News Release - Deep Thoughts
in response to
by
posted on
May 24, 2011 03:41PM
Things I Like
1) "The Toronto Stock Exchange (the "TSX") has deferred its approval of White Tiger Gold's acquisition of Century Mining pursuant to the Business Combination pending receipt of additional information from both White Tiger Gold and Century Mining."
Regarding this - Regulators taking notice
2) "As part of the additional information request, the TSX has requested current technical reports for Century Mining's Lamaque and San Juan projects prepared in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and acceptable to the TSX. Century Mining has engaged Micon International Co Limited to prepare these reports and expects to submit them to the TSX for its approval by the middle of June 2011."
Micon International is the company that WTG engaged also, as per their news release here:http://agoracom.com/ir/CenturyMining/forums/discussion/topics/483642-white-tiger-gold-commenced-40-000-metre-drill-program-on-nasedkino-project/messages/1552554#message
Here is the qualified chap specifically-
http://www.micon-international.com/downloads/pdfs/Stan%20Bartlett%20.pdf
Regarding this - the TSX wants the updated NI 43-101 for both CMM operations. This should show that we have more resources than the previous 43-101. Question that has been raised before is "Can we rely on unbiased fairness in this assessment" - What do folks know about Micon and Mr Bartlett?
3) "As we work towards completing more comprehensive technical reports on the Lamaque and San Juan projects, we continue with the ramp-up of production at the Lamaque mine," said Daniel Major
Regarding this - Lamaque is still ramping up.
4) "Completion of the Business Combination remains subject to, among other things, the approval of the disinterested shareholders of each of Century Mining and White Tiger Gold, approval of the TSX, the TSX Venture Exchange and the Ontario Superior Court of Justice as well as any required approval under the Investment Canada Act."
Regarding this - Lots of hurdles - specifically "...approval of the disinterested shareholders..."
Things I don't like
5) "The Business Combination was approved by the special committees of the boards of directors of White Tiger Gold and Century Mining, respectively (the "Special Committees"), each of which is comprised entirely of independent directors."
Regarding this - Who the heck are these people - I have a VERY HARD time believing that there are truly independent directors on these "Special Committees". We know that a complicated web of companies with incestuous relationships exists - GIVE US THE NAMES OF THESE INDEPENDENT DIRECTORS so we can assess whether in fact it is true.