posted
Answer from the NASD (sorry for the format that sometimes sticks words together) :
Dear XXXX :
This is to acknowledge that on August 17, 2005 the Market Regulation Department of NASD, Inc. received the regulatory tip you sent to the NASD website regarding United Development International (UDVE) and Mindenao Gold Mining Corp. (MDGM).
NASD's jurisdiction extends to our member firms and registered representatives. It appears from a review of your complaint that this matter is most appropriately addressed by the United States Securities and Exchange Commission (SEC). Therefore, I have referred this matter to:
Mr. Aldis Lapins, Branch Chief Office of Investor Education and Assistance Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-0213 (202) 551-6336 www.sec.gov
Please feel free to contact me at (240) 386-5105 or through E-Mail at pat.clem@nasd.com if I can be of assistance in the future.
Sincerely,
Patricia A. Clem Assistant Director Market Regulation NASD, Inc. 9509 Key West Avenue Rockville, MD 20850 www.nasd.com
-----Original Message----- From: Regulation Tips Sent: Wednesday, August 17, 2005 2:20 PM To: Clem, Pat Subject: xxxx - xxxx(UDVE, MDGM)
-----Original Message----- From: xxxxxx Sent: Monday, August 15, 2005 10:19 AM To: Regulation Tips Subject: xxxxx - xxxx (UDVE, MDGM)
Date: 10:18:51 AM 8/15/2005
Anonymous Tip: No
Name: xxxx Address: xxxx xxxx- Belgium - Europe, xxxx Email: xxxxxxx Contact Time: via mail if possible
Nature of Regulatory Tip _______________________________
Name(s) of Entities Involved:
United Development International (Formerly Pink Sheets:UDVE) and Mindenao Gold Mining Corp. (PinkSheets: MDGM)
_______________________________
Name(s) of Individual(s) Involved:
Rob Doherty - UDVE
_______________________________
Name(s) of Securities Involved:
_______________________________
Date(s) and/or Period(s) of Activity:
_______________________________
Please describe the apparent abusive conduct and/or violations:
Dear,
UDVE (pinksheets) announced end April/beginning May 2005that a cash dividend of $ 0.005 was going to be paidafter they had sold some claims to an European Investmentgroup. At approx. the same time they retired 100 millionshares. Some days later they repeated in a PR that theywere going to pay the dividend (it had gone up to$0.00575/share for a total amount of $ 2.1 million) onthe recorded date of the transfer of funds to UnitedDevelopment.
In contradiction to what should have happened in myopinion the PPS, instead of rising, dropped. It even didnot get above the $ 0.00575. The volumes were significant(the last week of its trading UDVE had over103 millionshares traded).
Based on the $ 2.1 million that were going to bedistributed (first PR stated that all cash was going tobe distributed to the stockholders and that this was min.$0.005/share) the O/S should have been : 2100000/0.005 =420 million.
After retiring 100 million shares the PPS was 320million. The dividend should have gone up to $ 0.00656(2.1 million / 320000000). Instead it went 'only' to0.00575 (which would indicate an O/S of 365 millionshares). This was the second strange element in regardsto this stock that struck me.
A silence followed. The PPS got to the levels of 0.0007 -0.001. Then it crashed to 0.0002. At the 30th of Junetheir was an announcement that 'United DevelopmentInternational's (Pink Sheets: UDVE) board of directorshas transferred all assets of the corporation to UnitedShareholders Holdings Corp. and has sold the publicvehicle to a Philippine gold mining consortium. Thistransaction is effective July 1, 2005.'
The outcome is a 'reverse merger'. 10000 UDVE shares for1 MDGM share. Both companies claim not to have any linkswith eachother. For questions in regards to UDVE and thecash dividend only Mr. Doherty can be contacted.In a PR the 30th of July it was however stated that :'Further, as a requirement of the sale, Robert Dohertyhas officially resigned from United Development as of theend of business today and will not be a part of MindenaoGold Mining Corp.' So basically I'm in contact withsomeone who gave response once and who doesn't work forUnited and Mindenao.
Other point : when introduced MDGM stated to have an O/Sof ± 20 million shares, which would mean that therewere a potential 200 000 000 000 UDVE shares ? Sincebeginning of August the O/S went up to a staggering 44million). The PPS for MDGM is currently in free fall aswell. The PPS should have started of at $2/MDGM shares,instead it entered at $1.5 and is now at 0.055.
I contacted Mr Doherty via mail on several occasions inregards to the dividend, but get limited explanations(rob doherty wrote:> We are committed to deliveringdividend to united shareholders of record as of June 3005. Date of delivery is still undetermined - mail07/12/2005). My UDVE shares were replaced by MDGM.
Since I owe 4.5 million of UDVE shares (representing acash dividend of $25875), I am worried about my investment.
I saw a lot of PR's from UDVE and MDGM the last months,all promising a lot, most likely trying to drive up the PPS.
Since I have no other means then to turn to you, I hopethe you will investigate both UDVE and MDGM.
My specific questions to you would be :
1.Was there ever a sale of assets ?2.How will UDVE pay the cash dividend and when ?3.Is it possible for a firm just to vanish like this ?Mr. Doherty is not easy accessible and doesn't give veryclear guidance in this matter. He runs of with the assetsof the company leaving us with 'just' a dividend thatstill needs to be paid.4.Can a firm PR so many statements and then just walk away ?5.UDVE claimed to have claims in other countries(example : Australia - see PR8). Here again nothing wascommunicated. What is true of all this ?
The complaints I make are :
1. UDVE pumped its stock with numerous PR's2. UDVE made false statements of its reserves (find linkbelow)and in regards to its dividend3. UDVE took its assets private without making publicwhat it's value was. This is 'stealing' their investorsinvestment.4. UDVE has a lack of communication.5. MDGM is pumping its stock and diluting its stock (refPR's made by the firm since July the first).
I hope you will take this complaint into consideration tofurther investigate.
Kind regards,
xxxxx
_______________________________
If this activity was identified on the internet, please provide the web site address, FTP site, newsgroup or other area:
Message board I just joint and where a member gave meyour details (by the way : I filed a complaint with theSEC the 25th of July).
The http://www.otcbb.com/ still contains most relevantPR's when you tick in UDVE and/or MDGM (MDGM only showsits PR's, only one or two references are made to UDVE.
I have more info and mails that I'm more then willing tosend to you.
_______________________________
Documentation
Are you in possession of documentation that supports this regulatory tip?
Yes _______________________________
This email, including attachments, may include confidential and/or proprietary information, and may be used only by the person or entity to which it is addressed. If the reader of this email is not the intended recipient or his or her authorized agent, the reader is hereby notified that any dissemination, distribution or copying of this email is prohibited. If you have received this email in error, please notify the sender by replying to this message and delete this email immediately.
IP: Logged |
posted
DD, I think SEC has already investigate RD but everything is regular and they can do nothing more that mail you: wait and see!
RD is effectively covered by disclaimers governing pink sheets companies, SEC can do nothing, every operation he made with UDVE/MDGM is regular, IMO.
If there are some fakes press releases, RD is obliged to declare it publicly, like Mario Pino and his MLON's lies, IMO.
There are two possibilities now, IMO:
1) The divy will be paid the Sept.30th, (max Dec. 30th., at the worst).
2) He is preparing an escape to the Caymans with the UDVE assets! (but this option is impossible because he have too much open businesses in Kamloops, IMO)
IP: Logged |
posted
Thank you Double Diamond! I have also made a few inquiries and am waiting for replies. We all hope we get the dividend, but I am not holding my breath.
Another thing that bothers me is that UDVE apparently had a sale for 2.1 million dollars. I assume there was a contract for this sale. Then I read UDVE is renegotiating for a higher price. Then on 8/17/05 Stokker states that now Robert Doherty is holding a auction with a minium bid of 2.1 million.
IP: Logged |
Got this fro another board where I post : 'I've said it a few times before, but in case you haven't seen, UDVE lied in an official PR about their claims months back (I think it was january). I bought, found out about the false info, and sold immediately. There was a link to an article where a reporter talked to the company and discovered the "error" in their gold results. They were exagerated by a factor of 10, but UDVE never issued a correction.'
This is the article :
UDI Resources Admits “No Gold Discovery”
By Tim Wood 26 Jan 2005 at 10:00 AM EST
NEW YORK (ResourceInvestor.com) -- We put UDI Resources [UDVE] through the grinder last week for its amateurish rope-a-dope. To be sure, not everyone was happy about it. Well, too bad because the press release that put us on the trail was indeed a lot of bunkum.
There was no “discovery” and there was no 5 ounce per ton gold intersection at the company’s joint venture English Bay property.
Company president Robert Doherty was fuming when he finally returned our messages the day after the story ran. His complaints about being “*******ized” by Resource Investor found no sympathy though given that he could not answer basic questions that he knew we had already asked.
He said he hadn’t seen the drill data recently so he wasn’t sure of the specifics. So how do you put out a press release with facts you can’t confirm immediately? He could not answer satisfactorily but eventually fell back on being extremely busy closing a number of transactions.
We offered Doherty unlimited space and time to defend himself and his company, but the offer has not been taken up. The invitation stands in perpetuity to any director of UDI Resources – you are welcome to substantiate the many claims in your press releases.
Anyway, Doherty faxed us the drill results, such as they are. He also phoned in a mea culpa that the press release was wrong by a factor of ten - it wasn’t a 5opt intercept, but a 0.5opt intercept.
The rest of the results are nothing that would excite the market. In fact they rain humiliation down on UDI’s revenue extrapolation which was intended to infer that the 5opt number represented sufficient continuity so that thousands of tons might be mined for staggering profits.
We passed the results on to independent investment geologist Brent Cook for an expert opinion. He responded: “Reviewing the English Bay “data” here’s my guess. 3 holes in 97, 1 hit. 13 holes in 99 #16 his anomalous values; most likely very tight “twin” to first hit. 10 holes in 2000 w/ one hit of 0.1oz/4’ again most likely aiming at the same pod as previous hits. 8 holes in 2001 again one hit of 0.5oz/4’ and my bet same pod. There are no drill hole locations but given 3 hits out of 34 holes and the stated lack of continuity …well you got the picture. Further, this geologic setting is not conductive to large deposits but small shears associated with minor tensional zones.”
UDI has not issued a retraction of that press release since confirming to Resource Investor that the data was wrong.
When we asked Doherty if he was concerned about attracting regulatory trouble, he immediately shot back that he was covered by disclaimers as well as the loose rules governing pink sheet companies. Not likely. The Securities & Exchange Commission doesn’t allow “truth exemptions” for things like drill results.
This is not the first pink sheet mining play that we’ve caught gilding the lilly and it won’t be the last.
Send a mail to Tim Wood. Find mail and reply below :
Dear xxx,
I'm not following UDVE in any detail, but there's no question that Mindenao "reserves" are a joke based on this information alone.
We'll probably do a follow-up.
Regards Tim
>> -----Original Message----- >> From: xxxx >> Sent: Monday, August 15, 2005 4:02 AM >> To: Timothy Wood >> Subject: messagto Mr. Tim Wood >> >> To : Mr. Tim Wood >> >> >> >> Dear, >> >> By googling on UDVE and MDGM I found your article : >> >> UDI Resources Admits "No Gold Discovery" >> >> By Tim Wood >> /26 Jan 2005 at 10:00 AM EST/ >> >> >> Sadly enough for me I did no read your article before. >> >> Are you still following UDI Resources/ MDGM ? If not, you >> might be interested in what followed after your article. >> >> I'm attaching a complaint I filed to the SEC. >> >> By the way : MDGM is claiming the have the goods (sounds >> familiar, however however after reading your article I'm >> sceptical). They seem to be having their offices close to the >> old UDVE ones. The O/S went from >> 19.5 million to 44 million in just over a month. No-one seems >> to be able to contact anyone. >> >> ****** >> Mindenao: 600,000 Confirmed Ounces of Gold from 9 Drill-Holes; Gold at >> $433 Per Troy Ounce >> >> Mindenao Gold Mining Corporation (Pink Sheets:MDGM) publicly >> releases its financial statements and the report of the >> independent auditor. The report of the independent audit >> shows that the company has confirmed in ground gold reserves >> of a minimum of 600,000 ounces of gold from only 9 drill-holes. >> >> The report can be found at http://www.rbic.us/philippines/sgmc/scan/ >> >> Gold is at $433 per troy ounce and the company has >> approximately 44 million shares outstanding. >> >> Mindenao operates in the Philippines under the company name >> Siennalyn Gold Mining. The company has rights to mine on more >> than 4,700 hectares of land, which is equivalent to 11,617 >> acres, in one of the richest island groups in the >> Philippines. This island group contains more than 80% of the >> countries iron reserves and sizeable deposits of the >> countries gold and other precious metal reserves. >> >> The company has made available to the public, imagery maps >> and a geological report of the its mining operations in the >> Philippines. This information can be found at >> http://www.rbic.us/philippines/sgmc/scan/. >> There are more than 54 pages of documentation. The company >> urges all investors to thoroughly review all information and >> to contact the company with any questions. >> >> About Mindenao Gold Mining Corporation >> >> Mindenao Gold Mining Corp is a professional gold mining >> company that owns gold mining operations in Mindenao, >> Philippines, one of the richest areas in the Philippines and >> in Asia. The company has proven gold reserves, setting itself >> apart from the majority of other companies. >> Documentation on the company can be found at >> http://www.rbic.us/philippines/sgmc/scan/. >> >> This release includes forward-looking statements made >> pursuant to the safe harbor provisions of the Private >> Securities Litigation Reform Act of 1995 that involve risks >> and uncertainties including, but not limited to, the impact >> of competitive products, the ability to meet customer demand, >> the ability to manage growth, acquisitions of technology, >> equipment, or human resources, the effect of economic and >> business conditions, and the ability to attract and retain >> skilled personnel. The Company is not obligated to revise or >> update any forward-looking statements in order to reflect >> events or circumstances that may arise after the date of this release. >> >> Mindenao Gold Mining Corp. >> Nestor C. Buenaflor, 63-2-535-5158 >> Investors@mindenao.net >> >> >> Source: Business Wire (August 3, 2005 - 8:14 AM EDT) >> >> News by QuoteMedia >> www.quotemedia.com <http://www.quotemedia.com> >> >> <http://www.quotemedia.com/> >> >> >> *************** >> >> >> Kind regards, >> >> >> xxxxx - Belgium
I'm not so certain Mr. Doherty is as honest as you think he is Stokker.
In regards to being investigated or not : it's the SEC's policy not to advertise this. I'm not so sure that there's no elements in what I provided to them which would leave UDVE/MDGM off the hook. Above shows that Doherty lied to us. And you can have a disclaimer for everything, still you're responsible for what you communicate.
IP: Logged |
It seems that GRYF shareholders have similar issues as we have with a former R Doherty 'holding'. I posted this on their thread :
**************
Dear,
I've send the following to the NASD and SEC. I'm posting in the MDGM used to be UDVE thread. It seems that we have a common element in both your and my story.
**************************
Subject : Complaint UDVE/ MDGM Date : 08/21/2005
To :
Mr. Aldins Lapins -
Branch Chief Office of Investor Education and Assistance Securities and Exchange Commission
Cc :
Ms. Patricia A. Clem -
Assistant Director Market Regulation NASD, Inc.
Dear,
Your name was given to me by the NASD. I already had filed a complaint/tip with your organisation end July and I am unaware if this is currently being handled (ref. your discretion clause).
I found out this weekend that Mr. Doherty was involved in Greyfield (GRYF) as well. This stock seems to be currently under SEC investigation. So Mr. Doherty has/had besides his activities in mining as well something going on in cars. Makes you wonder what else will follow.
*July 5, 2005 Greyfield Announces Resignation of Robert Doherty
Greyfield Capital, Inc. (Pink Sheets:GRYF) announces the resignation of Robert Doherty, effective from July 1st, 2005.
The new management team at Greyfield Capital will strive to have an open relationship with all of its shareholders. A number of innovative initiatives will now be launched. Within the next few weeks, the company will activate an investor relations hotline and shall also initiate the hiring of an outside investment relations firm to increase investor awareness of the company.
********************* I found this relevant enough to mail to you.
In addition I would like to state that as a shareholder, I have written Mr. Doherty and MDGM on several ocassions mails. Mr. Doherty replied with a standard message somewhere mid July and has not replied any further questions I have asked him. MDGM management : no reply. I assume that both parties do not wish to interact with their shareholder.
This leaves me to conclude that my only hope on getting clarification if I will recieve my+ $25000 cash dividend and if I'm entitled to claim that I owe + 1.4 % of the former UDVE company is via your organisation. I hope you find enough elements in my communications (and probably, referring to some posts I saw on messageboards, some complaints from other shareholders) to investigate the UDVE/ R. Doherty/ MDGM story.
posted
DD, I don't want absolutely defend RD, I repeat you that are only my opinions and points of view, I remain positive about divy.
In reference to the article precisely an article and not a press release, RD has not corrected because wasn't a press release it was enough to fax a correction to Mr. Wood directely, IMO.
I suggest you another way to obtain more informations about this dilemma, do you know stocklemon.com? It seems are professional guys. They have detected many crooks.
IP: Logged |
posted
DD, try to think in this way: if RD had already programmed the r/s without the intention to pay the divy long time ago why invented the story of dividend?
Why has formed the United Shareholders Holding Corp., and the possibility to communicate with him still in function?
He could have invent others stories or no publish nothing, without promise a divy and without form a new company for this purpose, and doing r/s without publish the intention to mantain contacts,(like GBMS etc., that haven't declared nothing without SEC/NASD investigations), IMO.
IP: Logged |
posted
There is another wire dated Jul 20,2005 that bothers me. MDGM stated they were based in Blaine,Wash 1. They do not have a contact phone number. 2. Since there business location is in Blaine,Wash. they would need a business license, do they have one and is it under the MDGM name ? It appears at this point that the address given is a PO. Box. which doesn't mean anything good or bad, but I think of the word "based" to mean a little more than a PO. box.
IP: Logged |
posted
IWI, it's not admitted to quote a PK with a PO BOX only, you must have an office with a desk a computer and a phone number (the number is not obligatory to publish it).
I think it isn't a rent multioffice center not even, because Blaine is an holiday ground.
IP: Logged |
posted
Double Diamond You might want to check with the Dept of Revenue State of Wash. to see if you can find a business license for Mindenao Gold Minning Company . So far no record of a Business license for them. My email has not been working today I have tried to send this information on to the Sec. to let them investigate. Also as stated before, their base location appears to be a PO. Box location. I did not say MDGM. had a PO.Box as indicated by STK. If this information is not correct stokker, please let me know. If they have it under a different name let me know,so i can let the SEC know.
IP: Logged |
posted
Today: MCGI 1/10000 r/s without press release, UDVE 1/10000 r/s with a press release that communicates to the shareholders as of 06/30 that they are still committed to pay the divy and the constitution of United Shareholders Holding Corp., why?
Is it false? If it's all an invention, it wasn't better and simpliest to do like MCGI if the only one UDVE's target was the 1/10000 r/s?
It was simpliest invent a press release about a new contract that about a divy in May, IMO.
IP: Logged |
posted
Didn't get to read the board the past week.
Stokker,
I had no reply from the SEC. The standard message came. But as you'll be aware of ... they don't tell you if they investigate (It's called discretion).
I did some further DD and I'm bussy trying to collect all info in regards to the claims that UDVE had. I would welcome any info.
Together with IwishIhad remarks I'll draw up a document to further 'stalk' the SEC.
So far (out of an article I found), I've got (still need to include Australia's claims) :
OPERATIONS IN GUYANA The Company operates a wholly owned subsidiary, United Development International (Guyana) so as to be in compliance with all government regulations. The subsidiary, including all security, mining and operations management team, operates out of the company’s coordination office in Georgetown, the capital city of Guyana. The Georgetown office is approximately 5 hours (by motor vehicle) from the Company’s mining sites. To further the Company’s standing and demonstrate its policy of strategic partnerships with local companies, UDVE has entered into an agreement with Guyana Primary Resources, which holds title to reclaim 25 miles of the Konawaruk River. This is located within the Potaru Mining District, and is also home to Cambior's Omai operation; the second largest gold mine in South America. The Company will receive a 50% split of gross production while working the Title. The production will include the drenching of the riverbed, through various layers of riverbed crust, yielding deposits of the alluvial gold. KONOWARUK RIVER The Company’s operating guidelines and principles dictate that a general focus be placed on this promising 25 mile stretch of the Konowaruk River. This is an offshoot of the Essiquibo River and is adjacent to the Omai mine, the second largest gold mine in South America. Since the early 1990’s more than 3,000,000 ounces of gold have been yielded from Omai. United Development International initiated dredging operations on this property in June 2003. The Company has since expanded the dredging operation with the aim of extracting the greatest amount of gold in the shortest timeframe possible. The Company expects to deploy both Suction Dredges and Cutter Head Dredges. Suction dredges work like a vacuum, bringing up material from the bottom of the river bed. A Cutter is used in conjunction with the suction dredge and has the capacity to break through the false clay bottom of the river bed, thereby accessing deposits even further embedded. The Company expects this property to yield approximately 500,000 ounces of gold, an anticipation supported by the findings of an independent geologist. The 500,000 ounce estimate includes only surface gold and not the additional gold the Company expects to find under the false clay bottom of the river. UDVE has discovered indurated iron-oxide-cemented gravel layers near their dredging operations along the Konawaruk River. In the past, these iron-cemented gravel layers have shown high potential for extremely high-grade alluvial gold. The Company’s use of cutter head dredges serves as an excellent example of its policy to pursue maximum results via the use of best-of-class machinery, technology, and a creative approach to mining. MAZARUNI RIVER United Development International Corporation has secured the exclusive rights to a 20-mile claim on the Mazaruni River, the foremost diamond producing river and second most gold producing river in Guyana. The history of mining this river has led the Company to believe there are significant gold and diamond deposits. The Company’s stretch of the Mazaruni River has unique features called ‘Deep Pools’, which are typically much deeper than other areas of the river. It is expected that these “pools”, working with the gravitation drop of the more dense diamonds and gold, have become significant deposits. Between 1999 – 2003 Brazilian miners using antiquated mining techniques extracted more than 10,000 ounces of gold from this site. As a matter of fact, in 12 days in November 2002, Brazilian miners, working on a stretch of this river classified as a deep pool, produced 6,000 ounces of gold. Based on historical records, the total yield could be greater than one million ounces of gold, granting an estimated potential asset value of the Mazaruni property in excess of $200,000,000. Accessing these deep pools, estimated in size to reach up to 200 feet deep and 1,200 feet wide, will require significant planning and the use of state-of-the-art dredging equipment. The Company expects to deploy suction dredges and cutter head dredges, as well as diamond catching equipment. The Company plans to execute a 24/7 work plan, employing 2 teams of miners, who will bunk at the site. This not only serves to accelerate the pace of the mining, but also minimizes operational overhead. UDVE has tremendous confidence in its Guyana operations and has secured two additional properties so as to insure continued prosperous operations. These properties, one on the Cuyuni River and the other a land-based operation classified as the White Creek properties, will be developed as Company resources permit. WHITE CREEK The major land package is located in the White Creek, Port Kaituma Goldfield, NW Mining District of Guyana. The Port Kaituma Goldfield is known for more than a century as the most productive gold-bearing areas in the NW Mining District of Guyana, as well as for its recent gold production from artisanal mining methods. The White Creek property presents high-grade quartz veins that can present gold grades in the order of tens of ounces of gold per ton. A significant number of old shafts and drifts (over 30) were identified in the area always associated with very high past gold production. The wall rocks associated with the quartz veins are also known to carry significant gold grades. The White Creek property remains one of the few untapped major gold reserves in the legendary gold producing 'Guyana Shield' geological formation. This shield is home to properties such as the 12 million ounce discovery at Las Cristinas in Venezuela and the 4 million ounce Omai mine in Guyana. United Development International has expectations of tremendous production from White Creek while still seeking any remaining viable untapped properties within the Guyana Shield. Independent geological review of the property estimates that White Creek has the potential to provide the company with revenues in the hundreds of millions of dollars over the next decade. The Company will aggressively develop this property and will continue to expand that development to other exceptional properties chosen by it team of professionals. CUYUNI RIVER Research has indicated the Cuyuni River region is the most prolific alluvial gold producing river in Guyana. Recent small-scale operations, adjacent to United Development International's Cuyuni property, have produced hundreds of ounces of gold production per month using very primitive means. Recently completed radar imagery interpretation indicated the presence of a palaeo channel extending for approximately 16 kilometers in length with widths reaching up to 2 kilometers. Most importantly, this has not been previously mined! There are a number of favorable structures for the deposition of gold and diamonds such as dykes scour pools and point bars identified on the Cuyuni property. Scour pools associated with the dykes present have a tendency to deliver high gold grades, which is proven to exist in the region by previous river dredging operations showing high production. Dredge operators who have recently prospected and mined in the vicinity of United Development International's Cuyuni property have confirmed the presence of deep scour pools associated with the dykes that crosscut the property confirming the Company's geological interpretation. DIAMOND RECOVERY IN GUYANA The regions where UDVE’s properties are situated in Guyana have some of the most prolific statistics regarding diamond recovery. The Mazaruni River and the Cuyuni River in Guyana are No. 1 and 2 respectively in diamond production in the country. On Aug 4, 2004 UDVE announced that it was in final discussions with Empyrean Consolidated Diamond Corp. for the purpose of joint venturing the recovery of diamonds in Guyana. Final terms are being negotiated. Empyrean is negotiating the purchase of the rights to extract diamonds on United Development claims and permits in Guyana. Additionally, United Development is demanding a royalty on all production. When this joint venture is finalized, the Company will concentrate solely on gold production. However this relationship will be very beneficial for UDVE, as it will help to increase company value, but, more importantly, shareholder value. ADVANTAGES OF OPERATING IN GUYANA The Company has elected to operate in Guyana because the vast natural resources are supported by a number of advantages that make the country an attractive center of activity. These advantages include: · The government is extremely supportive of mining initiatives. · The country has a long history of gold production. · The introduction of new methodologies is encouraged and supported. · Guyana is the only English speaking country in South America and is governed through British Common Law. · The population of 700,000 is highly literate. OPERATIONS IN CANADA The Company has an interest in developing opportunities in Canada and has entered into an agreement with Clearview Consulting, Inc., to earn up to an 85% interest in the La Ronge gold properties in Northern Saskatchewan. The property is located just 15 kilometers north of LaRonge Saskatchewan, and lies on the LaRonge gold belt, which has hosted many mines. This region has demonstrated the presence of gold reserves and the Company is presently working with a mineral resource technologist to determine the scope and nature of a new exploration program. This exploration program will commence immediately and will consist of some six holes being drilled and a sampling program initiated to better evaluate and find the gold intersections from previous work.
IP: Logged |
posted
DD, yes I know that investigations are reserved, but if there is something of illicit they suspend the trading immediately, i.e.: CAFE, GRYF,GDVE etc.
OPERATIONS IN GUYANA is the same text that you can found at the introduction of the IHUB/UDVE board.
IP: Logged |
CTKH site was under construction more than one year, since Dec. 02's r/s and reactivated after the big bounce from 0.0002 to 0.0079 in Jan. 04, during the 2003 on RB board there was an only sentiment: a dead dog destined to another r/s!
If a PK mantains active the website under construction with a new look has the only target to reopen it, IMO.
IP: Logged |
posted
IWI, if the SEC is investigating UDVE and his presumed fakes press releases about the divy and deems RD guilty, should immediately halt trading, because RD is involved in UDVE/MDGM's r/s, IMO.
Furthermore the SEC doesn't halts MDGM also if is reducing to 'zero' the value because there isn't fraud, IMO.
IP: Logged |
posted
I agree with Double Diamond,The only thing at this point the SEC. does is slap the hands of companies that abuse the system. The only thing we can hope for as investors is a little bit of accountability by companies.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
