Ich habe vorhin eine Folgemail an die Kanadische Börsenaufsicht geschrieben und auch bereits eine Antwort erhalten, dass es nun bearbeitet wird .
Mal gespannt, wie Gulfside aus der Nummer wieder rauskommen will.
Einen Regelverstoss (irreführende News) gab es bereits im Juni, dies dürfte nun der zweite sein, und ob das der Börsenaufsicht gefällt, wage ich zu bezweifeln ;-).
Könnte spannend werden die nächsten Tage.
Zumal das nicht die Augen-zu-Bafin ist, sondern die Kanadische Börsenaufsicht, und die hat Gulfside im Juni schon einmal zur Berichtigung einer News gezwungen ;-).
Blöderweise platzt das ganze Luftschloss, wenn es wie ich hoffe und erwarte zu einer durch die Börsenaufsicht erzwungenen Klarstellung kommt, dass Gulfside nach wie vor nichts, aber auch gar nichts hat, weder einen Report, noch bewiesene Ressourcen, noch Explorationsrechte für das Gebiet.
LG BMO
complaints@rs.ca; inquiries@bcsc.bc.ca
Hello,
I would like to draw your attention to Gulfside Minerals (TSX-V: GMG) once again. In my opinion this is a stock scam.
I hope you have received my previous mail (see below).
Please do also note that Gulfside once again made false and misleading statements in a news release. Please take a look at the news release the company made on June 21st (www.gulfsideminerals.com/st/news_view_21Jun07.html) and the news release made on June 26th (www.gulfsideminerals.com/st/news_view_26Jun07.html).
Due to intervention of the authorities ("as a result of a review by the British Columbia Securities Commission") Gulfside hat to clarify that they faked the the resource volume ("The Company also wishes to clarify a fence of four drill holes on an adjacent property not subject to the Letter of Intent Agreement may have been incorporated into the Mongolian-Russian estimates for the larger “potential reserves” referenced in the June 21 news release").
This is remarkable, but even more remarkable is that they also had to clarify that the stated resources are not proven at all. They are still not proven at all, even though more than 4 months have gone since then. The news released on October 31st (www.gulfsideminerals.com/st/NR071031.html), which is fraud in my eyes and once again false and misleading, again gives the impression that the resources would be proven, which is not true as there is no NI 43-101 compliant report yet.
Lots of people (in Germany as well as in Canada) bought the stock because of this news, take a look on the volume traded on October 31st please.
The company released faked news on June 21st and did so again on October 31st. What are you intending to do about that?
Please do also note that Gulfside Minerals is (according to www.bcsc.bc.ca/Bcscdb/IssuersInDefault/...efaultShowCh4.asp?PI=78291) listed as an issuer in default since weeks. What is their default?
Is it because of the LOI they claim to have? The whole company value builds on that LOI, which still is an LOI at the moment.
Wouldn't it be necessary that the company would at least state who is the other party of the LOI? The news release made on June 26th (www.gulfsideminerals.com/st/news_view_26Jun07.html) contains the following text: "by the property vendor, a privately held Mongolian company that operates several domestic coal mines".
What is the name of that company? And if the property is so worthy, why don't they explore it by themselves? If they operate several domestic coal mines, it should be easy to operate another one. Why do they give the exploration rights to Gulfside Minerals as a present?
Obviously many things are strange here. This seems to be a double digit million stock scam and I hope that you are going to do something about it.
Please protect the people from putting more and more money into this stock, as promotion is still going on and on.
There are many things that need to be clarified by Gulfside Minerals. Who is the partner of the LOI? What does Gulfside have to pay for the exploration rights? As they have no sufficient money, how many new shares have to be printed?
The news release made on October 31st ist cleary misleading as well and is not compliant to the rules.
Could you please be so kind and investigate this and (if appropriate) force the company to correct their news releases?
Thank you.
Best regards,
Bernd M. Otto bmo@investment24.com
Von: b.otto@investment24.com [mailto:b.otto@investment24.com] Gesendet: Donnerstag, 1. November 2007 13:56 An: … Betreff: NI 43-101 report for Gulfside Minerals Wichtigkeit: Hoch
Dear Mr. Henchel,
I am sending this Mail to you as well as to the Norwest office in Salt Lake City, the Norwest headoffice in Calgary, the Market Regulation Service and the British Columbia Securities Commission.
Reason for my inquiry is the following news release:
www.gulfsideminerals.com/st/NR071031.html
A brief description of the background:
Gulfside Minerals is listed on the TSX venture exchange, symbol GMG.
Gulfside Minerals is an exploration company claiming to have huge coal resources in Mongolia. They claim they would have leased that property from a private Mongolian company but haven't stated even the name of that company so far. There are several other issues but that would extend the size of this mail, I will report that to the Market Regulation Service and the British Columbia Securities Commission at a later time.
In my opinion this stock is a stock scam and the news released today is fraud. There is a huge promotion going on in Germany, where this stock is traded as well, while volume is much higher there as in Canada.
Part of the promotion and the fairytale story is the frequent mentioning of Norwest as the partner for completing the NI 43-101 report. Gulfside even uses the Norwest logo on their German website (see www.gulfsideminerals.de/erdenetsogt.html) to claim reliability and credibility in connection with having Norwest as a partner.
Therefore I have the following questions and ask you to provide me a detailed answer:
1. § Are you aware that Gulfside Minerals does massive promotion using the Norwest name and logo? Is this backed up by your company?
2. Is it really true that "Norwest Corporation reports that a 43-101 compliant resource estimate will be finalized shortly"? Why haven't you done a combined news release of Gulfside Minerals and Norwest then? Is it usual that Gulfside Minerals speaks in your name?
3. What does "shortly" mean? The Gulfside CEO (Robert L. Card) already announced the NI 43-101 report for August, now we have October 31st. Please provide me a more detailed timeframe when the public may expect such a report.
4. Can you definitely confirm that the NI 43-101 will be completed then? Have all necessary drilling activities been completed or is there still work to do? If yes, what has to be done? And what about the frost in Mongolia? I guess there will be no further drilling possible until March, right?
5. "Norwest is of the opinion that sufficient resources - in excess of 100,000,000 metric tonnes - are available to satisfy the proposed production objectives." Once again: Is it usual that Gulfside speaks in the name of Norwest? And is this statement true?
6. "Lawrence D. Henchel, Norwest’s Manager of Geological Services and a Qualified Person under NI 43-101, states that this opinion is based on initial information in the prepared database being modeled for the resource estimation, such as seam thickness and coal density, and the results of historic and recent drilling. The potential quantity of the coal resource remains conceptual in nature until all necessary information is in hand to complete a resource estimate that is fully compliant with NI 43-101 disclosure standards." Shall this be a disclaimer that there can also be zero resources?
7. In terms of continued stock promotion, this news was quite perfect for the promoters as they could declare this as an anticipated confirmation that the NI 43-101 will be completely positive. Can you confirm that this is the case? Is it backed up by your company policies that such information or intended information is given out before any real NI 43-101 compliant report is out? And is it backup up by your company policies that all this happens in the name of Norwest or at least with frequent mentioning of Norwest to claim reliability and credibility?
8. Do you know anything about the company Gulfside claims to have leased the property from? There isn't even a signed contract yet, only a letter of intent. Is it usual that your customers spend a huge amount for ordering a NI 43-101 report without even having proven exploration rights for that area? (If the LOI would be canceled, Gulfside wouldn't have any benefit at all)
9. Could you please provide us the exact coordinates of the area that Gulfside claims to have? (at present, there is only a LOI) There were different statements on company websites regarding this. It would be quite interesting to know where exactly the property is located, especially in terms of productions costs.
10. Is it true that the property Gulfside claims to have leased is more than 100 kilometers away from any railroad track? Due to the low coal sale prices (especially considering that we know nothing about the quality), do you think that a profitable production will be possible at all? I don't think so, as transportation costs via trucks would leave no profit margin at all. Please provide your opinion about that.
11. Did Norwest also receive an order to make a pre-feasibility study? If yes, do you already have all information necessary for that or what is missing and which delay will occur from that? What is your estimate about the complete costs would that will occur before any production could begin?
12. Gulfside claims to have at least 100 million tons of coal. Can you say anything about volume, grade, and most of all quality? What about content of moisture, volatile combustible matter, fixed carbon, ash and sulphur? Is it backed up by your company policies that Gulfside makes such statements like "in excess of 100,000,000 metric tonnes" without even stating anything about coal quality and so on? These are false and misleading statements, made directly in connection with Norwest, are you aware of that?
13. To clarify the explosiveness of these issues: The stock price in Germany rose as far as 50 percent today because of the above mentioned news release. Many people bought the stock due to this false and misleading news and as more than one million shares were traded today in Germany. I guess you can imagine the possible damage, not to mention that they are using Norwest as a promotion argument since weeks, so the damage is several times higher. What is your opinion about Norwest being used for that? Is this truly backed up by you and your company?
Please be so kind to provide me an answer about all these issues quickly.
I am quite sure that Market Regulation Service and the British Columbia Securities Commission would like to get these answers as soon as possible, too.
Thanks in advance,
Bernd M. Otto bmo@investment24.com
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