stockseekerok
16 years ago
International Gold Resources, Inc. Provides Update on its Brazil and Corporate StrategiesLast update: 1/6/2009 8:00:13 AMDENVER, Jan 06, 2009 (BUSINESS WIRE) -- International Gold Resources, Inc. (Pink Sheets: IGRU) today provided an update on its Brazilian business activities, Cupixi license status, and corporate strategy. In August 2008, IGR announced that it had filed an amendment to the Company's application for approval of its Cupixi mineral license with the Brazilian National Department of Mineral Production (DNPM) that included a complete geologic report addressing the DNPM's initial comments to the Company's 2007 license filing. Following the submission, the Company's President and Chief Executive Officer, Robert L. Dumont spent approximately six weeks in Macapa, Brazil working with the Company's Brazilian legal counsel TozziniFreire Advogados ("Tozzini"), a Sao Paulo-based law firm with expertise in mining applications and licenses in an effort to secure the issuance of the Cupixi license. Despite the filing of the amended license application and the significant efforts of Company management, the DNPM as of yet has not issued the license. At the same time, the global economic downturn has caused the Company to re-evaluate its corporate and Brazilian strategies. Mr. Dumont commented, "We have seen a dramatic reduction in base metal, steel and steel input commodity prices as well as available capital for base and ferro metal exploration-stage projects over the past year. We do not think it is prudent at this time to continue to expend significant sums of money on the Cupixi project or other Brazilian mineral assets in the current economic environment. Therefore, we have significantly downsized our Brazilian organization and spend rate in an effort to preserve our limited cash. Our Chairman, David H. Francisco, intends to return to Brazil in mid January as part of our continued effort to seek Brazilian financial partners as well as explore other options to protect and preserve a longer-term option on the Cupixi manganese project in the event that market conditions improve." Although the Company is re-evaluating the priority of its Cupixi project, the Company continues to advance a strategy for its existing non-Brazilian gold assets as well as look for new opportunities in gold. Company Chairman, David H. Francisco said, "While the market has changed for base and ferro metals from a year ago, we are still very bullish on gold and believe that long-term fundamentals support higher gold prices. We continue to hold our Yukon options and are in discussions with potential partners to fund additional work on those properties in 2009. We are also looking at new potential opportunities in gold that we hope to be able to communicate in more detail with investors soon." About International Gold Resources: The vision of International Gold Resources, Inc. is to become recognized as one of the premier early stage mineral exploration companies in the world. This news release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include statements that relate to government mining permit approvals, the intention and ability to protect the Company's legal rights to its assets in Brazil, the ability to retain future rights to the Cupixi licenses or identify financial or other partners for the Company's Cupixi or Yukon projects and the ability of the Company to obtain additional opportunities in gold. Factors that could cause actual results to differ materially from these forward-looking statements include, among others: the uncertainty of operating in foreign countries; the volatility of mineral prices; potential operating risks of mining, development, and exploration; environmental and governmental proceedings, regulations, and permits, including the mining license approval process and outcome; changes in applicable laws, regulations, or legal requirements pertaining to the Cupixi Project, the Company, and/or its affiliates; availability of financing; force majeure events; and other risk factors as described from time to time in the Company's filings with the Securities and Exchange Commission. These factors are often beyond the Company's ability to control or predict. SOURCE: International Gold Resources, Inc.
For further information: Mr. Lyle Durham, 206-601-4499 Vice President, Investor RelationsCopyright Business Wire 2009
jamgold
17 years ago
News Today
March 17, 2008
International Gold Resources, Inc. Announces Update on its Cupixi Mining License Application and Appointment of Nathan M. Longenecker as Vice President, General Counsel and Secretary
--------------------------------------------------------------------------------
Denver, CO, March 17, 2008 (BUSINESS WIRE) - International Gold Resources, Inc. (IGRU News; Pink Sheets) today announced an update on its Cupixi Mining License application and the appointment of Nathan M. Longenecker as the Company's Vice President, General Counsel and Secretary.
Update on Cupixi Mining License
International Gold Resources, Inc. ("IGR") President and Chief Executive Officer Robert L. Dumont recently returned from Brazil where he visited the Company's exploration properties and met with the Regional Director of the Departamento Nacional de Producao Mineral ("DNPM") and other senior government officials regarding the status of the Company's Cupixi Mining License application filed in October 2007.
Mr. Dumont commented, "I return from Brazil very encouraged by the quality of our Brazilian assets, employees and contractors, and the support for IGR and its mining license from the Brazilian Government. The DNPM has asked that we address some minor technical comments to our original license submission. That work is already underway and I expect it will take us approximately 60 days to complete. Based on my meetings with the DNPM and other senior government officials, I believe we continue to have a clear path to receiving our license in the near term."
Mr. Dumont went on to say, "I also toured each of our exploration properties and continue to be very excited by our Cupixi manganese project as well as our gold properties at Cupixi, Lourenco, Cassipore and Cachoeira. As we discussed on our investor conference call, we are nearing completion of our comprehensive data review on our Brazilian gold properties and expect to release that information as well as results of our 2007 Yukon exploration program shortly."
Appointment of Mr. Longenecker
Finally, the Company has appointed, on a part-time basis, Nathan M. Longenecker as the Company's Vice President, General Counsel and Secretary. Mr. Longenecker is a founding partner of Temkin Wielga Hardt & Longenecker LLP, a Denver-based law firm with particular expertise in representing clients in the natural resource industry in both domestic and international matters. Mr. Longenecker grew up in Edmonton, Alberta, Canada. He received his undergraduate degree from Colorado College in 1990 and his Juris Doctorate degree from the University of San Diego School of Law in 1994 where he was a member of the Order of the Coif and the San Diego Law Review. He is a member of the Bar of the Courts of Colorado and the Ninth Circuit and Tenth Circuit Courts of Appeals. Prior to co-founding Temkin Wielga Hardt & Longenecker LLP in 1999, Mr. Longenecker practiced law at the national law firms Dorsey & Whitney LLP and Ballard Spahr Andrews & Ingersoll LLP.
Mr. Dumont said, "I am extremely pleased that Nathan has agreed to join IGR. His background and significant experience representing multinational resource companies make him a great addition to our team as we progress our asset portfolios and grow our Company."
jamgold
17 years ago
PART III NARRATIVE
As previously reported, in October 2007 the management of International Gold Resources, Inc. (the “Company”) uncovered a number of potential fraudulent acts and misdeeds against the Company dating back to the filing of Form 10-KSB for the period ending October 30, 2005. More specifically, the possible fraudulent acts and misdeeds discovered included a failed acquisition of Uniworld Mineracao Ltda., a default under the agreement with Cooperativa de Mineracao dos Garimpeiros do Lourenco, and questions concerning the Company's title to certain equipment purchased for the Brazilian operations. Following this discovery, the Company informed its independent accountants and launched a forensic audit of its Brazilian operations in order to resolve these issues as expeditiously as possible.
The forensic audit of the Company’s Brazilian operations has now been completed. Rodolfo Michels, Vice President of Brazilian Operations, has reviewed the audit and determined that the financial statements for the Company will need to be restated for fiscal years 2005, 2006, and 2007. However, the forensic audit indicated that no past fraudulent acts or misdeeds negatively impact or call into question the Company's title and right to its Cupixi claim block in the State of Amapa, Brazil.
The Company must restate all of its financial statements filed since the Company's reverse merger into Montpellier Group, Inc. on August 19, 2005. As a result, the compilation, dissemination, and review of the information required to complete Form 10-K for the fiscal year ended October 31, 2007 has imposed time constraints that have rendered timely filing of Form 10-K impracticable without undue hardship and expense to the Company. The Company undertakes the responsibility to file the 2007 fiscal annual report when the aforementioned restatements have been completed, but cannot state with certainty a date of resolution. The Company is working as quickly as possible to return to current filing status and will notify the SEC and investors as soon as the financial statements have been compiled and restated.
PART IV OTHER INFORMATION
(1)
Name and telephone number of person to contact in regard to this modification:
Robert L. Dumont
(720) 529-4855
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).
dogbreath
17 years ago
DENVER, Jan 22, 2008 (BUSINESS WIRE) -- International Gold Resources, Inc. (Pink Sheets:IGRU) announced that it will hold an investor conference call on Wednesday, January 30, 2008 at 4:00 pm Eastern Time (2:00 pm Mountain Time) to discuss the recent executive management changes and the Company's current business activities.
dogbreath
17 years ago
Here's the full quote from Ken Matsumoto....
This company has huge potential. With December’s pullback could now be a good entry point?
IGRU: Small Cap Breakout,†by Ken Matsumoto, Swing Trades (11/29/07)
IGRU: Some time ago, we made you aware of IGRU. Today we are updating you to the incredible breakout this stock is in. Let’s look at this trade from the Technical and Fundamental points of view:
Technical Analysis: The chart below shows a chart with a handsome breakout off an extended base. Note the low volatility and tight narrow range that ensued after the lows at .25. Thereafter you see the nice pick up in volatility along with volume as the stock broke out of its extended base. The stock is currently on its first retracement after the breakout on decreasing volume.
Fundamental Analysis: Previously, the company made the public aware of a potentially huge find of manganese deposit on their property (an estimated 30 to 50 million tons). According to some estimates, that computes into 2 to 3 billion in potential revenues for the company. ... Not all that exciting, but here is the good part. A technical consultant for Behre Dolbear (highly respected analyst in the mining industry) came out and said the property looks very similar to the ICOMI deposit mined by Bethlehem Steel on a nearby property. ... ICOMI is likely the biggest known manganese deposit find in the history of the universe. I may be exaggerating but it is likely the biggest find ever. In any case this translates into big bucks for the company.
Our Opinion: This stock is on a major breakout. ... The technicals are in line with the Fundamental developments with the company and we see a lot more upside to come. In our opinion we rate this a mega, two thumbs up, superstar buy of the century. This first retest of the breakout sets up an ideal time for an entry, with a short term target area of 3 - 5.
traderdad44
17 years ago
This stock could triple or quadruple on speculation alone, long before any manganese is mined. Rumors of a buyout could have the same effect.
"Our Opinion: This stock is on a major breakout. ... The technicals are in line with the Fundamental developments with the company and we see a lot more upside to come. In our opinion we rate this a mega, two thumbs up, superstar buy of the century. This first retest of the breakout sets up an ideal time for an entry, with a short term target area of 3 - 5.
From: "IGRU: Small Cap Breakout,” by Ken Matsumoto, Swing Trades (11/29/07)
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