the following is probably the link, to the story, mentioned by...

the following is probably the link, to the story, mentioned by eyeknow

www.mclernonfile.com/archives/mattich_paul/gang-warfare_26-10-11.html

well, the supporting brokers could not really say much else - after all, according to the prospectus, the company would have paid a total of about $800,000 in fees and commissions.
if they now mentioned that it was a dud, then that would open up the door to legal problems.

in the prospectus, a conceptual pit was mentioned by the consulting geologist

"This detailed exploration on both surface and underground summarises all known data up to approximately 1985 and introduces what at that time was a new mining concept for Paynes Find, namely selective open-cut mining.

The report makes the following assumptions:-

1. Potential area of open-cut mining will be most of the north-central part of the Paynes Find (Goodingnow) Goldfi eld, where the most favourable targets could be accessed by a 50m deep pit with bottom dimensions some 600m long by 200m wide. Assumes normal pit slopes in massive hard rock with access allowance. etc...

Potential for this previously proposed pit is:- 1.0Mt to 1.35Mt at a weighted average of 5.9g/t Au (Range from 3.0g/t Au to 10.0g/t Au)."


....

watso could write a lot about that - suffice to say, that the stage 1 drilling did not remotely support that scenario.

rms have a mill at mt magnet (which is the obvious treatment scenario, for any paynes find ore - in the short term, for high grade ore) . rms have taken a stake in drm - but are not interested in pne.

rms have 300m shares on issue - and for an extra 5m shares, they could take over pne by way of a script takeover. rms would be swamped with acceptances - for starters, all the people who got the freebies (but in escrow) , would jump at the chance to get stock, that they could sell.

this is all cowboy stuff. $10m raised from shareholders, and only $230,000 (approx) spent on drilling (as paid to the drilling contractor) - ok, there are other costs - eg assaying etc