Re: Financials
in response to
by
posted on
Dec 22, 2015 07:46PM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
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