Who really owns the Nacimiento Copper Uranium project?Acclaim...

Who really owns the Nacimiento Copper Uranium project?

Acclaim Exploration (AEX) holds the following lode mining claims located in north-central New Mexico:
* Coyote Lode Mining Claims, Sandoval County, New Mexico
* Aranda Lode Mining Claims, Rio Arriba County, New Mexico
* Los Pinos Lode Mining Claims, Sandoval County, New Mexico

Here is a timetable of the project's acquisition
* 26/10/09 AEX enters into an agreement with Stirling Commodities Investments Limited (Stirling) to acquire a 100% interest in Energy Company of America LLC (ECA), a company incorporated in New Mexico. ECA holds the three lode mining claims listed above. Payment of $1.3m ($200k already paid as deposit) and $250,000 worth in shares at date of completion.
* 24/2/10 Terms of agreement varied with Stirling. Balance of $1,100,000 to be satisfied by issue of shares @ $0.005
* 24/2/10 3B: Issue of 50,000,000 shares @ $0.005 as part consideration for ECA
* 25/6/10 Shareholder meeting ratifies the issue of 220,000,000 shares to Stirling
* 24/9/10 3B: Issue of 220,000,000 shares @ $0.005 for final consideration for ECA

Pacific Niugini (PNR) announced in their half year report ended 31st Dec 2010:
* The company disposed of certain USA tenements with a carrying value of $171,939 during the half year. The proceeds were in the form of ASX listed company shares valued at $760,000.
My telephone discussion with the Company Secretary, Dennis Lovell, revealed the following:
* The USA tenements disposed of were in New Mexico
* They were sold to AEX
* PNR received AEX shares as consideration

There is little evidence of USA tenement assets in the financial statements of PNR (known then as Chrome Corporation with Andrew Waller as director). My analysis has revealed the following:
* Q2 2009 cash flow statement: Payments for exploration and evaluation - $172,000. No mention in made in the quarterly activity statement or changes in interests in mining tenements in the cash flow statement.
* 08/09 Annual Report: Non-current assets - Deferred exploration & evaluation - $171,939.
* 08/09 Annual Report: Cash flow statement: Exploration expenditure - ($171,939)
* 08/09 Annual Report: Note 16 (page 53) Exploration and Evaluation Expenditure, "As part of the completion of the acquisition of the exploration property the company must pay an additional US$125,000 plus US$250,000 in the companys shares. This remains outstanding at the end of the financial year and is included in creditors."

AEX has made the following announcements recently concerning the Nacimiento Copper Uranium project:
* 2/12/2010 AEX will issue 40,000,000 shares and pay $200,000 for technical, geological and property consulting services
* 3/12/2010 3B: AEX issues 40,000,000 shares
* 18/2/2011 3B: AEX issues 12,500,000 shares and 12,500,000 options in lieu of cash component
* 5/5/2011 Notice of General Meeting: Resolution 2 reveals that PNR will receive the above mentioned shares and options

The closing price for AEX at 31/12/10 was 1.9c multiplied by the 40,000,000 issued to PNR = $760,000. This number corresponds to the value of ASX listed company shares that PNR gained for disposing its tenements in New Mexico.

The following questions remain unanswered:
* How can AEX and PNR own the tenements at the same time (AEX has stated a 100% interest)?
* If PNR owned the asset before AEX, as it would indicate, why were 270,000,000 shares issued?
* Who controls Stirling Commodity Investments Limited?