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Message: Re: Financials
14
Dec 21, 2015 11:10PM
8
Dec 22, 2015 07:29PM

Ok, so I start looking back on financials, old posts, etc. to try and piece together the screwed up dates. First of all I went to Dorian Leslie web site where we first discovered that he had picked up the claim....it is no longer available

www.carmimoly.com

Then I go to BC titles and see that he has done work on the Carmi and has extended his lease to 2017:

https://www.mtonline.gov.bc.ca/mtov/sowEventDetail.do?eventID=5573575

Then I go back to a post I made last year about Hi Ho and the Carmi property:

The lapse date was also verified in Hi Ho’s MD&A for July 2011, but the reaquisition date still doesn't appear correct. I'm not sure what this is all about:

In July, 2011 the Carmi claims were forfeit as the Company did not have sufficient capital to pay the required sustaining fees. Third party groups re-staked the claims, all of which were re-acquired in July and August, 2011

http://agoracom.com/ir/steliasmines/forums/discussion/topics/619910-carmi-moly-project/?message_id=1942401

Now here's the big one!!!! I go to Hi Ho's MD&A for July 2011 and there is nothiing there about the Carmi lapsing. So I figured that I must have made a mistake in my post and that it must be under the financials. Nothing in the July 2011financials but there is an AMENDED financial for April 2012 and this is what it says:

AMENDED AND RESTATED
HI HO SILVER RESOURCES INC. NOTES TO THE INTERIM FINANCIAL STATEMENTS
(STATED IN CANADIAN DOLLARS) APRIL 30, 2012

During the year ended July 31, 2010, management recorded a write-down of $500,000 to reflect its estimate of the recoverable amount of the Carmi Property deferred exploration expenditures. On July 16, 2011, the tenures comprising the Carmi Property were due for renewal. The Company was not in a position to make the renewal due to lack of available funds, and the properties were forfeited. As a result of this forfeiture, the previously capitalised carrying value of $2,188,967 was written off during the year ended July 31, 2011.


Following the forfeiture, the Company entered into an agreement with arm’s length parties to re-acquire the Carmi Property and title to the Carmi Property has been restored.


All terms and conditions of the option agreement with St. Elias remain in force.

http://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00023672&issuerType=03&projectNo=01932522&docId=3161727

So now I move up another year to the January 31, 2013 Hi Ho financials:
:
Following the forfeiture, the Company entered into an agreement with arm’s length parties to reacquire the Carmi Property and title to the Carmi Property was restored.
.
All terms and conditions of the option agreement with St. Elias remain in force.
.
During the year ended July 31, 2012, the Company entered into an option agreement to acquire an additional tenure within the Carmi Property for cash consideration of $100,000 (paid). As at July 31, 2012, certain of the tenures were due for renewal, and the Company was not in a position to make the renewal due to lack of available funds. Accordingly, approximately 60% of the tenures were forfeited, and the Company wrote down the carrying value of its interest in the Property in the amount of $86,354. In the first quarter of 2013, the Company paid $7,906 for tenure renewals.
.
.
So what the hell is going on? I never saw any news release from St. Elias stating that the option agreement with Hi Ho was still in affect and that we still retain certain tenures of the Carmi?????
9
Dec 23, 2015 01:40PM
8
Dec 23, 2015 01:53PM
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