Production of Newly Acquired Mine
TORONTO--(MARKET WIRE)--May 3, 2006 -- Metro Gold Mines Mineral Resources Inc. (Other OTC:MGMX.PK - News), a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, announced that it has completed the acquisition of La Esperanza gold mine. La Esperanza is located in Segovia, the richest, most gold-bearing municipality in Colombia. ADVERTISEMENT
There are proven multi-million ounce deposits of rich gold under Colombian soil. Colombia is the highest-yielding nation in South America, having produced more than 125 million ounces of gold. But it is also the most under-explored and under-developed. With the notable exception of neighboring Frontino Gold Mines LTD -- which has produced over 5 million ounces of gold in the Segovia area -- the majority of local miners have not had the resources or technology to sustain maximum production.
MGM Mineral Resources is working to modernize operations and maximize profitability of La Esperanza mine, which is located within the province of Antioquia where between 60 and 80 percent of the nation's gold is produced. Through partnerships with local and federal government authorities and the surrounding communities, the company is ramping up the mine to achieve full production capacity. MGM Mineral Resources believes it can significantly accelerate the extraction process, increase overall productivity and lower production costs.
"MGM Mineral Resources has been working to acquire La Esperanza since its inception and it is extremely gratifying to see this exceptional property become part of our portfolio," said Ken Lamb, President of MGM Mineral Resources. "The Company is very excited about La Esperanza's prospects and would like to thank Mr. Jairo Giraldo, our CEO, for orchestrating this acquisition. Mr. Giraldo is a highly respected figure in the Colombian mining community with more than 40 years of proven experience in the industry. Due in large part to his hard work, close relationships with government and industry officials and excellent reputation we are able to embrace this opportunity."
"We are working on releasing the results of our geology reports, which will outline just how extensive a project this mine will become," said Chairman and CEO Jairo Giraldo. "La Esperanza is located within our country's richest gold zone. We are highly pleased with what we have seen so far. We believe this acquisition has the potential to significantly improve our bottom line and increase shareholder value."
About MGM Mineral Resources (Other OTC:MGMX.PK - News)
Metro Gold Mines Mineral Resources Inc. is a growing, expertly managed gold mining company focused on acquiring and producing an impressive portfolio of exploration and production properties in South and Central America. MGM Mineral Resources is working to establish itself as a world-class gold company, capitalizing on smart acquisitions, leading edge technology, modernized operations, deep industry expertise and a strong gold market to cost-effectively produce high quality gold. The company has identified a significant opportunity to exploit proven but under-developed mineral resources in Colombia and is in the later stages of negotiations with several high grade gold and silver properties. MGM Mineral Resources is initially targeting the richest gold zone in Colombia, where between 60 and 80 percent of the nation's gold is produced.
quote:Originally posted by Thorn: What makes you guys think this will move? It looks like a terrible chart to me (but I don't know a lot about charts).
Looking at this chart I see an oversold stock (RSI is 30), that has a rising MACD with lowering prices (positive divergance), which means a major reversal and breakout is coming.
Posted by cougarfeather on :
as far as charts go, it actually looks pretty good for a bounce, if you ask me
Posted by jdg257 on :
yes and i dont care if the compnay is a scam if it moves it moves.. (i dont think its a scam, im just saying...)
Posted by jdg257 on :
this should bounce like a rubber ball today...GOLD IS HUGE
Posted by Mule on :
jdg hope you are right. Its time for this golden beauty to start heading north $$$$
Posted by ohio_trader on :
this has been a bargain the last 3 days IMO, this stock will soar very soon, geological report due out....one of the best penny gold plays
**do your homework**
been saying this over and over---read the charts on these ( historically gold is 15X higher in price than a barrel of oil)
Oil in May, Gold in June ( buy now or pay more)
Ohio_Trader
Posted by ohio_trader on :
lets make a deal.... how low will it go??
any thoughts?
Posted by sleepy on :
:rolleyes:Wait and Pray
Posted by Mule on :
Nice PR just released
Press Release Source: MGM Mineral Resources
MGM Mineral Resources Announces a Corporate and Shareholder Update Wednesday May 10, 2:51 pm ET
Gold Company Reviews Progress to Date, Share Price, Pink Sheets Listing and Unauthorized Spamming
TORONTO--(MARKET WIRE)--May 10, 2006 -- Metro Gold Mines Mineral Resources Inc. (Other OTC:MGMX.PK - News), a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, wishes to provide shareholders with an update on the company's progress and address questions regarding share price, spam emails sent without company authorization, and the status of its listing on the Pink Sheets. ADVERTISEMENT
First, MGM Mineral Resources would like to confirm for shareholders that there has been no material change or event to cause the recent slide in its share price. The company is working diligently to accomplish the objectives outlined in its business plan. In fact, MGM Mineral Resources is reaching certain milestones ahead of schedule.
"There are many external factors that can contribute to such radical changes in the markets. We would like to let our shareholders know that there is absolutely no correlation between the recent share price volatility and the continued development of our business and marketing plans, nor the ongoing efforts of our company," said Ken Lamb, President of MGM Mineral Resources.
As announced, the company has acquired La Esperanza Mine, appointed a world renowned Lead Geologist, and is working to close acquisitions of other promising mining properties in Colombia. The company is finalizing the results of internal geological studies of La Esperanza and is extremely pleased with what it has seen so far. These accomplishments should prove to be beneficial for our shareholders and for the future growth of MGM Mineral Resources.
The company appreciates the recent comments from shareholders who have questioned the posting on the Quote section of the Pink Sheets website. MGM Mineral Resources has been in constant communication with Pink Sheets and the issue is in the process of being resolved in a matter of several business days. At times the most minor of issues can hold up certain parts of the process and the Company appreciates the patience that the shareholders have exercised.
Lastly, the company has endured unauthorized spamming. MGM Mineral Resources, which is currently in the initial stages of a successful venture, does not engage in sending unsolicited spam and regrets that investors may have been exposed to unfounded negative publicity. Bulk unsolicited emails were sent without the authorization or knowledge of the company. Such campaigns are common spam often sent out in massive bulk emails by outside parties attempting to inflate stock and make large personal gains.
"We would like to assure our shareholders that our team was not involved in the spamming of our company's information," commented Mr. Lamb. "MGM Mineral Resources takes pride in building a successful mining company with value and integrity."
In fact, the company encourages investors to review its Mission:
MGM Mineral Resources will develop ethical and efficient gold mining operations, maintaining a fair, secure and non-discriminative work environment. We expect to grow with our surrounding communities and achieve above-average financial returns by maintaining a meaningful share of this high-end market. Our employees are our principal asset. We will provide challenges and rewards to encourage our team to make meaningful contributions to the company and the community.
Mr. Lamb concludes, "MGM Mineral Resources is focused on building company value by achieving the objectives we have outlined, communicating our growth to the investment community, and operating with integrity. We appreciate this opportunity to update our shareholders on our progress."
About MGM Mineral Resources (Other OTC:MGMX.PK - News)
Metro Gold Mines Mineral Resources Inc. is a growing, expertly managed gold mining company focused on acquiring and producing an impressive portfolio of exploration and production properties in South and Central America. MGM Mineral Resources is working to establish itself as a world-class gold company, capitalizing on smart acquisitions, leading edge technology, modernized operations, deep industry expertise and a strong gold market to cost-effectively produce high quality gold. The company has identified a significant opportunity to exploit proven but under-developed mineral resources in Colombia and is in the later stages of negotiations with several high grade gold and silver properties. MGM Mineral Resources is initially targeting the richest gold zone in Colombia, where between 60 and 80 percent of the nation's gold is produced.
Posted by ohio_trader on :
trades froze..could we get a mini jump???
Posted by ohio_trader on :
GOLD GOLD GOLD
La Esperanza Facts
Proven reserves: 1,080,000 tons of gold-silver bearing material (400,000 m3 x 2.7 ton/m3) with dimensions of 1,000 m in length and a width of 0.8 m and an average of 0.8037 troy ounces of gold and 0.9645 troy ounces of silver per ton.
Probable reserves: 1,620,000 tons of gold-silver bearing material
Colombia has produced in excess of 125 million ounces of gold, making it South America’s largest recorded gold producer
***this will go back up very soon. WAY OVERSOLD!!!!!! RSI under 30
IMO
**do your homework**
Ohio_Trader
Posted by Time2drum on :
In today at .03!!! Maybe more tommorrow ?!
Posted by ohio_trader on :
MGM Mineral Resources Gets Price Target of $0.24 The IO Circuit recommends Metro Gold Mines Mineral Resources Inc. (OTC: MGMX), which received a price target of $0.24 from Market Advisors. Metro Gold is a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, announced that it has completed the acquisition of La Esperanza gold mine. La Esperanza is located in Segovia, the richest, most gold-bearing municipality in Colombia.
There are proven multi-million ounce deposits of rich gold under Colombian soil. Colombia is the highest-yielding nation in South America, having produced more than 125 million ounces of gold. But it is also the most under-explored and under-developed. With the notable exception of neighboring Frontino Gold Mines LTD -- which has produced over 5 million ounces of gold in the Segovia area -- the majority of local miners have not had the resources or technology to sustain maximum production.
****do your homework**
Ohio_Trader
Posted by ohio_trader on :
up 50% already
Posted by Time2drum on :
UP 50% and CLIMBING !!!!!!!!!!! Posted by ohio_trader on :
lol...good timing Time2drum
Posted by Time2drum on :
Yah !!! and enjoying the view !!!!!!!
Posted by Mule on :
A little pullback and ready to go again
Posted by ohio_trader on :
GOLD GOLD GOLD !!!!!!!!!!!!!
and this is a great penny play
Posted by ohio_trader on :
going back up....
Posted by ohio_trader on :
up 50%, awesome day, keep on rolling....
Posted by Mule on :
Nice finish. Should continue to rise tomorrow. Volume not bad at 7.3M
Posted by billjohnson on :
By the way I have heard alot of things about that stockpatrol and they had much of the story wrong with MGMX.
Took a massive beating things looking up I think the seller could have run out of stock, seems like things were moving alot smoother today, with a valuation PR this thing could really move, the company was giving hints of what is to come in the last PR. looking forward to seeing what MGMX has in store for us Columbia mines are hot.
Posted by sleepy on :
Im curious about what stockpatrol your talking about
Posted by waradmiral on :
No doubt this thing will rocket between tommorow and next friday. I would not want to be on the sidelines for this
Posted by stocktrader8000 on :
MGMX a major gold player now. Up 40%+ yesterday with strong finish into close.
MGMX was double it's present price just last week.
Watch for it to surge hard today.
MGMX target .13
Posted by ohio_trader on :
anyone else buy this in the last 3 days at bargain levels...it was a steal, and a lot of people missed out,so sad , too bad , lol...............
Posted by Mule on :
Time for this baby to turn and head north
Posted by GreenBaronZ on :
anybody here know the OS or float on this?
Posted by Mule on :
From Pink Sheets:
Outstanding Shares: 800,000,000 as of 2006-02-14
Estimated Market Cap: 24.0M as of 2006-05-10 (based on Outstanding Shares as of 2006-02-14) Authorized Shares: 400,000,000 as of 2006-02-14 Float: 180,000,000 as of 2006-02-14
Posted by GreenBaronZ on :
where did you find it in pinksheets? under what tab? I couldnt find it earlier but i want to find it for other companies as well. thanks.
Posted by Mule on :
buy while its still cheap
Posted by waradmiral on :
.15++++++++++++ is a very large gain, ( but ) I will see your +.15 and raise you .20+++++++++.lol . I really do feel it is capable of more than that shortly.GLTA
Posted by Mule on :
I sure hope you two guys are right in your prediction. I'd be happy with anything over .10 Gold is where it's at !!!!
Posted by ohio_trader on :
historically>>
gold price per ounce = approx. 15 times the price per barrel of oil
oil going down???? doubt it
must mean, gold going up?? probable
***do your homework***
Posted by waradmiral on :
Of the 180,000,000 float, about 60,000,000 was held by old shareholders from Mercantile. That is pretty much done now as they have dumped those shares over the past week. With them out of the way this stock will soar to new levels. The only reason it has been so low is because of the non stop dumping. Just imagine if .03 is the absolute lowest it could go under the worst circumstances, then imagine the new levels it will reach after the Geo. Report. GLTA
Posted by ohio_trader on :
well said waradmiral, the dumpers have dumped the shareholders are holding, time to go back up.......
Posted by billjohnson on :
Sellers getting very hesitant around here.
Bounced hard from these lows twice already.
Posted by Mule on :
Selloff at the close today. Only 3.6M traded. This stock is in desparate need of a quality PR
Posted by Mule on :
4M traded today. A few buys at the end
Posted by Mule on :
Back up to .035. Slow and steady. I think this is ready to bouce
Posted by Mule on :
Sorry, Bounce and bounce hard
Posted by jdg257 on :
a good pr will send this to the moon
Posted by sleepy on :
AI'S ASSETS are going down the drain as the market takes a nosedive. Depressed, he goes to church.
"Grab your Bible and drive to the ocean," the minister advises. "Sit at the water's edge and open the Bible. The wind will riffle the pages, but eventually it'll stay open. Read the first words your eyes fall on and they will tell you what to do."
Al does as he is told. When the pages stop moving, his eyes fall on the words that are meant for him.
A year later, Al returns to see the minister wearing a $1,000 suit and driving a new Jag. He hands the minister a thick envelope. "Please accept this donation for the church," he says. "Thanks for your advice."
"What words did you see that brought you such fortune?" the minister asks.
"Chapter 11."
Posted by sleepy on :
Go!!!!!! MGMX!!!!
Posted by Mule on :
The market really sucks this week. Hope to see it rebound. It's like throwing your money in the toilet !!!
Posted by sleepy on :
Maybe I should check the my toilet for my nickles????
Posted by sleepy on :
Does any one have any new news about MGMX ?? I checked my toilet and its empty, maybe all my nickles are in MGMX's float stock customers toilets!!!!!!!!
Posted by Mule on :
I can't see this going any lower (let's hope). We are so overdue for that PR that will put this baby on the moon.
Posted by Time2drum on :
RSI is 30! This is way oversold. IMHO. Great Gold play. Just waiting for that Geo Report. Always wondered what it's like to walk on the moon. Looking forward to it!
Posted by MoMoMoney on :
anyone here know when the geological report will be done on the La Esperanza Mine?
Posted by sleepy on :
Last Fri. MGMX said Several days and hinted saying so far thay wher very pleased with there findings so far
Posted by Mule on :
There is a financial report on Pinksheets . com dated May 10th 2006 but the report is in spanish. If anyone could look at it and translate for us into english, it would be much appreciated.
I've followed this stock very closely the past few weeks and today I could swear there was some dilution. In the afternoon there were quite a few 100k and 200k sells. After the bell there was a 600k buy followed by a 3.4M sell *.026. Why would anyone sell at those prices when this is the lowest this stock has been. I hope I am wrong but this is starting to smell.
Posted by MoMoMoney on :
this company is sounding fishier and fishier. all the name changes, ceo changes, and office relocation, gold mines, south america. I bailed out today but Im happy I cut short my loss because I dont think this company can be trusted.
Posted by sleepy on :
Past history on MGMX purchase of La Esperenza please read ond tell me what you think
Anglo Andean Mining Company INFORMATION STATEMENT PURSUANT TO RULE 15C2-11 OF THESECURITIES EXCHANGE ACT OF 1934 Item 1. The Exact Name of the Issuer and its Predecessor (if any): Anglo Andean Mining Company, Mercantile Gold Company, AMC American Music Corporation Inc. Item 2. The Address of its Principal Executive Offices: 300 Tanbark Rd. St. Davids, ON Canada, L0S 1P0 www.mgmmineralresources.com Item 3. The State of Incorporation Wyoming (date of continuation – September 23, 2005 from Delaware). Item 4. The Exact Title and Class of the Security Common Stock – 800,000,000 authorized (Ticker: AADN; CUSIP: 034889 10 5) Preferred Stock – 10,000,000 authorized Item 5. The Par or Stated Value of the Security Common Stock – $0.001 par value. Preferred Stock – $0.001 par value Item 6. The Number of Shares or Total Amount of the Securities Outstanding as of December 31, 2005 and March 31, 2006 As of December 31, 2005 Authorized Common Stock: 100,000,000 shares Issued Common Stock: 100,000,000 shares Authorized Preferred Shares: 10,000,000 shares Issued Common Stock: 0 shares As of March 31, 2006 Authorized Common Stock: 800,0000,000 shares Issued Common Stock: 400,039,000 shares Authorized Preferred Shares: 10,000,000 shares Issued Common Stock: 0 shares Item 7. Name and Address of the Transfer Agent Heritage Trust Company 4 King Street West Suite 1320 Toronto, Ontario Canada M5H 2Y2 (SEC Approved Transfer Agent) Item 8. The Nature of the Issuer’s Business A. BUSINESS DEVELOPMENT 1. Form of organization of the issuer: Wyoming corporation. 2. Year that the issuer (or any predecessor) was organized: Incorporated January 23, 1998 in the State of Delaware. On September 23, 2005, the Company redomiciled to the State of Wyoming. 3. Issuer’s fiscal year end date: December 31st. 4. Any bankruptcy, receivership or any similar proceeding of the Issuer (and/or any predecessor): None. 5. Any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets not in the ordinary course of business: On February 7, 2006, Anglo Andean Mining Company (AADN), and Metro Gold Mines Mineral Resources S.A., a Colombian Anonymous Society (“MGM”), completed a Plan and Agreement of Reorganization whereby AADN issued 400,000,000 shares of its common stock in exchange for all of the outstanding common stock of MGM, through a tax-free reorganization under Sections 368 (a)(1)(B) of the Internal Revenue Code of 1986, as amended. 6. Any default of the terms of any note, loan, lease, or other indebtedness or financing arrangement requiring the issuer to make payments: The Company is not in default of any note, loan, lease, or other indebtedness or financing arrangements to make payments. 7. Any change of control: On February 7, 2006 all of the directors and officers of AADN resigned and new directors and officers were appointed. 8. Any increase in 10% or more of the same class of outstanding equity securities: On February 7, 2006, Anglo Andean Mining Company (AADN), and Metro Gold Mines Mineral Resources S.A., a Colombian Anonymous Society (“MGM”), completed a Plan and Agreement of Reorganization whereby AADN issued 400,000,000 shares of its common stock in exchange for all of the outstanding common stock of MGM, through a tax-free reorganization under Sections 368 (a)(1)(B) of the Internal Revenue Code of 1986, as amended. 9. Any past, pending or anticipated stock split, stock dividend, recapitalization, merger, acquisition, spin-off, or reorganization: On February 7, 2006, Anglo Andean Mining Company (AADN), and Metro Gold Mines Mineral Resources S.A., a Colombian Anonymous Society (“MGM”), completed a Plan and Agreement of Reorganization whereby AADN issued 400,000,000 shares of its common stock in exchange for all of the outstanding common stock of MGM, through a tax-free reorganization under Sections 368 (a)(1)(B) of the Internal Revenue Code of 1986, as amended. Immediately prior to the Plan and Agreement of Reorganization, AADN had 39,000,000 shares of common stock issued and outstanding. The acquisition was accounted for as a recapitalization of MGM because the shareholders of MGM controlled AADN after the acquisition was completed. MGM was treated as the acquiring entity for accounting purposes and AADN was the surviving entity for legal purposes. There was no adjustment to the carrying value of the assets or liabilities of MGM and its wholly owned subsidiaries, nor was there any adjustment to the carrying value of the net assets of AADN. All references to shares of common stock have been retroactively restated. MGM has no subsidiaries. On January 16, 2006, the Board of Directors increased the authorized common shares of the Company from 100,000,000 to 800,000,000 shares. On December 17, 2004, the Board of Directors and the Shareholders passed a one (1) to one thousand (1,000) reverse split. On December 6, 2005, the Board of Directors and the Shareholders changed the name of the Company to Anglo Andean Mining Company. The Company redomiciled to the State of Wyoming on September 23, 2005 from the State of Delaware. On September 13, 2004, the Board of Directors and the Shareholders passed a one (1) to twenty (20) reverse split. On August 26, 2004, the Board of Directors and the Shareholders changed the name of the Company to Mercantile Gold Company and increased the authorized common shares of the Company from 20,000,000 to 100,000,000 Common shares. 10. Any delisting of the issuer’s securities by any securities exchange or NASDAQ: Not Applicable. B. BUSINESS OF ISSUER 1. Issuer’s primary and secondary SIC Codes: SIC Code: Metal mining (1041 - Gold Ores) 2. Issuer’s business status: MGM Minerals was established to explore mineral deposits of gold and other precious minerals in Colombia as well as ramp up production of its existing mines “la Esperanza and Manantiales”. These producing mines are located near the town of Segovia in the Antioquia province in the Republic of Colombia. MGM Mineral Resources has a profitable export plan overseas. It is the company’s intention to make MGM Mineral Resources the most efficient mining company in percentage of gold recovery from the ground, worker’s well-being, and environmental management. The company’s long term goal is to achieve investment return in one and half years and build an excellent image and brand equity. In the past years, “La Esperanza” and “Manantiales” gold mines have been operated as a craft industry. This year, we want to transform these mines by developing a modern administrative and productive infrastructure. MGM Mineral Resources S.A. consists of an experienced and professional staff of executives. We have put together a staff equipped to handle a variety of tasks. The management team has direct knowledge of the industry, extensive research experience and unique administrative skills, with miners, two geologists, a biologist, a lawyer, an accountant and a spokesman. By the same token, in its second year of operation the company will open new gold mines in the same area and will consolidate its partnership with new mine landholders There is no assurance that a commercially viable ore body, a reserve, exists in any of the mineral claims until sufficient exploration work is done and an evaluation of that work concludes economic and legal feasibility. MGM Minerals current plans are strictly limited to research and exploration. MGM Minerals intends to try to remove any mineralized material, if economically viable. If mineralized material is found on any of MGM Minerals’s mineral exploration projects and removal is warranted, and MGM Minerals does not have the adequate working capital to do so, MGM Minerals will have to sell additional common shares or borrow money to finance the cost of removing the mineralized material. There is no assurance that MGM Minerals will have the working capital to remove the mineralized material from its mineral exploration projects, if warranted, and there is no assurance MGM Minerals will be able to raise additional working capital through equity or debt financing. Management Team Officers and Key Employees Kenneth Lamb (President) Mr. Lamb is President of MGM Mineral Resources and possesses a strong sales and marketing background. His excellent administrative skills, as well as his diverse entrepreneurial / leadership abilities have allowed him to excel in various successful marketing, consulting and fundraising corporations. Aside from being President and Manager of several innovative companies, Mr. Lamb has served as a Professor of Academics for over twenty years. He has been responsible for implementing various breakthrough concepts and administrative ideas for MGM Mineral Resources. With excellent prospects all over the world, Mr. Lamb, along with Metro Gold Mines Mineral Resources are moving forward to be one of the major precious metal producers in the world. Jairo Antonio Giraldo (Chairman and CEO) He is a mining Engineer from National University in Colombia (Universidad Nacional) with more than forty years of experience within the mining industry. He worked for over ten years with the Ministry of Mines and Energy in Colombia, as well as a well renowned professor throughout the country, including SENA. Although his experience is quite diverse, he is a specialist with emerald, gold, silver and platinum mines. He has been a special advisor for the Colombian government and helped establish the mining regulations that exist today in this country. Currently, he is the Chairman and CEO for Metro Gold Mines Mineral Resources 3. Any parent, subsidiary, or affiliate of the issuer: AADN will be responsible for overall management, financial resources and administration and reporting functions. MGM, a wholly owned subsidiary will be the exploration and development company for the Company’s mining projects and the operating arm of the Company’s Colombian operations and administration. The financial statements of MGM have been consolidated with Anglo Andean Mining Company and are attached to this disclosure document. 4. Effect of existing or probable governmental regulations on the business: The political risk in Colombia is non-existent because the country operates as a democratic nation subject to UN legal guidelines. Our requests to the Colombian government are handled promptly and efficiently. They welcome the foreign investment, and partner with foreign investors to build the country’s infrastructure. MGM recognizes environmental, safety, and social progress issues. The Company is in an extensive consultation period to determine code of conduct guidelines relative to where the Company’s mining operations are based. 5. Amount spent during each of the last two fiscal years on research and development activities: The Company has accumulated $61,400 on research and development activities. 6. Costs and effects of compliance with environmental laws (federal, state and local): The Company’s exploration and mining programs in Colombia are subject to all governmental regulations regarding environmental considerations. All operations involving the exploration for the production of minerals are subject to existing laws and regulations relating to exploration procedures, safety precautions, employee health and safety, air quality standards, pollution of streams and fresh water sources, odor, noise, dust and other environmental protection controls adopted by governmental. The Company may be required to prepare and present to the government data pertaining to the effect or impact that any proposed exploration for or production of minerals may have upon the environment. All requirements imposed by any such authorities may be costly, time consuming and may delay commencement or continuation of exploration or production operations. Future legislation may significantly emphasize the protection of the environment, and, as a consequence, the activities of the Company may be more closely regulated to further the cause of environmental protection. Such legislation, as well as further interpretation of existing laws in Colombia, may require substantial increases in equipment and operating costs to the Company and delays, interruptions, or a termination of operations, the extent of which cannot be predicted. Environmental problems known to exist at this time in Colombia may not be in compliance with regulations that may come into existence in the future. This may have a substantial impact upon the capital expenditures required of the Company in order to deal with such problem and could substantially reduce earnings. At the present time, the Company is in compliance with all known environmental requirements. 7. Number of total employees and number of full time employees: Currently, 25 employees, 20 full time. C. INVESTMENT POLICIES 1. The issuer does not own any real estate. 2. The issuer has not investment in mortgages. 3. There is no one individual involved in real estate investment activity. Item 9. The Nature of the Products or Services Offered 1. Principal products or services, and their markets: Exploration, production, acquisition, and trade of gold and other precious minerals. With worldwide demand continuing to grow, including demand from Japan, China, India and the United States, it is expected that this industry be far from saturation and pure competition. Pure competition is also not expected to ever be reached given that license acquisition and access to infrastructure act as barriers to entry and provide a great deal of insulation for players. 2. Distribution methods of the products or services: We will be depended on the existing infrastructure within the project areas. Our products would be delivered by truck. Product will be sent to a central depot or refiners from where it can be delivered by ship, rail or truck to the domestic market, if necessary. 3. Status of any publicly announced new product or service: None. 4. Competitive business conditions, the issuer’s competitive position in the industry, and methods of competition: The gold mining industry is highly fragmented a competitive. We are competing with many other exploration companies looking for gold and other minerals. We are among the smallest exploration companies in existence and are an infinitely small participant in the gold exploration business which is the foundation of the mining industry. While we generally compete with other exploration companies, there is no competition for the exploration or removal of minerals from our claims or properties. Readily available commodities markets exist in Colombia and around the world for the sale of gold and other minerals. Therefore, if we discover mineralization on any of our properties, we would likely be able to sell the minerals in the market. 5. Sources and availability of raw materials and the names of principal suppliers: The Company does not manufacture any products directly. 6. Dependence on one or a few major customers: The Company does not have any major customers that it depends on. The Company is still in the start up phase and has not as of yet negotiated a contract with a major client. Gold and other minerals can be readily sold on numerous markets throughout the world and it is not difficult to ascertain their market price at any particular time. Since there are a large number of available gold and silver purchasers, the Company is not dependent upon the sale of gold or silver to any one customer. The gold and other minerals will be delivered to meet commitments under gold sale contracts or sold to various dealers or smelters on a competitive basis at spot prices. Management believes that, because of the availability of alternative refiners, no material adverse effect would result if the Company lost the services of any of its future refiners. 7. Patents, trademarks, licenses, franchises, concessions, royalty agreements or labor contracts, including their duration: The Company does currently own any patents or trade marks. Also, it is not party to any license or franchise agreements, concessions, royalty agreements or labor contracts arising from any patents or trade marks. The Company’s web site www.mgmmineralresources.com is copyrighted upon loading and is registered domain names of the Company. 8. Need for any government approval of principal products or services: The Company’s exploration and prospecting activities in Colombia require it to obtain permits granting the right to engage in such activities on the leases. The legal and regulatory environment that pertains to the exploration of minerals is uncertain and may change. Uncertainty and new regulations could increase our costs of doing business and prevent us from exploring for mineral deposits. The growth of demand for minerals may also be significantly slowed. This could delay growth in potential demand for and limit our ability to generate revenues. In addition to new laws and regulations being adopted, existing laws may be applied to mining that have not as yet been applied. These new laws may increase our cost of doing business with the result that our financial condition and operating results may be harmed. Item 10. The Nature and Extend of the Issuer’s Facilities: Offices are provided by Ken Lamb at no costs on a month-to-month basis and are located at 300 Tanbark Rd. St. Davids, ON Canada, L0S 1P0. The issuer owns all assets shown on the balance sheet. Item 11. The Names of the Chief Executive Officers and Members of the Board of Directors: Name Position Jairo Antonio Giraldo Chief Executive Officer, Director Kenneth Lamb President, Director Fernando Parra Giraldo Secretary Security Ownership Of Certain Beneficial Owners And Management The following table sets forth, as of March 31, 2006, certain information with respect to the beneficial ownership of our common stock by (i) each director and officer of the Company, (ii) each person known to the Company to be the beneficial owner of five percent (10%) or more of the outstanding shares of common stock, with such person’s address, and (iii) all of the directors and officers as a group. Unless otherwise indicated, the person or entity listed in the table is the beneficial owner of the shares and has sole voting and investment power with respect to the shares indicated. Name Title of Class Owner Address of Beneficial Owner Amount Percent of Class Jairo Antonio Giraldo 33,000,000 8.25% Kenneth Lamb 22,000,000 5.50% Fernando Parra Giraldo 33,000,000 8.25% Gilberto Antonio Zapata Hurtado 33,000,000 8.25% Rodrigo Hernan Betaneur Quintero 20,900,000 5.22% Total of all Directors and Officers 141,900,000 35.47% Total of all 10% or greater shareholders 0 0.0% TOTAL 141,900,000 35.47% Beneficial Owners and Disclosure of Certain Relationships: 1) Non-Corporate Beneficial Owners 10% or greater: none 2) Corporate shareholders over 10%: none 3) To the extent not otherwise disclosed, describe any relationships existing among and between the issuer’s officers, directors and shareholders. Jairo Antonio Giraldo and Fernando Parra Giraldo are uncle and nephew, respectively. There are no other relationships between the 10% shareholders and the directors & officers of the Company. 4) To the extent not otherwise disclosed, describe all relationships and affiliations among and between the shareholders and the issuer, its predecessors, its present and prior officers and directors, and other shareholders. None other than describe above. Legal/Disciplinary History 1 - None of the above named individuals have any criminal convictions and are not involved in any criminal proceedings. 2 - None of the above named individuals face any restrictions that would allow them to not participate in any business, securities, commodities, or banking activities. 3 – None of the above named individuals are in violation of any federal or state securities or commodities laws. 4 – None of the above named individuals face any suspensions, which prohibits their involvement in any type of business or securities activity. Item 12. The Issuer’s Most Recent Balance Sheet, Statement of Operations and Statement of Cash Flows See Exhibit “A” for financial information. The financial statement attached as an exhibit are certified by the signing officer of the Company that they present fairly, in all material respects, the financial position, results of operations and cash flows for the period presented, in conformity with General Accepted Accounting Principles (GAAP). In addition the Company will provide quarterly statements within 45 days of the quarter end and will provide annual statements within 90 days of the fiscal year end. Such statements shall be in conformity with General Accepted Accounting Principles (GAAP) and shall either be audited or obtain certification by the financial principle of the Company. Item 13. Similar Financial Information For Such Part Of The Two Preceding Fiscal Years As That Issuer Or Its Predecessor Has Been In Existence See Exhibit “A” for financial information. The financial statement attached as an exhibit are certified by the signing officer of the Company that they present fairly, in all material respects, the financial position, results of operations and cash flows for the period presented, in conformity with accounting principles, consistently applied. The above information has been undersigned on the date indicated. /s/ Kenneth Lamb Kenneth Lamb President 4/20/2006 EXHIBIT A Financial Statements
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION Cautionary Statement Regarding Forward-Looking Statements Certain statements contained in this Section and elsewhere in this report regarding matters that are not historical facts are forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. All statements, which address operating performance, events or developments that management expects or anticipates to incur in the future, including statements relating to revenues and earnings growth or statements expressing general optimism about future operating results, are forward-looking statements. The forwardlooking statements are based on management’s current views and assumptions regarding future events and operating performance. Many factors could cause actual results to differ materially from estimates contained The Company operates in the mining industry and the Company believes it has certain products, which could be well received in the market place and hence could generate revenues and profits for the Company. The Company’s products and business are described in detail in the corporate web site www.mgmmineralresources.com and investors are urged to review the information contained on the Company website, along with the Company’s 15C211 Information Statement at www.pinksheets.com. The Company has prepared its financial statements according to generally accepted accounting principals (GAAP) and management hereby certifies the same. Anglo Andean Mining Company By: Kenneth Lamb President Date: April 20, 2006
Posted by sleepy on :
Past history on MGMX purchase of La Esperenza please read ond tell me what you think
Anglo Andean Mining Company INFORMATION STATEMENT PURSUANT TO RULE 15C2-11 OF THESECURITIES EXCHANGE ACT OF 1934 Item 1. The Exact Name of the Issuer and its Predecessor (if any): Anglo Andean Mining Company, Mercantile Gold Company, AMC American Music Corporation Inc. Item 2. The Address of its Principal Executive Offices: 300 Tanbark Rd. St. Davids, ON Canada, L0S 1P0 www.mgmmineralresources.com Item 3. The State of Incorporation Wyoming (date of continuation – September 23, 2005 from Delaware). Item 4. The Exact Title and Class of the Security Common Stock – 800,000,000 authorized (Ticker: AADN; CUSIP: 034889 10 5) Preferred Stock – 10,000,000 authorized Item 5. The Par or Stated Value of the Security Common Stock – $0.001 par value. Preferred Stock – $0.001 par value Item 6. The Number of Shares or Total Amount of the Securities Outstanding as of December 31, 2005 and March 31, 2006 As of December 31, 2005 Authorized Common Stock: 100,000,000 shares Issued Common Stock: 100,000,000 shares Authorized Preferred Shares: 10,000,000 shares Issued Common Stock: 0 shares As of March 31, 2006 Authorized Common Stock: 800,0000,000 shares Issued Common Stock: 400,039,000 shares Authorized Preferred Shares: 10,000,000 shares Issued Common Stock: 0 shares Item 7. Name and Address of the Transfer Agent Heritage Trust Company 4 King Street West Suite 1320 Toronto, Ontario Canada M5H 2Y2 (SEC Approved Transfer Agent) Item 8. The Nature of the Issuer’s Business A. BUSINESS DEVELOPMENT 1. Form of organization of the issuer: Wyoming corporation. 2. Year that the issuer (or any predecessor) was organized: Incorporated January 23, 1998 in the State of Delaware. On September 23, 2005, the Company redomiciled to the State of Wyoming. 3. Issuer’s fiscal year end date: December 31st. 4. Any bankruptcy, receivership or any similar proceeding of the Issuer (and/or any predecessor): None. 5. Any material reclassification, merger, consolidation, or purchase or sale of a significant amount of assets not in the ordinary course of business: On February 7, 2006, Anglo Andean Mining Company (AADN), and Metro Gold Mines Mineral Resources S.A., a Colombian Anonymous Society (“MGM”), completed a Plan and Agreement of Reorganization whereby AADN issued 400,000,000 shares of its common stock in exchange for all of the outstanding common stock of MGM, through a tax-free reorganization under Sections 368 (a)(1)(B) of the Internal Revenue Code of 1986, as amended. 6. Any default of the terms of any note, loan, lease, or other indebtedness or financing arrangement requiring the issuer to make payments: The Company is not in default of any note, loan, lease, or other indebtedness or financing arrangements to make payments. 7. Any change of control: On February 7, 2006 all of the directors and officers of AADN resigned and new directors and officers were appointed. 8. Any increase in 10% or more of the same class of outstanding equity securities: On February 7, 2006, Anglo Andean Mining Company (AADN), and Metro Gold Mines Mineral Resources S.A., a Colombian Anonymous Society (“MGM”), completed a Plan and Agreement of Reorganization whereby AADN issued 400,000,000 shares of its common stock in exchange for all of the outstanding common stock of MGM, through a tax-free reorganization under Sections 368 (a)(1)(B) of the Internal Revenue Code of 1986, as amended. 9. Any past, pending or anticipated stock split, stock dividend, recapitalization, merger, acquisition, spin-off, or reorganization: On February 7, 2006, Anglo Andean Mining Company (AADN), and Metro Gold Mines Mineral Resources S.A., a Colombian Anonymous Society (“MGM”), completed a Plan and Agreement of Reorganization whereby AADN issued 400,000,000 shares of its common stock in exchange for all of the outstanding common stock of MGM, through a tax-free reorganization under Sections 368 (a)(1)(B) of the Internal Revenue Code of 1986, as amended. Immediately prior to the Plan and Agreement of Reorganization, AADN had 39,000,000 shares of common stock issued and outstanding. The acquisition was accounted for as a recapitalization of MGM because the shareholders of MGM controlled AADN after the acquisition was completed. MGM was treated as the acquiring entity for accounting purposes and AADN was the surviving entity for legal purposes. There was no adjustment to the carrying value of the assets or liabilities of MGM and its wholly owned subsidiaries, nor was there any adjustment to the carrying value of the net assets of AADN. All references to shares of common stock have been retroactively restated. MGM has no subsidiaries. On January 16, 2006, the Board of Directors increased the authorized common shares of the Company from 100,000,000 to 800,000,000 shares. On December 17, 2004, the Board of Directors and the Shareholders passed a one (1) to one thousand (1,000) reverse split. On December 6, 2005, the Board of Directors and the Shareholders changed the name of the Company to Anglo Andean Mining Company. The Company redomiciled to the State of Wyoming on September 23, 2005 from the State of Delaware. On September 13, 2004, the Board of Directors and the Shareholders passed a one (1) to twenty (20) reverse split. On August 26, 2004, the Board of Directors and the Shareholders changed the name of the Company to Mercantile Gold Company and increased the authorized common shares of the Company from 20,000,000 to 100,000,000 Common shares. 10. Any delisting of the issuer’s securities by any securities exchange or NASDAQ: Not Applicable. B. BUSINESS OF ISSUER 1. Issuer’s primary and secondary SIC Codes: SIC Code: Metal mining (1041 - Gold Ores) 2. Issuer’s business status: MGM Minerals was established to explore mineral deposits of gold and other precious minerals in Colombia as well as ramp up production of its existing mines “la Esperanza and Manantiales”. These producing mines are located near the town of Segovia in the Antioquia province in the Republic of Colombia. MGM Mineral Resources has a profitable export plan overseas. It is the company’s intention to make MGM Mineral Resources the most efficient mining company in percentage of gold recovery from the ground, worker’s well-being, and environmental management. The company’s long term goal is to achieve investment return in one and half years and build an excellent image and brand equity. In the past years, “La Esperanza” and “Manantiales” gold mines have been operated as a craft industry. This year, we want to transform these mines by developing a modern administrative and productive infrastructure. MGM Mineral Resources S.A. consists of an experienced and professional staff of executives. We have put together a staff equipped to handle a variety of tasks. The management team has direct knowledge of the industry, extensive research experience and unique administrative skills, with miners, two geologists, a biologist, a lawyer, an accountant and a spokesman. By the same token, in its second year of operation the company will open new gold mines in the same area and will consolidate its partnership with new mine landholders There is no assurance that a commercially viable ore body, a reserve, exists in any of the mineral claims until sufficient exploration work is done and an evaluation of that work concludes economic and legal feasibility. MGM Minerals current plans are strictly limited to research and exploration. MGM Minerals intends to try to remove any mineralized material, if economically viable. If mineralized material is found on any of MGM Minerals’s mineral exploration projects and removal is warranted, and MGM Minerals does not have the adequate working capital to do so, MGM Minerals will have to sell additional common shares or borrow money to finance the cost of removing the mineralized material. There is no assurance that MGM Minerals will have the working capital to remove the mineralized material from its mineral exploration projects, if warranted, and there is no assurance MGM Minerals will be able to raise additional working capital through equity or debt financing. Management Team Officers and Key Employees Kenneth Lamb (President) Mr. Lamb is President of MGM Mineral Resources and possesses a strong sales and marketing background. His excellent administrative skills, as well as his diverse entrepreneurial / leadership abilities have allowed him to excel in various successful marketing, consulting and fundraising corporations. Aside from being President and Manager of several innovative companies, Mr. Lamb has served as a Professor of Academics for over twenty years. He has been responsible for implementing various breakthrough concepts and administrative ideas for MGM Mineral Resources. With excellent prospects all over the world, Mr. Lamb, along with Metro Gold Mines Mineral Resources are moving forward to be one of the major precious metal producers in the world. Jairo Antonio Giraldo (Chairman and CEO) He is a mining Engineer from National University in Colombia (Universidad Nacional) with more than forty years of experience within the mining industry. He worked for over ten years with the Ministry of Mines and Energy in Colombia, as well as a well renowned professor throughout the country, including SENA. Although his experience is quite diverse, he is a specialist with emerald, gold, silver and platinum mines. He has been a special advisor for the Colombian government and helped establish the mining regulations that exist today in this country. Currently, he is the Chairman and CEO for Metro Gold Mines Mineral Resources 3. Any parent, subsidiary, or affiliate of the issuer: AADN will be responsible for overall management, financial resources and administration and reporting functions. MGM, a wholly owned subsidiary will be the exploration and development company for the Company’s mining projects and the operating arm of the Company’s Colombian operations and administration. The financial statements of MGM have been consolidated with Anglo Andean Mining Company and are attached to this disclosure document. 4. Effect of existing or probable governmental regulations on the business: The political risk in Colombia is non-existent because the country operates as a democratic nation subject to UN legal guidelines. Our requests to the Colombian government are handled promptly and efficiently. They welcome the foreign investment, and partner with foreign investors to build the country’s infrastructure. MGM recognizes environmental, safety, and social progress issues. The Company is in an extensive consultation period to determine code of conduct guidelines relative to where the Company’s mining operations are based. 5. Amount spent during each of the last two fiscal years on research and development activities: The Company has accumulated $61,400 on research and development activities. 6. Costs and effects of compliance with environmental laws (federal, state and local): The Company’s exploration and mining programs in Colombia are subject to all governmental regulations regarding environmental considerations. All operations involving the exploration for the production of minerals are subject to existing laws and regulations relating to exploration procedures, safety precautions, employee health and safety, air quality standards, pollution of streams and fresh water sources, odor, noise, dust and other environmental protection controls adopted by governmental. The Company may be required to prepare and present to the government data pertaining to the effect or impact that any proposed exploration for or production of minerals may have upon the environment. All requirements imposed by any such authorities may be costly, time consuming and may delay commencement or continuation of exploration or production operations. Future legislation may significantly emphasize the protection of the environment, and, as a consequence, the activities of the Company may be more closely regulated to further the cause of environmental protection. Such legislation, as well as further interpretation of existing laws in Colombia, may require substantial increases in equipment and operating costs to the Company and delays, interruptions, or a termination of operations, the extent of which cannot be predicted. Environmental problems known to exist at this time in Colombia may not be in compliance with regulations that may come into existence in the future. This may have a substantial impact upon the capital expenditures required of the Company in order to deal with such problem and could substantially reduce earnings. At the present time, the Company is in compliance with all known environmental requirements. 7. Number of total employees and number of full time employees: Currently, 25 employees, 20 full time. C. INVESTMENT POLICIES 1. The issuer does not own any real estate. 2. The issuer has not investment in mortgages. 3. There is no one individual involved in real estate investment activity. Item 9. The Nature of the Products or Services Offered 1. Principal products or services, and their markets: Exploration, production, acquisition, and trade of gold and other precious minerals. With worldwide demand continuing to grow, including demand from Japan, China, India and the United States, it is expected that this industry be far from saturation and pure competition. Pure competition is also not expected to ever be reached given that license acquisition and access to infrastructure act as barriers to entry and provide a great deal of insulation for players. 2. Distribution methods of the products or services: We will be depended on the existing infrastructure within the project areas. Our products would be delivered by truck. Product will be sent to a central depot or refiners from where it can be delivered by ship, rail or truck to the domestic market, if necessary. 3. Status of any publicly announced new product or service: None. 4. Competitive business conditions, the issuer’s competitive position in the industry, and methods of competition: The gold mining industry is highly fragmented a competitive. We are competing with many other exploration companies looking for gold and other minerals. We are among the smallest exploration companies in existence and are an infinitely small participant in the gold exploration business which is the foundation of the mining industry. While we generally compete with other exploration companies, there is no competition for the exploration or removal of minerals from our claims or properties. Readily available commodities markets exist in Colombia and around the world for the sale of gold and other minerals. Therefore, if we discover mineralization on any of our properties, we would likely be able to sell the minerals in the market. 5. Sources and availability of raw materials and the names of principal suppliers: The Company does not manufacture any products directly. 6. Dependence on one or a few major customers: The Company does not have any major customers that it depends on. The Company is still in the start up phase and has not as of yet negotiated a contract with a major client. Gold and other minerals can be readily sold on numerous markets throughout the world and it is not difficult to ascertain their market price at any particular time. Since there are a large number of available gold and silver purchasers, the Company is not dependent upon the sale of gold or silver to any one customer. The gold and other minerals will be delivered to meet commitments under gold sale contracts or sold to various dealers or smelters on a competitive basis at spot prices. Management believes that, because of the availability of alternative refiners, no material adverse effect would result if the Company lost the services of any of its future refiners. 7. Patents, trademarks, licenses, franchises, concessions, royalty agreements or labor contracts, including their duration: The Company does currently own any patents or trade marks. Also, it is not party to any license or franchise agreements, concessions, royalty agreements or labor contracts arising from any patents or trade marks. The Company’s web site www.mgmmineralresources.com is copyrighted upon loading and is registered domain names of the Company. 8. Need for any government approval of principal products or services: The Company’s exploration and prospecting activities in Colombia require it to obtain permits granting the right to engage in such activities on the leases. The legal and regulatory environment that pertains to the exploration of minerals is uncertain and may change. Uncertainty and new regulations could increase our costs of doing business and prevent us from exploring for mineral deposits. The growth of demand for minerals may also be significantly slowed. This could delay growth in potential demand for and limit our ability to generate revenues. In addition to new laws and regulations being adopted, existing laws may be applied to mining that have not as yet been applied. These new laws may increase our cost of doing business with the result that our financial condition and operating results may be harmed. Item 10. The Nature and Extend of the Issuer’s Facilities: Offices are provided by Ken Lamb at no costs on a month-to-month basis and are located at 300 Tanbark Rd. St. Davids, ON Canada, L0S 1P0. The issuer owns all assets shown on the balance sheet. Item 11. The Names of the Chief Executive Officers and Members of the Board of Directors: Name Position Jairo Antonio Giraldo Chief Executive Officer, Director Kenneth Lamb President, Director Fernando Parra Giraldo Secretary Security Ownership Of Certain Beneficial Owners And Management The following table sets forth, as of March 31, 2006, certain information with respect to the beneficial ownership of our common stock by (i) each director and officer of the Company, (ii) each person known to the Company to be the beneficial owner of five percent (10%) or more of the outstanding shares of common stock, with such person’s address, and (iii) all of the directors and officers as a group. Unless otherwise indicated, the person or entity listed in the table is the beneficial owner of the shares and has sole voting and investment power with respect to the shares indicated. Name Title of Class Owner Address of Beneficial Owner Amount Percent of Class Jairo Antonio Giraldo 33,000,000 8.25% Kenneth Lamb 22,000,000 5.50% Fernando Parra Giraldo 33,000,000 8.25% Gilberto Antonio Zapata Hurtado 33,000,000 8.25% Rodrigo Hernan Betaneur Quintero 20,900,000 5.22% Total of all Directors and Officers 141,900,000 35.47% Total of all 10% or greater shareholders 0 0.0% TOTAL 141,900,000 35.47% Beneficial Owners and Disclosure of Certain Relationships: 1) Non-Corporate Beneficial Owners 10% or greater: none 2) Corporate shareholders over 10%: none 3) To the extent not otherwise disclosed, describe any relationships existing among and between the issuer’s officers, directors and shareholders. Jairo Antonio Giraldo and Fernando Parra Giraldo are uncle and nephew, respectively. There are no other relationships between the 10% shareholders and the directors & officers of the Company. 4) To the extent not otherwise disclosed, describe all relationships and affiliations among and between the shareholders and the issuer, its predecessors, its present and prior officers and directors, and other shareholders. None other than describe above. Legal/Disciplinary History 1 - None of the above named individuals have any criminal convictions and are not involved in any criminal proceedings. 2 - None of the above named individuals face any restrictions that would allow them to not participate in any business, securities, commodities, or banking activities. 3 – None of the above named individuals are in violation of any federal or state securities or commodities laws. 4 – None of the above named individuals face any suspensions, which prohibits their involvement in any type of business or securities activity. Item 12. The Issuer’s Most Recent Balance Sheet, Statement of Operations and Statement of Cash Flows See Exhibit “A” for financial information. The financial statement attached as an exhibit are certified by the signing officer of the Company that they present fairly, in all material respects, the financial position, results of operations and cash flows for the period presented, in conformity with General Accepted Accounting Principles (GAAP). In addition the Company will provide quarterly statements within 45 days of the quarter end and will provide annual statements within 90 days of the fiscal year end. Such statements shall be in conformity with General Accepted Accounting Principles (GAAP) and shall either be audited or obtain certification by the financial principle of the Company. Item 13. Similar Financial Information For Such Part Of The Two Preceding Fiscal Years As That Issuer Or Its Predecessor Has Been In Existence See Exhibit “A” for financial information. The financial statement attached as an exhibit are certified by the signing officer of the Company that they present fairly, in all material respects, the financial position, results of operations and cash flows for the period presented, in conformity with accounting principles, consistently applied. The above information has been undersigned on the date indicated. /s/ Kenneth Lamb Kenneth Lamb President 4/20/2006 EXHIBIT A Financial Statements
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION Cautionary Statement Regarding Forward-Looking Statements Certain statements contained in this Section and elsewhere in this report regarding matters that are not historical facts are forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. All statements, which address operating performance, events or developments that management expects or anticipates to incur in the future, including statements relating to revenues and earnings growth or statements expressing general optimism about future operating results, are forward-looking statements. The forwardlooking statements are based on management’s current views and assumptions regarding future events and operating performance. Many factors could cause actual results to differ materially from estimates contained The Company operates in the mining industry and the Company believes it has certain products, which could be well received in the market place and hence could generate revenues and profits for the Company. The Company’s products and business are described in detail in the corporate web site www.mgmmineralresources.com and investors are urged to review the information contained on the Company website, along with the Company’s 15C211 Information Statement at www.pinksheets.com. The Company has prepared its financial statements according to generally accepted accounting principals (GAAP) and management hereby certifies the same. Anglo Andean Mining Company By: Kenneth Lamb President Date: April 20, 2006
Posted by Mule on :
Sleepy, I have read this several times in the past two weeks and it sounds great to me. But I still have doubts. I am not bashing this stock because I have quite a few shares. I am just trying to bring out all the facts and other peoples opinions. I hope that MGMX proves me wrong and this stock is a 10 bagger
Posted by sleepy on :
I agree with you and also know there are lots of valid and good reasins why the stock is moving in its present direction one big one is fear due to lack of info. and present market cond. I also am holding a larg share and have been considering vallium !!!!!
Posted by jdg257 on :
can anyone summarize what he long post above was saying. I am way to tired and lazy to read it and it soo damn long...
Posted by Mule on :
Another down day. Volume was decent 5.4M but people are still selling more than buying. Need that PR ASAP
Posted by sleepy on :
today i recieved an e-mail from mgmx please read;
We thank you for your email. Please be advised that there is no correlation between the recent stock price or any dillution occuring with our company. There is still plenty of information yet to released about our Company and it's future progress and growth. We would like to thank you for your patience and the entire public at large will be receiving additional news about our company in the very near future. Management
Posted by madOIL on :
down 32% before PR released!!!!
TORONTO -- (MARKET WIRE) -- 05/19/06 -- MGM Mineral Resources Inc. (OTC: MGMX), a precious metal mining company focused on the development of producing properties internationally, announces that preliminary discussions have enabled them to sign a Letter of Intent in the acquisition of the Manantiales property.
This property is located at the northern end of Colombia's central Cordillera, just two kilometers from the other MGM property, La Esperanza. Just like La Esperanza, this future promising land is contained within a gold producing belt, which stretches for over 150 kilometers from Sanata Isabel in the south through Remedios and Segovia to Zaragoza, l Barge, and Caucasia in the north. The region remains and always has been a major contributor to the national production of gold and silver. The area is currently seeing an influx of activity and interest from mining companies around the world, which made it very difficult to lock up the Letter of Intent, due to the overwhelming demand from North American and European gold companies.
"We are very pleased with how our negotiations are proceeding," stated Kenneth Lamb, President of MGM Mineral Resources. "Our due diligence has been moving forward at a rapid pace and we expect to have a definitive agreement in place very soon. If our estimates are correct, this operation will deliver considerable value to our holdings."
The Manantiales mine consists of an area measuring 24 hectares and 4645 square metres. In preliminary studies by our new Lead Geologist, this mine is smaller in both size and probable reserves than our La Esperanza project, but, recent studies indicate that the gold is of higher grade.
"If all goes as expected with the Manatiales project, it will join hands with La Esperanza mine to become the cornerstone of MGM's precious metals holdings," concluded Mr. Lamb.
The company expects to sign the acquisition agreement by end of May 2006, if not sooner.
About MGM Mineral Resources
Metro Gold Mines Mineral Resources S.A. is an independent precious metal mining company engaged in the acquisition and development of an impressive portfolio of exploration and production properties internationally. The Company's staff consists of economists, senior geologists, mining engineers, and experts in environmental management, all of them with extensive experience resulting in the best knowledge to explore and develop the interests of the company.
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.
For further information please call: MGM Mineral Resources (905) 704-8026
Posted by billjohnson on :
MGM Mineral Resources Signs Letter of Intent to Acquire the "Manantiales" Property in the Province of Antioquia, Colombia May 19, 2006 10:22:00 AM TORONTO -- (MARKET WIRE) -- 05/19/06 -- MGM Mineral Resources Inc. (OTC: MGMX), a precious metal mining company focused on the development of producing properties internationally, announces that preliminary discussions have enabled them to sign a Letter of Intent in the acquisition of the Manantiales property.
This property is located at the northern end of Colombia's central Cordillera, just two kilometers from the other MGM property, La Esperanza. Just like La Esperanza, this future promising land is contained within a gold producing belt, which stretches for over 150 kilometers from Sanata Isabel in the south through Remedios and Segovia to Zaragoza, l Barge, and Caucasia in the north. The region remains and always has been a major contributor to the national production of gold and silver. The area is currently seeing an influx of activity and interest from mining companies around the world, which made it very difficult to lock up the Letter of Intent, due to the overwhelming demand from North American and European gold companies.
"We are very pleased with how our negotiations are proceeding," stated Kenneth Lamb, President of MGM Mineral Resources. "Our due diligence has been moving forward at a rapid pace and we expect to have a definitive agreement in place very soon. If our estimates are correct, this operation will deliver considerable value to our holdings."
The Manantiales mine consists of an area measuring 24 hectares and 4645 square metres. In preliminary studies by our new Lead Geologist, this mine is smaller in both size and probable reserves than our La Esperanza project, but, recent studies indicate that the gold is of higher grade.
"If all goes as expected with the Manatiales project, it will join hands with La Esperanza mine to become the cornerstone of MGM's precious metals holdings," concluded Mr. Lamb.
The company expects to sign the acquisition agreement by end of May 2006, if not sooner.
About MGM Mineral Resources
Metro Gold Mines Mineral Resources S.A. is an independent precious metal mining company engaged in the acquisition and development of an impressive portfolio of exploration and production properties internationally. The Company's staff consists of economists, senior geologists, mining engineers, and experts in environmental management, all of them with extensive experience resulting in the best knowledge to explore and develop the interests of the company.
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.
For further information please call: MGM Mineral Resources (905) 704-8026
Posted by STOCK STAR on :
just got in * .018 should go back up with pr
Posted by Mule on :
Good PR, now we need one with what the properties are worth and this thing will be .20 to .25. Go MGMX !!!
Posted by madOIL on :
chekc out the FMNJ THREAD reduced tension with bolivian govt shareholders visit bolivian mines (very confident in trip) check out PRs released 1 of 4 mine reports 1st report values FMNJ pps at .12 and thats only 1 report with other 3 reports to come soon more investors come with it as well as PPS rises
at .04 NOW!! JUMP IN B4 OTHER MINE REPORS GET RELEASED
Posted by Mule on :
Looks like this in finally in reversal. Should continue to climb. At .0210 and rising
Posted by jordanm on :
Lift-off. We have a Lift-off. This is going to fly !!!!!!!!!!
Posted by jordanm on :
Look at the charts. Just too much buying going on. GLTA. Do your DD before you jump in.
Posted by superman7 on :
this one is looking good guys!! ok i am in
want to see a nice big fat bounce i am sure we all can use that here
Posted by billjohnson on :
bouncing back with a little vengance can this pig be running out of stock.
Fingers crossed on that issue
Posted by superman7 on :
EFGI...he is the mm that is/was diluting this wholetime and now he is off the ask so we can have a nice bounce coming
Posted by superman7 on :
MGMX..MM EFGI moved to .03. NOW we might get to see this one move up all the way into the close IF he stays there.
Posted by jordanm on :
Superman...its STGI and EFGI. They have been on this for quite some time. STGI is back.
Posted by superman7 on :
oh ok thanks i never knew it was both of them
thanks for lettting me know that
we need to break .024!
Posted by billjohnson on :
Someone has been doing crazy things with this stock, looks like the company is really trying to create value, getting pumped should not take much for this to return to glory, pigs get full very fast.
Posted by billjohnson on :
Valutaion PR's are key so everyone can figure out a value for this thing!
Posted by Johnwayne on :
Supe- Keep an eye on EQBM. Heating up volume huge. Didn't mean to tread on you guys thread but always looking to help Superman
Posted by superman7 on :
aww thanks john lol
i saw it but to risky for me!
but i am wathich on my radar thanks for the heads up
Posted by superman7 on :
ok buys are coming and bid is going up we need to see the .024's and then break them after that we should get a run
Posted by superman7 on :
we are getting nice buys now
about 4 times dauly moving average
i think we are ready to head up but we need to break .024 first before its confirmed
Posted by Mule on :
STGI on the ask is killing us
Posted by billjohnson on :
Valuation of these mines gonna help out alot I cannot wait to see that PR
Posted by jdg257 on :
there is no other way to look at it but this stock is undervalued...look at the chart. Its gonna break out like crazy soon.
Posted by superman7 on :
.0215 is gonna break here soon to many buys here for it not to break
Posted by Mule on :
Look for this stock to steadily go up next week. The next PR will make this stock take off. If your planning to get in this, now is the time while the price is low. GLTA
Always do your own DD before buying any stocks.
Posted by jordanm on :
Lots of activity on ihub this weekend for MGMX. Also read posts on greenstock.
Posted by superman7 on :
MGMX....lookin good pre-market!
Posted by superman7 on :
.0229 on the ask...and the 2 dilutor mms are off
could run here!
Posted by RCAnalyst2007 on :
superman7,
don't forget to watch ECTA.
Posted by jordanm on :
gapping up...0.023
Posted by superman7 on :
MGMX..about to do its thing!!
Posted by superman7 on :
ok we could be going here
only 1 mm till the .02s again hopefully this time we break and start our up trend reversal
this one is way overdue
Posted by Mule on :
Even though they won't admit it. I still smell dilution. Between 10:35 and 10:45 there was about 1M sold at .0170. Thats close to the low of the year, why would anybody in there right minds sell at those prices !!!!!! Please somebody prove me wrong.
Posted by superman7 on :
Mule, i agree there is dilution its been here for a week or so now but drying up as the 2 mms arent on the ask who were the dilutors
EFGI was the axe last week, he's been gone all day, if volume comes look out above imho
Posted by scot trade on :
I'm in at .0175 we're definitely at the bottom. That's goin to be a nice ride.
Posted by jordanm on :
I am out at .0185. Small profit. Too much dilution here. Moving on to another play.
GLTA
Posted by lukin4winners on :
I don't think the ceo would come out with this disclaimer if it wern't true...sec would be all over it....TORONTO--(MARKET WIRE)--May 10, 2006 -- Metro Gold Mines Mineral Resources Inc. (Other OTC:MGMX.PK - News), a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, wishes to provide shareholders with an update on the company's progress and address questions regarding share price, spam emails sent without company authorization, and the status of its listing on the Pink Sheets. ADVERTISEMENT
First, MGM Mineral Resources would like to confirm for shareholders that there has been no material change or event to cause the recent slide in its share price. The company is working diligently to accomplish the objectives outlined in its business plan. In fact, MGM Mineral Resources is reaching certain milestones ahead of schedule.
Posted by scot trade on :
Colombia, the Gem of MGM The reign of Anglo Andean Mining was brief and silent. Unlike its predecessor, Anglo Andean did not issue press releases announcing new ventures. It did not disclose the identities of its officers, management team or principal stockholders. It did not reveal any business plan. Perhaps it did not have enough time. By the end of April 2006, Anglo Andean Mining had been transformed into Metro Gold Mines Mineral Resources, Inc. (MGM to its friends) – and the public relations machine was back at work.
MGM describes itself as a "new and promising company dedicated to mining and committed, not only to a successful venture, but with social and environmental responsibility." The Company says that it wants to be a "world class mining company" and will target Latin America, North America and Europe. For now, however, the Company's Business Plan focuses on the potential for developing mines in South America in general, and Colombia in particular. MGM's "initial mine" called ""La Esperanza," is located in Segovia, Colombia. Despite its South American connections, the Company has now moved its offices in the opposite direction - from Santa Fe Springs, California to 300 Tanbark Road, St. Davids, Ontario, Canada.
The Company, which states that it needs $1.5 million to expand operations, claims that it will begin to export gold by mid-2006. MGM's financial condition remains a question mark. The Company has not published audited financial statements. Fortunately for investors, the Pink Sheets now contain a modest amount of information on the Company. They identify MGM's CEO as Jairo Antonio Girardo and its President as Kenneth Lamb. Some of the information provided by the Pink Sheets is somewhat less clear. According to the Pink Sheets, the Company had issued 800 million shares as of February 14, 2006 (180 million of which were in the public float) - although it only was authorized to issue 400 million shares on that date.
MGM has not wasted any time getting its public relations machine in gear. On May 1, 2006 the Company issued a press release, announcing that shares of MGM had begun to trade on the Pink Sheets. The Company explained that it would concentrate on the development of precious metal mining companies – but offered no immediate insight into its history, operations, level of success or finances. The Company said that it would focus initially on the development of properties in South America and hoped to develop operations that would yield profits while also paying attention to workers' well-being and environmental concerns.
The press release did not address the name change from Anglo-Andean mining, or provide any insight into the terms of that transaction. In fact, a number of key questions remained to be answered. Had the owners of MGM acquired control of Anglo-Andean? If so, what had they paid and to whom – and what had they received in return? Are there now more than 800 million shares of common stock outstanding? Has the Company's certificate of incorporation been amended, and, if so, how many shares are now authorized? Who are the Company's principal shareholders and how did they acquire their stock?
The May 1st press release did provide an overview of the Company's new management team. It explained that Kenneth Lamb, MGM's President, has a sales and marketing background, has managed several "innovative" companies and served as a Professor of Academics for over twenty years. The Company did not identify any of the entities with which Mr. Lamb previously was associated or the educational institutions at which he served as a professor.
The press release offered a somewhat more fulsome picture of the Company's CEO, Jairo Giraldo. According to the May 1st release, Mr. Giraldo has a background in mining engineering, graduated from the University of Colombia, was certified in mining management by the American Management Association, worked for over ten years with the Ministry of Mines and Energy in Colombia, has served as an adviser to the Colombian government, and is a specialist in emerald, gold, silver and platinum mines.
The press releases have continued to flow. As markets were closing at 4:05 pm the next day, May 2, 2006, the Company issued a press release announcing its acquisition of "La Esperanza." MGM described Colombia as the highest gold yielding country in South America, but also "the most under-explored and under-developed," and declared that "[t]here are proven multi-million ounce deposits of rich gold under Colombian soil." MGM said that it was "working to modernize operations and maximize profitability of La Esperanza mine"
The Company seems to be banking on location, location, location. The May 2nd press release emphasized – repeatedly – that La Esperanza sits in Columbia's most fertile gold production region. Still, while the Company's CEO, Jairo Giraldo said that MGM was "highly pleased with what we have seen so far," the Company offered no details, independent studies or historical results that demonstrate La Esperanza has, or is likely to, yield a substantial amount of marketable gold.
MGM must have been pleased with the May 2nd press release. It issued a second release, repeating virtually verbatim the contents of the previous day's announcement, at 9:15 am on May 3rd – just as markets were set to open. What followed was impressive. Almost 20.7 million shares were traded on May 3rd, as prices bounced from 8 ½ cents to 13 cents before closing at slightly more than 9 cents a share. Could the vague set of press releases – which offered no comfort concerning the viability of the Company or La Esperanza – have precipitated this stampede? Or was there more?
There was this. At 7:00 am on May 3rd, sandwiched between the twin La Esperanza announcements, an outfit called IO Circuit recommended MGM based upon a "$.24 price target from Market Advisors." This press release, like those issued by the Company, noted Columbia's potential as a gold producing nation, and repeated the mantra that La Esperanza was located in Columbia's richest gold producing region. A second press release, issued 10 minutes later, urged investors to "have a look at Metro Golden Mines Mineral Resources."
Who was behind the sudden hype? Growth Stock Alert, an Internet promotional tool owned by an entity called Iron Consulting, had been paid $16,000 by Equity Alliance Int. LLC "for its marketing and consulting services." The report offered no fresh insight; it merely regurgitated information from the Company's press releases and website and reiterated the potential for gold production in Columbia. It provided no details of the Company's operations, history, or financial condition. Nothing that would remotely support a $.24 cent price target or the monsoon of trading that followed.
The daily press releases have continued. On May 4th, MGM announced that a new lead geologist had been appointed to oversee operations at La Esperanza. Again, the Company seized the opportunity to remind readers of Colombia's gold producing potential. And the promoters were back at it as well. An outfit called Stock Market Alerts LLC issued an early morning press release extolling the virtues of the Company, La Esperanza and the prospects for gold mining in Colombia. Stock Market Alerts was paid $5,000 to promote the Company by an entity identified only as Equity Alliance International LLC. Growth Stock Alert, which issued its glowing report earlier in the week, joined in, sending out another press release touting MGM. Growth Alert concedes that it was paid $895 by an unidentified third-party to distribute the good word about MGM.
Once again, trading of MGM shares was brisk – but the results were distressing, particularly to those public investors who bought into the hype of the past week and paid up to 13 cents a share. Almost 23 million shares changed hands on May 4th, but prices plummeted by more than 50%, closing at around 4 cents a share.
With 800 million shares issued (at least according to the Pink Sheets), MGM's market cap has varied widely in recent days – ranging from more than $80 million to about $32 million at May 4th's close. How much is this Company worth? Is "La Esperanza" as fertile as Sutter's mines? Or have we just witnessed a frenzy of activity fueled by unrealistic expectations and calculated to benefit as-yet unidentified individuals who held millions of the Company's shares and welcomed an opportunity to dump them. The Company certainly has made a splash. Will investors be left treading water?
What do you think about that guys?
Posted by lukin4winners on :
Well, it's an opinion and you know what they say about opinions... everyone has one ..that's what makes a market ...that's why there are bulls and bears... the fact is that gold and precious metals are at all time highs and if MGMX has the reserves they claim the stock is worth a lot more than it's trading for at these levels.. appears to be some heavy shorting here and looks ready for a technical bounce imo... good luck
Posted by Mule on :
Wow its 10:30 and no dilution so far. We might just have us a little run today.
Posted by lukin4winners on :
.019x.02 looking strong and steady maybe all the sellers are gone time for a rebound....
Posted by scot trade on :
for sure it's time for a short play
Posted by ohio_trader on :
when this runs, look for a 3-4 bagger in 1 day, and that day is coming soon !!!!
Posted by scot trade on :
soon!!! for today I would say we will see again 25% up
Posted by scot trade on :
How many shares you own ohio?
Posted by Mule on :
Not much action yet. Don't see STGI at all and EFGI is only on the ask at .04 should not be any dilution today.
Posted by Mule on :
Same old crap. Maybe one day this thing will run. Patience, Patience, Patience
Posted by jdg257 on :
this will stay put until gold bounces off its pullback
Posted by Mule on :
Financial report NASD 211 issued yesterday May 25 2006
Posted by billjohnson on :
This is great things with pinksheets are solved and now they can start moving forward I was surprised to hear they were already pulling gold out of the ground.
Posted by Mule on :
Mostly mirror trades going thru. This could be a good sign. The MM's may not have many in their stockpile and the price just might be going up.
Posted by billjohnson on :
I guess the company was spending alot of time with the filing!
Maybe we will hear about the juicy parts of the mines now!
Looking forward to the PR's
Posted by Mule on :
A good PR and we are off to the races. Hoping this coming week will be the one that puts us over the top
Posted by scot trade on :
I'm loaded up with this one. Hopefully June will bring some green. I'm defenitely ready to ride it Posted by ohio_trader on :
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, anybody want to loan me some money so I can play in the meantime?
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so i can't sell
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for today I would say we will see again 25% up