IKN

a plague o both your houses

Mining PRs and the Ottotrans™, part 11

Handbags at dawn girls, it’s our old friend ECU Silver (ECU.to), silver scam of the year and pumped shamelessly to high heaven by a foulmouthed GATA wingnut (cos he holds a bootload of the worthless paper and wants to get rid of it…onto you…at higher prices). This time they’ve been caught red-handed doing their naughty deeds, so let’s hand over to its JV partner (though that word must be haunting them by now) Golden Tag (GOG.v). For the record I don’t have much sympathy for GOG.v either, the old “lay with dogs…” saying coming to mind. Just avoid this screwed up mess like the plague, dudettes and dudes.

Anyway, to business. This is what they wrote

MONTREAL, QUEBEC–(Marketwire – Aug. 13, 2009) – Golden Tag Resources Ltd. (TSX VENTURE: GOG “Golden Tag”) has today presented a formal notice to ECU Silver Mining Inc. (“ECU”) demanding the immediate cessation of the removal of stockpile material on the San Diego Property. Golden Tag has recently learned that ECU commenced unauthorized removal of surface stockpiles on the property at a daily rate of approximately 250 tonnes per day in clear contravention and breach of the ECU and Golden Tag joint venture agreement (the”JVA”). Removal of these stockpiles and transport of the material is continuing on a daily basis with a fleet of seven trucks. The material is being transported to the nearby processing facility of ECU. There are at least 40,000 tonnes of mineralized material grading 1% Lead, 1% Zinc and 100 grams Silver per ton on the property. The stockpiles represent Joint Venture Assets which can not be mined or processed without the authorization and approval of the Joint Venture committee. Such authorization and approval has not been requested or approved.

ECU, the designated operator of the San Diego joint venture has also failed to remedy prior fundamental breaches of the option and JVA, signed on November 2, 2005 in respect of the San Diego property (see press release: June 23rd 2009). The silver zinc rich property is located in the Velardena Mining District, Municipality of Cuencame, Durango State, Mexico (the “Property”). Golden Tag’s counsel in a letter dated March 20, 2009 notified ECU of these breaches and Golden Tag subsequently received assurances that the breaches would be rectified within the requested 30 day period. Despite several follow-ups, the breaches have not been remedied. Golden Tag is fully vested in a 50% Property interest under the JVA.

Among prior contract breaches of ECU which Golden Tag believes will be substantiated at arbitration are that ECU:

(A) Allowed a third party charge against the Property contrary to the JVA.

(B) Invoiced Golden Tag for joint-venture expenses but did not remit the funds to pay joint venture suppliers on a timely basis, some suppliers still being unpaid.

© Failed to timely contribute its equivalent pro rata share of funding to the joint venture.

(D) Failed to follow proper procedures and timely financial reporting.

Due to these significant breaches, Golden Tag plans to seek the right to assume operatorship of the Property, dilution of the interest of ECU and/or compensatory damages and other relief.

And this is what it means:

MONTREAL, QUEBEC–(Marketwire – Aug. 13, 2009) – Golden Tag Resources Ltd. (TSX VENTURE: GOG “Golden Tag”) has today presented a formal notice to ECU Silver Mining Inc. (“ECU”) telling them to keep their grubby thieving hands off the JV material at the San Diego Property. Golden Tag has recently been told by truck drivers working for ECU who haven’t been paid for two months that ECU has been stealing surface stockpiles on the property at a daily rate of approximately 250 tonnes per day, which is half the amount of rock they’re putting through their stolen oxide mill, in clear contravention and breach of the ECU and Golden Tag joint venture agreement (the”JVA”). These scammy shits are stealing on a daily basis with a fleet of seven trucks driven by those as yet unpaid drivers. The material is being transported to the nearby stolen processing facility of ECU. Those scumbags have pilfered at least 40,000 tonnes of mineralized material grading 1% Lead, 1% Zinc and 100 grams Silver per ton on the property. The stockpiles represent Joint Venture Assets which can not be mined or processed without the authorization and approval of the Joint Venture committee. Such authorization and approval has not been requested or approved so we’re well pissed with these shysters and you’d better believe it, as our half of the silver they’ve stolen is worth about U$800,000, the lead is about $300,000 and the zinc another $300k. So these fools owe us $1.5m and that’s before we start on the punitive damages, suckers. They’re going down.

ECU, the designated operator of the San Diego joint venture has also been a pisspoor partner of the option and JVA, signed on November 2, 2005 in respect of the San Diego property (see press release: June 23rd 2009) and we’re already in arbitration about this. The crap quality property which looks good on paper but is largely uneconomic to mine as its veins are harder to get at than a junkie’s, is located in the Velardena Mining District, Municipality of Cuencame, Durango State, Mexico (the “Property”). Golden Tag’s counsel in a letter dated March 20, 2009 notified ECU of these breaches and Golden Tag subsequently received a bunch of bullshit lies from the scamsters that the breaches would be rectified within the requested 30 day period. Unsurprisingly the breaches have not been remedied. Golden Tag is fully vested in a 50% Property interest under the JVA.

Among prior contract breaches of ECU which Golden Tag believes will be substantiated at arbitration are that ECU:

(A) Fraud.

(B) More fraud.

(C) Screwing over the JV at any given opportunity.

(D) Proof these jokers couldn’t organize an orgy in a brothel, let alone a mine.

Due to these significant breaches, Golden Tag is totally pissed, is going to sue their scrawny asses and nail them into the ground. Tequila shots with salt and lemon served, the end.

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