So...I must have been precient when I posted on June 3. First "misstatement" in the 10Q "In May 2010,(April) we began processing tailings at our mine site. We (who is the we?)plan to process the tailings into dore bars or concentrate, which would then be shipped for final processing to a refiner, which would pay us a market price for the minerals ultimately extracted from the dore bars or concentrate. Why are we paying rent in the gold distict in NYC if all of the production is purchaced by a refiner?) At this time, we are accumulating concentrate (dore bars?) at our mill site until we have a sufficient quantity to ship to a refiner for final processing, at which time we will begin receiving revenues from the sale of minerals."

If you guys read the BS (I mean PR), you will remember that processing began in April, and in May was sent to the smelter, and was completed on a 30 day turnaround. The best obsfucation I have seen since this great country was dragged into an eternal war is contained in the following, (read only if you have taken gobudly? gook as a second language).

Revenue Recognition

Sales of all metals products sold directly to smelters (refiner? or are they the same), including by-product metals, are recorded as revenues when title and risk of loss transfer to the smelter (generally at the time of shipment) !! at estimated forward prices for the estimated month of settlement. Due to the time elapsed from shipment to the smelter and the final settlement with the smelter, we must estimate the prices at which sales of our metals will be settled. Previously recorded sales are adjusted to estimated settlement metals prices until final settlement by the smelter. Revenue is recognized, net of treatment and refining charges, from a sale when persuasive evidence of an arrangement exists, the price is determinable, the product has been delivered, the title has been transferred to the customer and collection of the sales price is reasonably assured. Concentrate sales (is this the same as dore bars? doesn't sound like it) are initially recorded based on 100% of the provisional sales prices. Until final settlement occurs, adjustments to the provisional sales prices are made to take into account the mark-to-market changes based on the forward prices for the estimated month of settlement. For changes in metal quantities upon receipt of new information and assay, the provisional sales quantities are adjusted as well. The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations between the date initially recorded and the date of final settlement. If a significant decline in metal prices occurs between the provisional pricing date and the final settlement-date, it is reasonably possible that the Company could be required to return a portion of the sales proceeds received based on the provisional invoice.

The Company’s sales based on a provisional sales price contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward London Metal Exchange price at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through earnings each period prior to final settlement." And so on and so forth. Good luck to those of you going to the meeting. Don't get all up about anyone coming in to the investor pool (Brazil). Won't make any diff to us.)

Throughout history, those most involved with the production and holding of Gold have been Kings, Thieves, Murderers, most recently Central Banks, and the occcasional blind squirrel, which is where I put these guys. Once the greed sets in, men will do anything to hold the yellow metal for themselves. I hope that they do leave some droppings for us. Share dilution is 300M shares, so that no buyback program will do anything for current shareholders.

Bottom line is that they have gold, and have sold gold, but do not want anyone to know yet how much. Since Rich is running the Stockholders meeting (surprise!) don't expect to be allowed to ask any pointed questions. This company is firmly in the hands of the monkeys whose laps it fell into, and no one has anything to say about it. Better than winning the lottery.

Iggy