Noricum Gold Live Discussion

citychap2011 21 Sep 2015

Greg Kuenzel - Charles St Capital delist Greg Kuenzel, the overambitious pen-pushing accountant, is used to failing to deliver and has a history of leading mining companies into AIM cancellation. See his previous mining company ambitions with Charles Street Capital:[link] confirmation is received from the Bulgarian Ministry of Mines and the resulting transaction is approved by shareholders, the Company will apply for its Ordinary Shares to be re-admitted to AIM." -16 June 2011It doesn't look like the company ever made it back on to AIM. So what happened to shareholder investments?I expect for Greg it is all about setting up company shells and charging corporate and financial fees. He is far too busy running his own corporate services companies to have any time, drive, or skill to be CEO of Noricum Gold and take the company forward to prove up resources (Greg has wasted 4+ years already).Marcus Edwards Jones, former NMG chairman, who is still hanging around can no doubt find some toxic finance deal for Noricum. Look at the deals he and Peter Landau did for Range Resources (RRL), which were instrumental in the downfall of the oil exploration company.Can't believe we still have Greg and Marcus on the board. What value are they adding?DYOR

citychap2011 15 Sep 2015

Greg Kuenzel - Interim results "2015 has been a transformational year so far for Noricum..." Really? The BOD have made no progress in proving up current assets in Austria for 4+ years. Purchased more unproven assets, Walchen and Bolnisi, through further dilution of existing shareholders, and don't have the finance (US$6M required over two years) to take them forward."This acquisition was the result of many months of hard work by the management team and has transformed Noricum from a pure grass roots explorer into a major resource developer." GK has been too busy running Heytesbury Corporate LLP and Heytesbury Capital Limitedproviding corporate and financial services to a plethora of the companies at 47 Charles Street W1J 5EL. Has anyone heard of a ponzi scheme?How can NMG be a major resource developer when the company has never proved up any of their resources? Without proving their are resources are NMG's assets actually worth anything?"the Company is positioning itself for high volume news flow whilst it undergoes rapid growth over the next 12 months." Yes no doubt more BS announcements to plump up the share price ahead of a major dilutive placement. "We look forward to providing further updates as the results of the various work programmes currently underway come to fruition." GK hasn't brought anything to fruition previously, why should anything change now.GK is used to failing to deliver and the cancellation of company shares on AIM. See this link to Charles Street Capital:[link] "2015 has been a transformational year so far for Noricum..." Really? The BOD have made no progress in proving up current assets in Austria for 4+ years. Purchased more unproven assets, Walchen and Bolnisi, through further dilution of existing shareholders, and don't have the finance (US$6M required over two years) to take them forward."This acquisition was the result of many months of hard work by the management team and has transformed Noricum from a pure grass roots explorer into a major resource developer." GK has been too busy running Heytesbury Corporate LLP and Heytesbury Capital Limitedproviding corporate and financial services to a plethora of the companies at 47 Charles Street W1J 5EL. Has anyone heard of a ponzi scheme?How can NMG be a major resource developer when the company has never proved up any of their resources? Without proving their are resources are NMG's assets actually worth anything?"the Company is positioning itself for high volume news flow whilst it undergoes rapid growth over the next 12 months." Yes no doubt more BS announcements to plump up the share price ahead of a major dilutive placement. "We look forward to providing further updates as the results of the various work programmes currently underway come to fruition." GK hasn't brought anything to fruition previously, why should anything change now.GK is used to failing to deliver and the cancellation of company shares on AIM. See this link to Charles Street Capital:[link] GK needs to go.

citychap2011 11 Sep 2015

Greg Kuenzel's new man Mark Owen "Mr. Owen has proven resource conversion skills and intimate understanding of the Soviet (GKZ) resource estimation standards will be an invaluable tool for Noricum Gold as it undertakes its strategy to both increase and convert the historical non-JORC resources, to JORC, at its recently acquired Bolnisi copper & gold Project ('Bolnisi') in Georgia". Another manager to add to the payroll and what has happened to Martyn Churchouse and what will he be doing now? We still don't have an RNS confirming the deal with GMC has taken place and that Martyn's shares have been placed.Looks like the market is again underwhelmed Gregg. Time to resign. You should have been proving up NMG resources 4 years ago when funding was more accessible. Surely you don't have any time (nor the capability) to be NMG's CEO with Heytesbury Corporate LLP to run and your fingers in the many pies at 47 Charles St, W1J 5EL.DYOR

citychap2011 02 Sep 2015

Greg Kuenzel & FinnAust Mining FinnAust Mining, another Austrian miner of which Greg Kuenzel is a Director, has been flagged as one of the worst performers as far as AIM company consolidations go. Well done Greg. You must be really proud. May be you'll learn how to be a CEO from Roderick McIllree.[link] shareholders can probably expect a similar level of appalling performance here as NMG will find it very difficult to raise funds to take forward its Georgian assets or anything else for that matter. Significant dilution and consolidation looking likely IMHO.Can we be sure the deal with GMC and Martyn (Unfeasibility Study) Churchouse has even taken place? KEFI's significantly improved economics and revised definitive feasibility study being much better than Martyn (Nyota's) attempt for Tulu Kapi[link]

citychap2011 24 Aug 2015

NMG NED Rod McIllree I notice recently FinnAust mining, another shareholder value destroying mining company our CEO is involved with in Austria [The reverse takeover of FinnAust was followed with a share Consolidation 1:10 with placing price of 5p (0.5p). There was a spike 7p (0.7p). The share price has since drifted down and today stands at 0.85p (0.085p)], has appointed our NED Rod McIllree as a non-Board interim chief executive officer.I expect Rod will now be too busy trying to save FinnAust Mining to have any time for Noricum Gold. Just a shame NMG more than doubled his salary last year increasing this from £20K to £45K.Most if not all of the NMG BOD should be seeking employment with Jim Henson alongside Fozzi Bear and Kermit the frog. What shareholder value can we "hope" Greg and the current ineffectual BOD can create for Noricum Gold shareholders? In the meantime the share price slides making massive dilution of existing shareholders a certainty.DYOR

citychap2011 19 Aug 2015

The next placing to raise £3m Assuming the next fundraising is via an equity placing (it seems unlikely anyone will lend NMG money on unproven, non JORC resources) could this be £3M at a discounted 0.10p adding a further 3 billion shares (3000 million) more than doubling the shares in issue (assuming the GMC acquisition has been successful. Still no confirmation via RNS) and diluting existing shareholders by 50%?I suppose there may be another pump (to suck in more private investors) and dump (on news of the placing) first.DYOR

citychap2011 12 Aug 2015

Greg's consultancy (Heytesbury Cap) Interesting to read yesterday that Jim Ellerton, former disgraced Chairman and CEO of AIM listed Sefton Resources is in court being accused of improper use of C&J Consultancy. A private consultancy of which he and his wife , Carol, were the only directors. C&J's bank statements showed frequent purchases at Macy’s, Nordstrom, Safeway, Whole Foods, Zales, Topaz Gems, and several other retailers. Jim withdrew $500 in cash every two weeks for coffee and dinner and movies etc. Jim also used approximately $19,000 of C&J’s assets to finance his daughter’s wedding.Here at NMG, we have Heytesbury Capital Limited, a company of which Gregory Kuenzel is a Director and beneficial owner, which was paid a fee of £15,333 (2013: £nil) for management and corporate consulting services to Noricum Gold Limited last year. Greg and his wife Julie Louise Kuenzel. Unfortunately for Jim Ellerton, he is now being accused of racketeering and faces a criminal investigation.However, we can be sure Greg K has been doing everything above board, right? What management and corporate consultancy services have actually been provided to NMG I wonder? DYOR

citychap2011 11 Aug 2015

Limited cash - SP correction due? Interesting to compare Nyota Minerals and Noricum Gold.Nyota 1503M shares and around £500K cash (0.033 p cash/share) - current SP 0.035pTrading just a little above cash. No value attributed for assets.Noricum 2693M shares (nearly double assuming the acquisition hasn't fallen through. No confirmation via RNS) and around £940K cash (0.035 p cash/share) - current SP 0.15p. This means around 75% of the current share price is attributed to unproven resources in Austria and Georgia, plus Walchen.NMG overvalued? A correction due?DYOR.

citychap2011 05 Aug 2015

BS Bolnisi acquisition and the GMC crew Well the market is underwhelmed by the Aussie BS promotion of the alleged transformational Georgian acquisition. So what is going on with the acquisition and who are the GMC crew.So NMG advised shareholders via RNS that the acquisition would involve the issue of 1,299,999,980 Consideration Shares due to be admitted to trading on or around 21 July 2015, Mr. Churchouse will hold 253M shares approximately 9.42 per cent (of the enlarged share capital of the company. We have had no confirmation that all of these consideration shares have been admitted only that Professor Michael Stephen Johnson who I assume is another shareholder of GMC has received 253M of the agreed 1.3 billion shares. So has the acquisition failed to complete? Assuming the acquisition is still on existing shareholders are being significantly diluted as we give away over 50% of NMG to GMC for unproven assets in Georgia. In addition to this NMG will need to raise £3M in funds this year and the same next year, which at the current share price, existing shareholders can expect further significant dilution.So who are the GMC crew. Well Mr. Martyn John Churchouse, BSc Geology, MSc Mining & Geology, MBA, served as a Technical Director of Carlton Resources PLC (the former name of Nyota Minerals Limited) from October 2009 to March 19, 2013. Martyn was Instrumental in the development of Nyota's Definitive Feasibility Study ("DFS". Does Martyn have a successful track record with Nyota minerals? Well no Martyn left in 2013 and Nyota ended up selling 75% stake of their major Ethiopian asset to KEFI minerals. KEFI then had to remodel the DFS with new resource estimate methodology to update resources, reserves, mine planning and the DFS. This was needed to reactivate the Mining Licence Application by the end of 2014 and trigger construction in 2015. Is Martyn capable of proving up JORC resources in Georgia, his efforts at Nyota suggest he's not.However, Martyn at least takes mining safety seriously [link] which is good providing the company of which he's a director is kept from going into receivership.As for Professor Michael Stephen Johnson. If you google him he has 3 different addresses West Sussex, Wirral (North West) and Neston, Cheshire. Interestingly Prof Johnson was a director of Glebe Mines LTD which went into liquidation a few years ago.Has our trusty BOD really undertaken due diligence with the new GMC crew?In any case with the addition of our new ineffectual director Martyn John Churchouse why are we retaining and paying director fees to existing ineffectual directors such as former chairman (and close business associate of Aussie serial market abuser and failed businessman Pete Landau of Range Resources, Black Mountain Resources, Continental Coal notoriety), Marcus Edwards Jones.Is it time for Greg who has achieved little as CEO of NMG over the last 4+ years, apart from shareholder value destruction of course, to handover the reigns to Martyn in the hope that some tangible progress can be made in Georgia.This charade, which is all about keeping Directors on the payroll, illustrates why some AIM listed companies are really not investable.Happy to be proved wrong of course. DYOR.

citychap2011 22 Jul 2015

Positive Aussie BS Results for Walchen "proven to host copper, gold and silver mineralization..." and yet in the same RNS "Non JORC" mining inventory."Mining became increasingly important through the 17 and 18th centuries and in 1824 an annual production of 34kg of gold, 2550kg of silver and 406 tonnes of copper was reported."So proven means the miners of old were producing annually 34kg of gold (1,190 ounces). Hardly scope to become the next Centamin whose full year production is expected to be between 430,000 and 440,000 ounces of gold.Until the resources are proved JORC resources this is all just Aussie BS promotion to keep the company limping along paying the BOD ever increasing Director Fees, continuous significant dilution for shareholders with an ever decreasing share price. The current BOD have failed to prove the resources in Austria over the last 4+ years. Why should Walchen and Georgia be any different? The company is spreading its self too thinly across too many projects. The company doesn't have sufficient funds to prove up resources without further significant share placements at the current or lower share price. If the Austrian acreage really does have bonanza gold grades why isn't it up for sale so NMG can focus on more manageable projects? The membership of the BOD needs to be reviewed and the ineffectual members Marcus, Edward Jones and Greg Kuenzel need to be asked to leave. There is no strategy from the CEO and BOD they are constantly flitting from one project to the next. There is no value being add for shareholders.

citychap2011 22 Jul 2015

Re: Shares Mag Article It looks promising at first but remember these are non JORC resources they haven't been proved and management have failed to prove any of there gold resources in Austria over the last 4+ years how they going to do any better with the new acquisition. The company has little funds and needs to raise £3 million this year and £3 million next year at the current share price low will likely mean further massive dilution and fleecing of existing shareholders.We have given away 10% of the company to the new guy in the hope he can create some value why are we not then ditching the ineffectual directors who have achieved little over the last 4+ years. The Aussie BS campaign has now started up again to boost the share price to suck in new PIs before the large cheap placings to sophisticated investors (the BODs mates) and so the cycle continues but at an ever decreasing share price.

sglossop 16 Jul 2015

MRJ - i can currently buy at .001825 - use IWEB.

sglossop 16 Jul 2015

Wow, this reminds me of 88energy (tangiers petroleum). This news should have sent this stock higher. They will need to finance further work, and the current and future dilution is not good for SP, but to see no SP increase after this news is pretty damning.

BigBear2 15 Jul 2015

Shares Mag Article [link] junior miner has secured an astonishing deal to own 50% of a huge metals project in Georgia. It is paying a mere £2.6 million for an asset whose size would historically have been restricted to only the biggest players in the market. Soviet estimates imply there is 980,000 tonnes of copper, 6.6 million ounces of gold and 22 million ounces of silver in the 861 square kilometre Bolnisi project.Check out those numbers....980,000 tonnes of copper6.6 million ounces of gold 22 million ounces of silver For 2.6 mill??Seems like a stonking deal to me!

Fools Like Us 15 Jul 2015

Re: RNS Obviously meant Pre Emption rights! The market for Junior miners has been poor & as the private equity group in NRRP's case has the largest % of the shares. However, not a controlling stake. A Chinese group has 14% and various other shareholders own a few % each. The problem being is that our Board of Directors seem to have got used to the fact that the P.Equity has been supplying the cash - in reality a Board as a whole has a responsibility for guiding the Company. Singling out just that group is not right - so it's more correct to lay the fault at the feet of a whole Board.Where do you think Noricum will get its funding? Does it have a source within the company now, or has it gone for general placings before?The SP is up 10% as I write, so things are moving in the right direction & we will monitor this to see how it develops, best of luck to all holders & hopefully this is the start of a better time for all.