On the information we have to hand, I would say your logical conclusion is correct.
However any suspicion could be put to rest by firstmongolian.com providing such basic information as its address and its directors. Not to much to expect, surely?
It is not a matter of asking for flashiness on a website. It is a matter of wanting basic information.
The original site was somewhat flashy, until they removed all photos. As discussed in earlier posts, one of these photos showed a lump of ore known to come from California and another a massive excavator - not on FM's Mongolian tenements, but on a site in Poland where a company specialised in building houses on clay. Fair dinkum.
The issue now is this. As Toono pointed out, one of the decisions that investors have to make within the next eight days is whether to pay money to add to their GCN holdings - in order to get any, or more, First Mongolian shares.
In my opinion there is critical information missing that would allow an investor to make an informed decision.
GCN Price at posting:
3.3¢ Sentiment: ST Buy Disclosure: Held