Minera Share Discussion Threads

[andy] 06/6/2016 21:09

Financials are on SEDAR





Just click on "view this company's documents"

[andy] 06/6/2016 20:59

Dave,

Is this what you wanted?


I just found this on Silicone Investor, reads well, "possible re-listing on AIM"!:


Here's the Chairman's intro to the annual financial statement:

In my newly appointed capacity as Chairman of the Board of Directors, I am pleased to inform you of positive developments to resurrect the Group’s fortunes and advance the flagship Ollachea gold project. The Group has passed through a tumultuous period over the past year which witnessed the removal of a former director and newly appointed Chairman together with his successor by an overwhelming majority of the votes cast at the AGM and subsequent EGM. Due to the prolonged internal dispute the Group was obliged to request a suspension of trading in its shares in London, Toronto and Lima in September 2015; the following month the Group requested a delisting from the Toronto Stock Exchange as it was unable to comply with the listing requirements, and the Ontario Securities Commission (“OSC”) imposed a “Cease Trade Order” as a result of the delay in completing the June 2015 interim financial statements. Earlier this year the Nominated Adviser for AIM resigned their mandate which forced the Group to request de- listing from the London Stock Exchange.

The first step to restore credibility to the Group was the election of seasoned professionals to the Board of Directors and the drafting of a peace agreement between the disputing parties that required the legal actions and counter suits to be withdrawn and the minority shares in the subsidiary companies tendered to the custody of a mutually respected third party, so as to consolidate the companies into one unified entity. This has been accomplished. Simultaneously a forensic investigation was commissioned with an auditing firm to investigate anonymous whistle blower accusations involving local management and service providers. Further to an exhaustive investigation, the examiners concluded that there was no credible evidence of any serious wrong doing or criminal misconduct.

The results of the investigation were communicated to the Group’s auditor, PKF Littlejohn LLP, who have noted the report findings and have issued their audit report on our 2015 financial statements, which is the final impediment to lifting the OSC cease trade order. It is anticipated that the regulatory authority will restore trading within the next three months, which will be followed by a formal request by the Group to re-list on the TSX. Meanwhile the Group has been granted a full listing on the Lima Exchange and the local regulatory authority will lift the trading ban simultaneously with the OSC. This will provide two trading platforms for shareholders. The Group is also discussing with UK institutions a possible relisting on AIM.

The year 2015 saw the untimely passing in April 2015 of the Chairman and Founder of the Company, Mr. Courtney Chamberlain. Shortly thereafter the Group faced a deadline to repay $30 million to Macquarie Bank for a loan that matured on June 30th and would have resulted in foreclosure on the assets. Fortunately the Corporacion Financiera de Desarrollo (“COFIDE”;) came to the rescue with a facility of up to $240 million for the development of the Ollachea gold project. The bank agreed to advance $70 million as a bridge loan which covered the repayment of the Macquarie Bank loan plus a large component of the final payment to Rio Tinto for acquisition of the property.

A condition precedent to access the second tranche of the COFIDE financing is the drilling of 5,250 mts. off the Ollachea tunnel to probe the extension of the eastern plunge of the Minapampa mineralization. The initial three holes drilled into this mineralized zone reported higher than average grades and it is anticipated that the drill program will enhance the reserves, which already exceed one million ounces gold. The drilling contract has been awarded and work will commence directly the appropriate approvals have been given by the local Ollachea community.

A specialist mining engineering company was engaged to review the planned extraction rate for the Ollachea mine. They are conducting simulations to determine the optimum rate and cut-off grade with the objective to reduce capital cost and enhance operating performance. The Group has received an offer from Peru’s largest mine construction company to undertake the Ollachea contract on a fixed price turnkey basis (EPC) with performance guarantees. Discussions are ongoing with the contractor to establish a completion target for the 2nd Quarter 2018.

Meanwhile the Group’s wholly owned Corihuarmi gold mine continues to perform above expectations having produced 5,769 oz. Au in the first quarter of 2016 at an estimated cash cost of US $ 692 per oz. During March 2016 there was a record production of 2,329 oz. Au at an estimated cost of US $ 654 per oz. (all quoted figures are unaudited).

Earlier in the year independent engineers assessed the eventual closure cost for the Corihuarmi mine, which had been one of the reasons that delayed the filing of the June 30th 2015 interim accounts. Their conclusion was that the Group’s capital provision for closure was adequate. Currently there are sufficient resources that will likely extend the mine life through 2017. A drilling program is contemplated to investigate along strike mineral extensions to the north of the current mining area.

My thanks goes out to the shareholders, management and employees who have weathered a long period of uncertainty and have remained loyal to the Group. I am gratified to report that we are now well on the road to recovery to create a mid-tier gold producer that fulfils the expectations of our late Chairman and the people who have worked with him for the accomplishment of those objectives.

Francis O’Kelly Lima, Peru
1 June 2016

[investment dave] 06/6/2016 19:23

Andy can you get chairman letter

[investment dave] 06/6/2016 19:23

Max was looking for that can't get it

[maxoscar1] 06/6/2016 19:15

Guys chairmans letter out with the results have a look at silliconinvestor website let me know if u find a link regards maxoscar1

[maxoscar1] 06/6/2016 18:41

Dave all I can say if courney was alive today none of this would of happend and the share price would be well over 50p......lets just hope diego pulls it off GLA

[investment dave] 06/6/2016 12:56

Financial results

[investment dave] 06/6/2016 12:12

Andy/Max/potter Thanks for the opinion.

How do you feel this will pan out now? Its obvious the BOD are making a concerted effort to resume trading and build the mine. lets hope for the recommencement of trading in the next month or so.

[andy] 06/6/2016 11:41

Potter,

Yes good post and I agree.

At the end of the day this doesn't look good, surely everyone can see that, even if we do all want the company to succeed?

It was right to be challenged, IMO.

[pottermagic2310] 06/6/2016 10:56

The history (at the time) was very clear. The fairly newly formed MIRL BoD (following Chamberlain's "departure") noticed this intermediary appearing from nowhere, creaming off a couple of $million and it all appeared "hooky".
It was inferred DB might have been involved in the background, pulling the strings.
When the situation was challenged by Hodges & Co, along with quite how Financial transactions were generally occurring between DB-led Subsidiaries of MIRL and Gold Refiners, robust Accounting appeared to be unavailable & everything came crashing down.
That was then, people have come & gone, as things stand we've all lost everything until such a time as MIRL is a tradable and trading Entity again... hopefully sometime soon.
It hasn't passed me by that DB seems to have been stripped of his shareholding in the main Subsidiary, reading into the latest announcement?
Let's hope COFIDE funding is still available to help take the Ollachea Project forward... let's hope it is good news

[andy] 05/6/2016 22:58

Max,

I met Diego once, at PDAC, Courtney many times, as he was often in London.

Yes I do agree things look one hell of a lot better, and let's hope this run continues.

[maxoscar1] 05/6/2016 21:36

Andy many thanks for translating the article for all of us...like u say we really don't if it's true....I don't but u also say u met diego and courtney many times do u think they would really corrupt their own company...they built this baby out of nothing so let's hope it all works out to the billion dollar company this is.......speak soon(do u agree we are in a better position than last year though)take care

[andy] 05/6/2016 21:25

Max,

FYI I met Diego at PDAC 2011, and Courtney many times including PDAC and mining events in London.

This is my translation, not using an online translator, and I'm happy that I have the context right, if not exactly word perfect.

I am not offering an opinion, (I don't have one)as I have no way of knowing of this is correct or not.


The translation is as follows, I have omitted the last four words in Spanish for obvious reasons. Google translate will do that Ok for anyone wanting to know what they say.

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Sin embargo, a pesar que COFIDE es banca de segundo piso, MIRLSA contrató como intermediario a una empresa desconocida, Inversiones y Asesorías Sherpa S.C.R.L., a la que se le pagó US$ 2.4 millones para conseguir el crédito puente de COFIDE.

Este pago a Sherpa es realmente escandaloso, tanto por la alta comisión cobrada (no debía ser más del 3%), como porque era innecesario contar con un intermediario financiero para este tipo de operación. Sherpa era una empresa que no tenía actividad y empezó su operatividad cuando MIRLSA inició las conversaciones de obtener el crédito con COFIDE en mayo del 2014.

Los gerentes de Sherpa son el matrimonio de José Antonio Cabia Vega y su esposa Patricia del Pilar Matsuda Ysa.

La denuncia presentada por Jaime Pinto –quien fue presidente del directorio entre septiembre y diciembre del año pasado, señala que Sherpa no tenía experiencia alguna en el mercado de capitales, banca de inversión, proyectos de financiamientos, etc., y que fue creada con el objetivo de sacar, ilegalmente, dinero de la compañí;a.

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However, in spite of COFIDE being a sencond tier bank , MIRLSA contracted an unknown entity, Investments and Advisories Sherpa, as an intermediary, to whom they paid US $ 2.4 million to obtain the bridging loan from COFIDE.

This payment to SHERPA is really scandalous, both for the high commission rate charged (Maximum should be 3%) and the fact that it was not necessary to engage an intermediary for this type of financial transaction. SHERPA was a business that did not have any activity and become operational only when MIRLSA initiated discussions to obtain the loan with COFIDE in May 2014.

The management of SHERPA are Jose Antonio Cabia Vega, and Patricia del Pilar Matsuda Ysa, a married couple.

The complaint made by Jaime Pinto, who was a director of the company between September and December 2015,demonstrated that SHERPA had no experience whatsoever of capital markets, investment banks, financial projects etc.etc. and was created with the objective of extracting

[maxoscar1] 05/6/2016 21:08

Andy im not patronising u as for the article u mean the accusations about bungs hiding money transfer of funds........im pretty sure diego was accused of many things......remember the apparently whistle blower line(what ever happend to that accusation from Jones and fryer)this was all about pinto and hodges trying to steal OUR money the communities money and courtney chamberlains Dream to build Ollechea and sell it to a waiting 3rd party......diego has fought for the shareholders so me personally don't believe it.......u decide who the villains really are GLA

[andy] 05/6/2016 20:52

max,

"have u actually found out who diego benavides is and where his from ie family history"

---

Drop the patronising stuff, OK?

I asked you specifically what you thought about the allegation in the article, and what IKN thought about it as you referred Dave to that blog.

Why do you have to patronise me? Just answer the question!

[maxoscar1] 05/6/2016 20:41

Andy......diego opened the books upto the perUVIAN government have u actually found out who diego benavides is and where his from ie family history.......pinto hodges are long gone now just sit back and relax im damn sure im going too after months of stress good luck all

[andy] 05/6/2016 20:35

mAx,

What does the IKN blog say about the allegation in that article out of interest?

[maxoscar1] 05/6/2016 20:29

Dave check the ikn blogg out mate like I said it won't be long now as another piece falls into place........good luck all we have suffered enough over the last 9 months......did u really think diego benavides would give up on COURTNEYS dream..........NO WAY it's a coming

[andy] 05/6/2016 20:20

Dave,

I can but as people are saying "nothing new", I am wondering where they got their translations from, and what they think it says?

Google translate has done a poor job in this case.

[investment dave] 05/6/2016 14:28

Andy please post your version. Would be interested to hear a few comparisons

[andy] 05/6/2016 13:46

kirk6,

can you post your translation to save me doing it then please?

[kirk 6] 05/6/2016 12:22

Andy doesn't read the lse thread which has now been taken down. Max is back!!!!!! From lse to Advfn

[kirk 6] 05/6/2016 12:21

Nothing new

[bit coin] 05/6/2016 12:10

could someone please summarise the main points if anything new, tia