Post by mjmilam on Nov 29, 2005 1:59:40 GMT -4
by oaks
from PB80
Some stuff for you all to mull over re...
« Thread Started on Nov 25, 2005, 7:05pm »
Valuation Theories and other considerations.
Please keep in mind these comments and observations are purely my own opinion as a shareholder of CMKX.
Let's go back to the Robert Shaw report of 2002
www.secinfo.com/DB/SEC/2003-000/1117/768-0000/02-006.pdf
If you cannot access this you simply have to sign up with secinfo.com and it is free for a trial.
In this document it stated that none of the claims vending into CMKX per the 14C had been worked by the current owners of the claims or valued.
Nor, have we ever seen anything published from the work done by Mark Hutchinson, ie an official published report offering any official valuation.
The Jarvis report provided in May/05 did not provide any official valuation numbers.
www.secinfo.com/DB/SEC/2005-000/1077/048-0002/95-004.pdf
The Entourage PR of October/05 states there has been no NI -43-101 Geologist report done any the claims from United Carina, the Smeaton claims held by Koch's numbered company, or the claims which involved Nevada minerals.
www.entouragemining.com/s/NewsReleases.asp?ReportID=120107&_Type=News-Releases&_Title=Increased-Interest-in-Ha tchet-Lake-Uranium-Property
Here is a copy of the Entourage NI-430-101 report for their Black Warrior project in Nevada so everyone can see what one looks like.
www.entouragemining.com/i/pdf/BW_NI-43-101.pdf
Note: It is called a: Geology, Mineralization and Potential, Property Evaluation Report.
I believe it is a report required if you are reporting in Canada and of course Entourage is reporting via Sedar per the BC Securities Commission requirements as a Canadian head officed company, even though Entourage does not currently trade on a Cdn exchange.
This PR also in Oct/05 further confirms the 25% CMKX to Entourage interest in claims held by United Carina included the Carolyn claims per the statements in the PR:
"The claims include the Carolyn kimberlite pipe and United Carina reported in an October 18, 2005 news release that in a five-hole drill program on this pipe in 2004, samples from one of the holes tested for diamond content. Only two micro-diamonds were recovered, but further testing will probably be conducted on other samples from the drill holes.
The Company expects to make an announcement about the terms of the negotiations should an agreement be reached. There is no NI 43-101 compliant report completed on these claims and there is no assurance that the Company will be successful in reaching a definitive agreement."
So we know from this that United Carina has never done an NI-43-101 report for these claims.
www.entouragemining.com/s/NewsReleases.asp?ReportID=120324&_Type=News-Releases&_Title=Entourage-Appoints-New-D irector-and-Continues-to-Negotiate-Additional-Saska...
The 50 mill. share stock deal with Entourage was valued at approx. $25 mill. at the time of the announcement per the PPS of Entourage at that time. In recent weeks the PPS of Entourage has declined to a current "paper" price of approx. $11 mill. and of course that will continue to fluctuate.
So the question must be asked....Is this the true value of the claims based on the paper stock deal or is there an ace up the sleeve somewhere? Rumors say as such, but rumors imo do not represent reality and why would Mr. Casavant broker the claims for less than what they are really worth?
Does valuation through Entourage's future efforts effect the possibility of settlement size re the manipulation and naked shorting of CMKX? Or does it now become a completely separate issue which only comes into play via the future increase in the PPS of Entourage and a possible short squeeze created by the Entourage/CMKX deal?
Regarding CIM, IMO it only contains the zinc claims at this point. Mr. Casavant had indicated the intention to take CIM public but no date for this to be achieved has ever been confirmed.
It has recently come to light (John Martin of the OG and further validated to me by Mr. Casavant), that noone retains majority control of CMKX now. I have therefore concluded the float is most likely close to the outstanding and hence this has completely changed my opinion of what the ratio of naked short to float may be. I had hoped the previous forebearance factor may have seen the o/s reduced by 600 bill. shares, but that seems unlikely, IMO. How does this then effect the ability of the Task Force to put pressure on the Regulatory bodies pertaining to a desired settlement?
Hence, it remains crucially important IMO for all shareholders to continue to comply with the request of the Task Force to pull your shares in Cert form and fax a copy of your Cert. Every share and every Cert counts and needs to be counted to dry up the 703 bill official outstanding.
Additionally, one has to question how the Entourage deal can be effected without CMKX shareholders being given the opportunity to vote (?), if there is no majority control as this point. I know this question is already being asked by some shareholders and even Mr. Frizzell appears to be unable to come up with an answer so far.
Or for that matter, how can the affairs of CMKX be wound up without a vote by shareholders? Again, this is a question which should be addressed IMO to Mr. Frizzel as a member of the Task Force.
I would like to, as would all shareholders, receive some clarity from Mr. Maheu as Trustee of the Task Force on a number of these questions. I remain very optimistic Mr. Maheu and the Task Force will be successful in obtaining a settlement for shareholders. I see nothing to indicate and verify a settlement has been reached at this point. The fax campaign is to run until Dec. 31 and per my conversation with Helen Bagley at 1st Global the other day, she felt this date may need extending, based on her own resources to get certs out to everyone asap. IMO, any settlement will not come until the fax campaign is completed and the Task Force has properly assimilated the data to present our case to Regulatory bodies.
IMO, we have no way of knowing if there are any current negotiations in progress or concluded negotiations unless we receive a verification of such from the Task Force. Mr. Frizzell as a member of the Task Force has stated he is not aware of any concluded settlment discussions in his email updates to the OG.
I prefer to see an official Press Release as proper evidence of such and all matters pertaining to CMKX and effecting all CMKX shareholders.
Many have questioned why I am setting my personal expectation of a settlement at .005 or half a cent. It is purely my own opinion (never discussed with Mr. Casavant). It is based on the premise that if one had purchased 50 mill. shares at .0001, this would translate to approx. a 3000% gain or $250,000 before in-cost of $5000. and commission fees. Pretty darn satisfactory, IMO, but I will have no hesitation in accepting more if it is achieved and of course it might be less. In reality at this point, IMO shareholders simply don't know.
Just my opinion on all of this and I am sure everyone will have their various opinions on my opinions..LOL Nor is it my desire to fan the fire regarding any of this. I only hope for the best and quickest conclusion possible from our Task Force and they should continue to receive our utmost support and cooperation.
Have a safe weekend everyone.
Oaks (aimho)