April Fool!

Here's the joke:

LIMA, PERU--(Marketwire - April 1, 2011) - GoldSands Development (OTCBB:GSDC - News) announces that the Company's name has been changed from Constitution Mining Corp. (Old Symbol: (OTCBB:CMIN - News)) to GoldSands Development Company. Effective tomorrow the company's new trading symbol on the OTCBB is (GSDC.OB) and GoldSands Development Company new website is located at www.goldsandsco.com

With the new name, the company wants to express an expansion of its focus to assist with the development of the entire region where the company is working in Peru. Our company is working towards building trust and sustaining yada yada continues here

And here's what we wrote about it in this IKN post on March 3rd (my, doesn't four weeks fly fast?).


The scam we know as Constitution Mining (CMIN.ob) is helpfully changing its name to 'Goldsands Development Company' soon

Q: What does the chart of a bullshit OTC pump'n'dump scam look like? 

A: It looks like this.

The upcoming name change got filed with the SEC yesterday, check it out here. "But why is this a helpful turn of events Otto?", I hear you ask. Well folks, that's because with a name that clear it's even easier to avoid this scam on reading today's headlines out of Peru:

Government Will Today Send Law Bill to Congress Against Gold Dredgers in The Amazon Basin
Thursday, March 3 2011, 7:02am

The Government will today send a Bill to Peru's Congress that will definitively prohibit the working of dredgers in all Amazon basin rivers.

In this way, the initiative girst reported by CPN Noticias on Monday and approved by the ministerial cabinet, wil be analyzed and sanctioned as quickly as possible so that the decommissioning of all dredging mahcines has a legal recourse.

The dredgers are considered to be one of the main causes of environmental deterioration in the jungle region and are located in the River Negro, Ullapichi, in the Pachitea basin Tahuayo, in Loreto, Atalaya in the Marañon river and Napo rover in Putumayo. CONTINUES HERE

Don't say I didn't tell you. And tell you and tell you and tell you........... Anyway, it's the death throes of another scam. Remember the bullshit that Michael Stocker, his greedy Swiss cronies, the scumball Joe Gorman and their band of delinquents foisted on you all the next time the names come up, won't you?

The scam we know as Constitution Mining (CMIN.ob) is helpfully changing its name to 'Goldsands Development Company' soon

 

Q: What does the chart of a bullshit OTC pump'n'dump scam look like? 

A: It looks like this.

The upcoming name change got filed with the SEC yesterday, check it out here. "But why is this a helpful turn of events Otto?", I hear you ask. Well folks, that's because with a name that clear it's even easier to avoid this scam on reading today's headlines out of Peru:

Government Will Today Send Law Bill to Congress Against Gold Dredgers in The Amazon Basin
Thursday, March 3 2011, 7:02am

The Government will today send a Bill to Peru's Congress that will definitively prohibit the working of dredgers in all Amazon basin rivers.

In this way, the initiative girst reported by CPN Noticias on Monday and approved by the ministerial cabinet, wil be analyzed and sanctioned as quickly as possible so that the decommissioning of all dredging mahcines has a legal recourse.

The dredgers are considered to be one of the main causes of environmental deterioration in the jungle region and are located in the River Negro, Ullapichi, in the Pachitea basin Tahuayo, in Loreto, Atalaya in the Marañon river and Napo rover in Putumayo. CONTINUES HERE

Don't say I didn't tell you. And tell you and tell you and tell you........... Anyway, it's the death throes of another scam. Remember the bullshit that Michael Stocker, his greedy Swiss cronies, the scumball Joe Gorman and their band of delinquents foisted on you all the next time the names come up, won't you?

Constitution Mining (CMIN.ob): Don't say you weren't warned

Here's the 12 month chart of Constitution Mining (CMIN.ob):

So what does Owly think of today's price action that sees it trading at 18.5c?

Thought he'd say that. Anyway, click here and you'll note the coverage of this arch-dog here at IKN over the year (it started September 2009, in fact, when the first round of serious market pumping about its ridiculous gold sands operation on the Marañon river in Peru was happening). We tried to tell you about the dubious assets, a lot about the awful balance sheet (sorry mineheads, but fundies really do matter and you're going to have to read those Reg Fs if you want to make your way in this sector), the strange revolving door of officers at the company and about the aggressive pumphouse marketing that's a red flag in itself....but did you listen? I hope so....

Anyway, this is probably the last post on CMIN, wrapping up a series over a year long. So the final word goes out to the hatemailers and pathetic wretches that were slagging this humble scribe off this time last year (yeah, I have a memory). I'm so glad that you've all finally managed to...

On rats and sinking ships (part one)

We note that Gary Artmont, this time last year President and CEO of Constitution Mining (CMIN.ob) who then resigned his head's post to shuffle back behind the real scamsters, has today resigned from the directorship altogether. We wonder what it could possibly mean?

Mining PRs and the Ottotrans™, Part 27

The Ottotrans™ is back again, this time we run our  superduper translation device over the latest NR from Constitution Mining (CMIN.ob) and find out what new Chair Pat Gorman is really telling us.

This is what they said:

LIMA, PERU--(Marketwire - Sept. 27, 2010) - Constitution Mining Corp. (OTCBB:CMIN) reports that the Company and Seabridge Gold have mutually agreed to terminate the Asset Purchase Agreement to purchase 30 gold properties consisting of approximately 2,141 claims located in Nevada. The Agreement to acquire these claims was entered into between the parties on April 1, 2010 and subsequently amended to include an extension of the termination date of the Asset Purchase Agreement to September 30th, 2010. The closing of the Agreement has been mutually terminated by the parties.

Constitution Mining Chairman, Mr. Pat Gorman stated, "The termination of the agreement has been discussed and is agreeable with Seabridge. We came to the common conclusion that the deal would not be beneficial for both companies. At this time, Constitution will concentrate its attention and resources on its Peruvian Gold Sands properties. Additionally, Seabridge Gold has indicated it is willing to re-enter an agreement to sell the properties to us at a later date"

And this is what it means:

We have no money. We tried to raise $8m in an equity financing but have come up over $6m short so the $2m raised still leaves us with a negative working cap. As the payment of our own salaries is the highest priority at the company we can't pretend we're growing and buying pisspoor assets that will never become mines anyway just to say we have gold resources on our books. We're going to stick with pulling the wool over shareholders' eyes about a dredging project in Peru that's never going to happen...but at least we can drag it out.

Constitution Mining (CMIN.ob): It was going to happen some day or other....

...and it just happens to be today it does the 30% swandive on volume.

Cue owly:

And no, it's not some illuminati conspiracy or dirty naked shorting  or any other excuse the silly longs will cook up to paper over their ignorance; IT'S THE FUNDAMENTALS, STUPID

Constitution Mining (CMIN.ob) running short of suckers, part deux

In this post dated August 12th we noted the problems Constitution Mining (CMIN.ob) was having in raising the capital it needs to get out of its very sticky financial hole. At that time, the BSsers at CMIN has only managed to get U$1.72m of its planned U$8.125m raising covered, which is a long way short of the goal and doesn't even cover its present working capital deficit, let alone get on board the cash it needs to close the silly deal with silly Seabridge. 

So let's see how CMIN.ob has got on in the month since that last post, according to today's SEC filing:

Oh Dear. Oh very very dear. Another month gone by in its desperate campaign to raise enough cash to stay afloat and a paltry U$1.96m totalled. In other words, CMIN has only managed to raise another U$235,693 these last four weeks and still has U$6.17m left to cover. Once again evidence is mounting that this smoke'n'mirrors operation has run out of suckers to bilk.

And how much of a problem is this lack of cash at CMIN? Well let's check the assets as at 2q10:

Nearly all CMIN's asset 'value' (term used loosely) is in mining properties and is of dubious worth at that. Meanwhile, useful cash is still at a bare minimum. But it gets worse when you check out the debt position as reported last quarter. Oh lookie! A sudden spurt in liabilities!

So here's the working capital, showing the difference between current assets and current liabilities:

As you see, the cash raised means it's still underwater. Time's running out, Stocker....as is your share price. Mind you, it hasn't stopped CMIN from awarding stock based compensation of nearly $2m to its insiders during the first half of 2010. Scamsters iz what scamsters duz, y'see. DYODD, dude.

Constitution Mining (CMIN.ob) is running short of suckers

It's been a few weeks since we checked out the game of stone soup known as Constitution Mining (CMIN.ob), but the news today from the company is somewhat hopeful, so here's an update. Not hopeful for the company itself, mind you. What this humble scribe refers to is that by the looks of things, CMIN is running out of suckers to scam. Here's why:

• On June 23rd, CMIN announced it was running an equity placement to raise U$8.125m. At that time, early in the raising process, it had pledges of $302,250 on the table.

• So today CMIN updated on the raising process. So despite pumping the stock not once but twice in via its bullshit Swiss, German and Austrian compliant paid pumphouses (it got over $1 recently before the inevitable selloff and pullback) CMIN is now at a total of just $1,722,733 raised. In other words, in the last seven weeks it's only managed to add $1.4m to the placement book and still has six million left to find.

We know that CMIN is woefully short of cash. It's taken on short-term bridge loans that it needs to pay off quickly and it needs to raise the cash to close on its silly deal with the equally silly Seabridge Gold (SA). This not even mentioning the stupidity of its Marañon river "gold sands" malarkey. With working capital still heavily negative it's going to be fun to watch how long Michael Stocker can keep this shell game running. DYODD, dude.

Constitution Mining (CMIN.ob) is diluting your ass again, suckaz

Here's the link to the latest SEC filing from this scamjob, which notifies us that the company wants to raise $8.125m via a dilutive share+option financing deal. There's no public announcement of the pricings of the deal yet, but I'm going to hazard a guess at 65c a unit because the minimum investment for any poor sap that gets suckered into this madness is $6,500 (they've managed to find nine takers so far for a total of a touch over $300k). That 65c number might be wrong though, so best check.

Meanwhile, not a word in public from CMIN.ob that this financing has been open since Monday, a typical scamsters trick to leave people in the dark for as long as possible.

Golconda deja vu

Over at Naked Capitalism today, Yves Smith partially reviewed 'Once in Golconda' by John Brooks, one of the better books on the stock market ever written (I'm glad to say I had the pleasure a few moons ago...also recommended by the same author is 'The Go-Go Years') that chronicles the downfall of once high-flying banker Richard Whitney.

The book excerpt chosen by Smith was a good one and reminded me of many stocks recently followed, especially this one (as it's traded in the USA and not Canada, following the established Wall St rhythms more faithfully).

But really, that's just one of many that could fit nicely so pick your own fave. Here's the bit of the book excerpt that matters, a good chunk worth chewing over on a Sunday morning.

"......the pool manager, as broker, would begin buying and selling shares of the stock at frequent intervals, in no apparent pattern. Often he would buy and sell it back and forth among the members of the pool…..these essentially spurious transactions, accomplished with the sympathetic help of the specialist, would be so weighted that the price of the stock would begin to rise slightly. In speculators’ jargon, it would be “active and higher”…Thus the stock would be called to the public’s attention, and the notion of making a quick profit in it planted in the public’s mind. The eager tape-watchers would gradually begin to buy – cautiously and tentatively at first, then as the activity continued to increase and the price to rise, more and more boldly. Now the pool manager’s operations would become more delicate. On some days he would abruptly switch to the selling side, simply to create confusion; then just when the public was about to decide the picnic was over, he would come back in with a torrent of buying that would sweep all along with him. Finally, in a skillfully conducted manipulation, the thing would become self-sustaining; the public would in effect take the operation over, and in a frenzy of buying at higher and higher prices would push the stock on up and up with no help from the pool manager at all. That was the moment of the final phase….often spoken of indelicately as “pulling the plug.” With a mousiness in sharp contrast to the elaborate fanfare with which he had begun his buying, the pool manager would begin feeding stock back into the market. The price would respond by turning downward, gradually at first, then more rapidly as the pool manager’s trickle of sales mounted to a flood; and before the public could collect its senses, the retreat would have become a rout, the pool would have unloaded its entire bundle profitably, and the public would be left holding the suddenly deflated stock.."

CMIN-opolooza

Constitution Mining (CMIN.ob) reported last night. It was funny. But this time, instead of keeping the joke private, let's have a look at just a few of the numbers printed by this scam so far and give my constant ranting some factual evidence. By the way, what follows (and the recent set of charts on that other flea-ridden dog ECU.to) are a quick selection of the type of analysis we typically run over at The IKN Weekly on stocks, except that:

1) The analyses are far more complete in The IKN Weekly
2) We tend to look at stocks that are possible investments and not the joke end of the mining sector

So with the preamble out the way, here are a few numbers. Assets look like this:

In other words, this company pretends it has a book of fixed assets worth money (a joke in itself, as they'll never be exploited) but has nothing in the way of true worth in cash, cash equivalents etc.

Debt is already rising:

I thought about adding in the estimates for 2q10 now that the $7m convertible is signed and the Seabridge deal is about to close (apparently on May 20th, but there's a certain smell about that too). But if I did the $11m or so estimated debt would probably scare the bejeesus out of you, so let's just keep to the reported numbers.

Here's working capital:

These people are running a big game of Stone Soup, no more and no less. They've never had money to develop their already scammy projects and are bound to dilute soon and by a lot in order to raise a bit of cash to so their thing. According to the quarterly they need about $3.5m to get through the year. This implies that, along with this working cap deficit, they'll be trying to raise at least $5m via share sales very soon (the qtrly rules out a debt deal and makes it clear dilution is on the way) and knowing these BSsers for what they are, they'll try to raise more.

This brings us neatly to the shares out evolution.

We're already up to 78.95m at end 1q10, that number is already up to over 86m today thanks to payments on the debt deals and you can bet your sweet bippy it's going higher once the latest round of dilution is over. But even at the 1q10 shares number, this values CMIN at over $57m, a joke in itself. If you think that a company with $68,000 in cash, a silly pick-a-number made-up fixed assets value of $20m a constant working capital deficit and rising debt is worth 2.5X BV, then I'll leave our friend the owl to comment on your analytical prowess:

Otto's sez: Avoid OTC mining stocks, but if one really does appeal to you and you then invest in it without looking at its regulatory filings you deserve to lose your money through sheer stupidity. DYODD, dude.

Constitution Mining (CMIN.ob)

Another new low for the year? hoodathunkit, eh?

We need to get Owly out for the 2nd time today, I'm afraid. Today's sell-off in CMIN.ob is a bit surprising dontcha think, Owly?

Yeah well, now that you put it that way.

Don't say you weren't warned, people. And warned, and warned and warned......

pretty, shiny stones (reprise)

To celebrate the announcement by Constitution Mining (CMIN.ob) to move forward on its deal with fellow scam stock Seabridge Gold (SA) (SEA.to) last night, on the 300k oz Au gold asset (that's as dubious as a 43-101 could ever be without lapsing into regulatory default) IKN offers a reprise of the post first published about this deal back in late 2009, "Pretty Shiny Stones".

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What you have to imagine are two people sitting opposite each other, both with a pile of things next to them. One has a pile of 20,000 smooth, pretty pink stones. The other has a pile of 20,000 smooth, pretty blue stones.

The first one says, "I'll swap 10,000 of my pink stones for 10,000 of your blue stones."

The second one says, "OK", and they do just that.

Then the first one says, "Hey, sell me one of your blue stones for a dollar."

The second guy does that. Then the guy looks down, sees the other 9,999 blue stones he has left and thinks, "Hey! I'm rich! If those are worth a dollar each, that means i have U$9,999. Cool!".

Then second guy thinks some more. "HEY! I got 10,000 pink stones too! I just swapped them 1-for-1 with the blue stones...they must be worth a dollar each, too! I got U$19,999 here...WAY COOL!".

So second guy decides to try and buy a few more pink stones. "Hey, sell me one of your pink stones for a dollar", he says to guy number one.

But guy one says "Nope...i want $2 cash for my stones."

Second guy says, "Not Fair!".

First guy says, "Yes it is...think about it. If you pay $2 for one of my pink stones, you can say that those 10,000 you already have are worth $20,000, not just $10,000."

Second guy sees the logic and buys a pink stone for two dollars.

So then the first guy says, "Hey, how much for another one of your blue stones?"

Second guy is catching on quickly and says, "Three dollars!"

1st guy: "DEAL!"

Then a third guy comes walking along. He sees the two friends having a good time and laughing with each other and says, "Hey, what you doing?"

1st guy: "We're selling pretty shiny stones. Want to buy one?"

3rd guy: "How much?"

1st guy: "Well, here's the deal. You buy one of mine for $5, but then he'll pay you $6 for the same stone as soon as we've done the deal."

3rd guy looks at 2nd guy and says, "Really?"

2nd guy: "Yep...you make a dollar, just like that."

So the three guys do the deal and 3rd guy is really happy. "Hey!", he says...I gotta tell my friends about this! Do you mind if I invite some other people to play?".

"NOT AT ALL!" say guy 1 and guy 2 in unison, smiling big, wide smiles.

Etc etc etc etc etc

And now a news release from today.

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Seabridge Gold reports that it has entered into a non-binding Letter of Intent to sell all of its interests in certain Nevada exploration properties, including Seabridge's Castle-Black Rock Project, to Constitution Mining Corp. for consideration exceeding US$7 million consisting of: (i) staged payments of US$3.0 million in cash; (ii) a US$1.0 million convertible debenture; and (iii) 3.0 million common shares of Constitution Mining. Closing of the transaction (expected on or about January 22, 2010) is subject to completion of final due diligence by Constitution, regulatory approval and execution of a binding definitive agreement. A previous agreement to sell these properties to another party for US$5 million has expired.

The US$3.0 million in cash is payable as follows: US$200,000 immediately, US$800,000 on Closing of the sale of the properties, US$1.0 million on February 28, 2010 and the obligation to pay the final US$1.0 million will arise under a secured promissory note due on the first anniversary of Closing together with accrued interest at 8% per year.

The US$1.0 million two-year debenture is due on the second anniversary of Closing and accrues interest at 8% per year payable quarterly. The debenture can be redeemed by Constitution at any time prior to maturity upon payment of US$1.25 million. If not redeemed, the debenture and any accrued interest are convertible by Seabridge into common shares of Constitution at US$1.00 per share.

Constitution's obligations under the promissory note and the debenture will be secured by the properties.

The 3.0 million common shares of Constitution will be issued as follows: 1.0 million common shares on Closing, and an additional 2.0 million common shares on February 28, 2010 but held in escrow and released to Seabridge on the third anniversary of Closing or upon confirmation that the properties host a measured and indicated gold resource of 1.0 million ounces or greater, whichever is earlier.

Constitution Mining is a publicly-traded exploration company with large holdings of alluvial gold deposits in the Gold Sands district of Peru. The Company is currently engaged in a program of pitting and test-mining to determine the feasibility of large-scale mining of this resource.

Seabridge holds a 100% interest in several North American gold resource projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories.

As the old saying goes, two scams are better than one.

What's the funniest part of the Constitution Mining (CMIN.ob) 2009 year end report, Otto?

Ooooh, gotta be this bit i think:

Our accountants have raised substantial doubt with respect to our ability to continue as a going concern.

As noted in our financial statements, we have incurred a net loss of $16,662,828 for the period from inception on March 6, 2000 to December 31, 2009 and have no present source of revenue. At December 31, 2009, we had a working capital deficiency of $14,807,730. As of December 31, 2009, we had cash and cash equivalents in the amount of US $205,125. We will have to raise additional funds to meet our currently budgeted operating requirements for the next twelve months.

The audit report of James Stafford, Inc., Chartered Accountants, for the fiscal year ended December 31, 2009 and 2008 contained a paragraph that emphasizes the substantial doubt as to our continuance as a going concern. This is a significant risk that we may not be able to generate and/or raise enough resources to remain operational for an indefinite period of time.

Read the whole thing here. Great fun!

Farewell, Constitution Mining (CMIN.ob), it was fun while it lasted

Hey, remember that thing called Constitution Mining (CMIN.ob), the utter scam that tried to sell underwater river dredging alluvial gold mining in Peru? Well, it seems like their cunning plan has hit a small roadbump, as Peru has just banned the very same dredging ships from dredging riverbeds due to the large-scale environmental damage caused by this process.

The ban so far only applies to the Madre de Dios river and not the Marañon river where CMIN fakes its projected operation, but that's only cos there aren't any operating dredgers on the Marañon. However, the chances of Peru allowing one Amazonian river to be screwed forever by scumbags while at the same time banning scumbags on another river are as high as the hole in your posterior has of healing up in the next week or so.

And thus we wave goodbye to Constitution Mining. You guys were great for a laugh and kept us entertained for nigh on a year, but all good things come to an end. Adios amigos, hasta nunca cabrones de mierda.

Catching up with the Constitution Mining (CMIN.ob) scam

We haven't had a good laugh about Constitution Mining (CMIN.ob) for a few weeks, but the news received this morning makes it worth our while. Back on October 5th, IKN ran this post that featured the CMIN news release du jour in this way:

LIMA, PERU--(Marketwire - Oct. 5, 2009) - Constitution Mining Corp. (OTCBB:CMIN - News) has appointed Mr. Gary Artmont of Quito Ecuador, to serve as the new President and Chief Executive Officer of the Company replacing Willem Fuchter. In addition, Steve McMullan has joined the Board of Directors and Dr. Richard Garnett has been named Senior Technical Field Coordinator.

Well, oddly enough it seems that one of those named is pretty keen on getting his name cleaned of all connection with CMIN. This morning the following comment was left under that post by the abovementioned Dr. Richard Garnett. Here's the whole comment:

"Those interested should note that I visited Constitution's exploration site in Peru on 10 through 13 October, 2009. I reported my technical findings in writing to the then CEO of the company on 25 October, after which date I terminated all direct involvement with the project. Richard Garnett"

We are of course assuming that the person who wrote that is indeed Richard Garnett and not someone trying to play some trickydicky headfake on us. But assuming truth as written (which is 99.9% certain, cos as well as the ring of truth about the comment the IP address of the commenter matches Garnett's hometown....yeah I checked) there's little doubt that the above is a really damning thing to write about a former employer. Remember, IKN is the annoying little blog that toldya so about this scam.

Constitution Mining (CMIN.ob) had a bad January....

...and so far February isnt helping much, either.

48% down this year? Ouch, a hard lesson for those that believe the bullshit pump jobs out of Switzerland, innit. So the succinct comment is here.....

...and the more detailed comment and the reasons why this empty vessel is dropping so hard here.

So how's that Constitution Mining scam coming along in 2010, Otto?

Weeeeell, it could have seen a better start to the year, I'd readily opine.

There's been a ton of comment from this humble scribe about the gold sands joke dressed up as opportunity known to the world as Constitution Mining (CMIN.ob) on these pages already, so let's just leave it to a finer and more succinct analyst to sum up today's chart on CMIN:
Thanks owly.

Affinity (79F.f) and Constitution (CMIN.ob): Catching up on the Peruvian alluvial gold scams

First up is the Peruvian alluvial gold stupidity known as Affinity Gold (AFYG.ob) (79F.f) and ever since this post that noted the stock was trading at 24X asset value, things just haven't been the same for the scamsters.

So far it's 57.7% down and there's still an awful lot of dropping left to do, folks. Cue owl:

Now let's drop in on Constitution Mining (CMIN.ob), the other joke gold miner currently trying to pretend it's worth multiples more than its asset value by pumping an alluvial gold project that has all the same hallmarks as Affinity. The chart has also been looking weak....

.....but the real fun here are the latest regulatory filings. Here we see how the main insider is milking the company for all its worth by contracting out the social relations side of the scam to his own company for the cool sum of U$10,000 per month (and a whole bunch of expenses on top of that fee). Here below is part of the filing and the company referred to is 'The Stocker Group', run by a certain Michael Stocker. Amazingly, this deal was struck just before the latest 'management realignment' that made the new President and CEO for CMIN.ob.....yeah you guessed it already....Michael Stocker! :

The “Company” shall receive a fee based on work load for its services rendered during 1 (one) year (Oct. 2009 to Oct. 2010). The following fees will apply and be invoiced monthly.

(a) Hourly time charge: For meetings, telephone conferences/calls, etc. of less than half a day fee is USD 200/hour.

(b) Daily time charge international consultants: For periods equal in duration to, or exceeding, half a day fee is USD 1300/day. Between 0.5 and 1.0 day the charge is pro-rata. Local consultants in Peru will be charged at a day/fee of USD 600/day. The compensation rate has a cap of $1300 payable in any business day.

(c) Travel time is charged at the same daily rate.

(d) Consulting services provided by Dr. MICHAEL JOHANN STOCKER pursuant to this agreement will be limited to USD 10,000/month.

(e) Reasonable, proven expenses (travel, accommodation, meals, major ‘phone charges, etc.) are charged at cost with no mark up. Receipts are provided for all charges.

(f) Flights, and combinations of flights, of 3 hours or more in duration are in business class.

(g) The company may terminate the contract with 3 month’s written notice.

This milking isn't something new, though. As the filings show, in 2009 Stocker managed to cream off $90,000 directly for himself and another a cool $257,130 went to his other company, 'Stocker International Inc', all for the line items known as 'consulting services' (my, those overheads, eh?). All this from a company with a 7X ratio of market cap to NAV and on a current 18 month exploration program that according to the same filings needs even more money thrown at it else be curtailed.

Yes indeed, PT Barnum is alive and well and living in Santiago, Chile.

Happy New Year! from Constitution Mining (CMIN.ob)

Hot on the heels of the post on that other Peruvian alluvial gold scam Affinity Mining (79F.f) yesterday (which is down another 25% today, btw) let's check in on the smoke'n'mirrors special we all love to giggle at, Constitution Mining (CMIN.ob), and see how it's been getting on in 2010:

What? over 30% down since December 31st? Let's check in with our friend the owl and get his thoughts on the share price evolution of CMIN.ob these last few days:

Disclosure: No position in either stock. Not long, not short, not nothing. Do what this humble corner of cyberspace does and simply avoid these scam-ridden stocks like the plague. The only people ever to get rich off these crudballs are the insiders. Period. And just in case you think I haven't checked on CMON.ob and I'm just making shit up, have a look at this previous post, my Swiss visiting readers. There's a whole buncha stuff here, too. Enjoy!