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, breakthrough 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 underdeveloped mineral resources in Colombia. MGM Mineral Resources was initially targeting the richest gold zone in Colombia, Segovia, but is now extending to other areas throughout the country. For more information please visit http://www.mgmmining.com
TORONTO, Oct 03, 2006 (MARKET WIRE via COMTEX) -- Metro Gold Mines Mineral Resources Inc. (PINKSHEETS: MGMX) is a growing gold mining company engaged in the acquisition and development of production properties in South and Central America.
"MGM Mineral Resources has been diligently involved with the newest acquisition of Las Malvinas Mine," said Jairo Giraldo, CEO of MGM Mineral Resources. "As such, we have designated our resources and technical teams to the site of Las Malvinas Mine. This has caused a lot of regional and national focus toward the mine and the Company's operations. We were able to recently launch Las Malvinas Mine officially, with local and national dignitaries present at our ribbon cutting ceremony."
The Company has already commenced all technical work on the mine and has entered the production stage. MGM Mineral Resources confirms all previous reports and goals that the Company is about to become a high gold yielding operation. The Company will be seeing revenues generated from this mine's production within 90 to 120 days.
"On behalf of MGM Mineral Resources, we would like to thank the Mayor, local army and government officials for helping us navigate through the bureaucratic process of this acquisition," said Ken Lamb, President of MGM Mineral Resources. "It is good to know that the local, provincial and national communities and government stand behind our efforts and support our corporate goals. The Company has been working hard in positioning themselves in becoming major players in the Colombian gold communities, and the addition of Las Malvinas Mine will bring us closer to realizing this goal."
Outstanding Shares: 400,000,000 as of 2006-02-14 Authorized Shares: 800,000,000 as of 2006-02-14 Float: 180,000,000 as of 2006-02-14
Also my take is this:
After paying the government its "fees" and costs for setting up the mining, labor etc... we have about 120 days to make positions in the .0016 - .0024 range (Unless it goes higher). Under 1B is not expensive when stock is in sub pennies. As the reality of the amount of gold is being extracted we will know how much this will spike. The time frame is short so I hope for not much more dilution!
Gold prices are increasing which can only help this company if they hit pay dirt. I am trying to drum up some info on their existing mines since they have or in working to acquire four mines in total. In time and with no more stock dilution this could prove to be lucritive. So throwing a few dollars at it in this price range would not hurt and add to your diversified portfolio! Owning a small columbian gold mine could very well turn out to be GOLDEN!
************** Co. Responds to investors and board posters ***************
TORONTO, Oct 25, 2006 (MARKET WIRE via COMTEX) -- Metro Gold Mines Mineral Resources Inc. (PINKSHEETS: MGMX) is a growing gold mining company engaged in the acquisition and development of production properties in South and Central America.
Although it has been some time since a recent news release, MGM Mineral Resources has been maintaining all short term and long term goals. A report was drafted recently by company C.E.O. Mr. Jairo Giraldo regarding the recent progress, acquisitions, and ongoing work at the mines.
During the week of October 8, 2006, Mr. Giraldo met with Manager of Operations, Mr. Fabian Llanos and reviewed the various issues pertaining to the Company. These included production, exploration, and communications. They are very content that all these issues are being addressed.
PRODUCTION -- Las Malvinas is the Company's main focus and is in current production. This includes all lab work, processing and extraction stages. Tunnels are in place, they are clean and very accessible, as well as in the process of transporting updated equipment to the site for more advanced extraction.
DEVELOPMENT -- La Esperanza remains the Company's cornerstone and is currently in talks with external international geologists in order to ratify all findings and geological numbers. The Company wants to confirm their findings and move this project into the high production stages.
COMMUNICATIONS -- The Company wants to improve their communications with the shareholders and has been attaining this goal in several ways. They are currently training a bilingual receptionist to which all shareholder calls and emails will be directed. As such, shareholders will be able to get in touch with someone in the South American or North American areas.
"As many may be aware, we have opened our doors to various shareholders lately in order to confirm the veracity of our Company," said Jairo Giraldo, C.E.O. of MGM Mineral Resources. "We have met with some of our shareholders and have been keeping in touch to the best of our current abilities, as well as have allowed pictures to be taken, including out in Segovia, at the shareholders own risk. We did notice that our shareholders have been posting various pictures of our operations and although the pictures are not officially sanctioned pictures of MGM Mineral Resources, they do reflect our Company and can add to shareholder confidence once they see the reality of our projects."
The Company will release additional pictures shortly, including parts of the operation that were not explored by some shareholders.
"We are anxious to release any upcoming technical information pertaining to Las Malvinas," concludes Jairo Giraldo. "Production and shareholder confidence has been our main focus over the past month and we will continue to push towards a bright future."
What a better way to own gold at 620/oz then to own a columbian gold mining company with multiple mines in one of the richest gold deposit areas in South America! ...... and at .0019/share!
1. As of Sept. 19, 2006, 536,126,516 shares issued but that count may increase dramatically!
2. Projected drilling from an excel spread sheet of another boards's poster. Don't know how accurate it is but a place to start, also these figures are based on gold prices of around 580/oz but on old share count!
From La Esperanza and Manantiales
Gold $31,485,772.68 Silver $628,029.47 Total $32,113,802.15 BeargKG 57,000,000 Costs $10,545,000.00 Revs-Costs $21,568,802.15 OS 400,000,000 Year 1 shr$ $0.0539
3. Gold now clearly above 600/oz
Will continue to update this post as news comes in!
As we close in on production numbers I found this on another site by someone that actually goes to the company's mines:
"Colombia has produced in excess of 125 million ounces of gold, making it South America’s largest recorded gold producer. Despite this, the country has suffered from little investment in the gold mining industry over the past thirty years and remains largely unexplored. In 2003 the country produced 1.49 million ounces of gold, predominantly from numerous artisanal mines which can produce up to 200 tpd but are typically around 5-10 tpd operations."
Even if my production guesstamites are wrong, there is still a large upside to the stock price! JMHO!
"Managing Director Colin Andrew commented that “The opportunities to develop new mines rapidly and make new mineral discoveries in Colombia are quite outstanding. In addition, both the Central and Department Governments and State Agencies have proved extremely helpful and are supportive of CMR’s entry into the country. We expect other companies to realise the potential in Colombia over the next year or so and we are delighted to have secured these projects in advance of that interest."
TORONTO, Nov 09, 2006 (MARKET WIRE via COMTEX) -- Metro Gold Mines Mineral Resources Inc. (PINKSHEETS: MGMX) is a growing gold mining company engaged in the acquisition and development of production properties in South and Central America.
As per the Company's ongoing Press Releases, Metro Gold Mines has recently completed negotiations with various properties which continue expanding the Company's portfolio, all while the extraction and production stages of the Manantiales Mine push forward. The most recent negotiations were completed pertaining to La Victoria Mine, located adjacent to the other known MGMX properties.
"The Company continues to acquire additional ventures and properties which will enable us to explore, produce and raise revenues in the near future on a much larger scale," said Jairo Giraldo. "La Victoria Mine is just an additional step in our intricate set of goals and Company's future direction. Additionally, we have commenced negotiations with a mine called La Dorada. All of our efforts are directed into the acquisition of mines and reaching production levels to increase shareholder and company value."
The negotiations for La Dorada Mine have commenced. La Dorada is a property of close to 100 acres and is located in the same municipality as La Esperanza, Segovia, and is owned by another Director of MGMX which will facilitate the transaction.
MGM Mineral Resources is looking to acquire 100% rights to this land and the current land owner, Director of MGMX, is looking to contribute towards the progress of the Company by negotiating the rights to the lands and placing them under the Company's umbrella.
The Company will continue to confirm any and all news of current acquisitions and production, specifically in relation to the Manantiales Mine, all which targets are being met. A target of 45 to 60 days was given regarding the extraction of gold and the Company confirms that this target will be met in time.
It seems like its winding up for a breakout, its just a matter of when!
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The company has doubled its share count and made authorized shares unlimited. I am very sad by this choice and have closed my position on this company. I believe it was not nessesary for the company to act in this way, especially ahead of mine production figures.
At this time any rally in this stock will be over shadowed by any or all kinds of stock dilution that the company can issue withou warning or limit so this becomes a risky investment even in the best of conditions.
I DO NOT believe in supporting companies that act like this no mater what the potential so at this time I am advising all NOT to invest in this security!
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