Welcome To the WIN!!! St. Elias Mines HUB On AGORACOM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
Message: Petition Statistics
Here is essentially the letter that accompanied the Petition, grammer in the edited letter changed, but content did not.
Thank you all for your contribution and I value it a great success so far as per the shareholder response, lets see where it goes from here. As for my thoughts and because of the time restraint of getting it done asap, I would have been well satisfied with anything over %5 of the outstanding shares. As you can see, an excellent response of over 20% in a very short time! It was my understanding that the day we shut it off, which was an extra day, resulted into close to 30 more signing it, an excellent indicator perhaps,that if we had left it up longer, perhaps as long as the other petition we did, we would have had about the same amount as the first petition. Just to note; the first petition done before the 2012 AGM Proxy, saw about ~ 35 million shares signing it, when compared to the ~65 million shares that voted for the Green, point being, I believe we may still have around 65 million shares , represented by Green. Overall, I believe our strength has relatively remained unchanged since the last AGM, whereas the little selling I have heard of, seems to be about evenly matched by the buying, so perhaps a wash. But understand, that I dont know all shareholders and that this is just a conclusion based on available facts.
A job well done, I love you fellow shareholders!
Rick
PS; a file to the actual amount of signatures and shares represented is at the very end of this post, with more stats about PP votes.
Dear Sir and/or Madam,
A recent request by several shareholders to adopt a Majority Voting Policy was submitted to St Elias Mines. It was requested that this policy be implimented before the upcoming AGM scheduled for Mar 27,2014. The initial request was made on or around Feb 4 th/2014.
This request has been made in light of the actions by current management in the last several years, that regulators, the Exchange, and more are quite familiar with, which demonstrates acts blatantly not in the shareholders best interests and which support perhaps a huge selfish component on the current managements part, that contains, but not limited to, entrenchment of current management.
It appears obvious that shareholders concerns and request have been ignored once again by current management, as per no disclosure in the recent management Circular released on SEDAR on Mar 3rd,2014 of such a policy being adopted.
We, the shareholders of this petition, ask that you enforce regulation and utilize your power to interfere in the shareholders best interests and suggest that current management of SLI provision the Majority Voting Policy promptly. While reviewing the ISS 2014 Canadian TSX Proxy Voting Guidlines, it is quite evident that shareholders have many reasons to request that you direct management to impliment a majority voting provision promptly, or even the swift removal of the current BOD and any attached Executive.
As per attached, it is evidently depicted that investors are able to contribute to any future financing needed by the company, once a removal of the current management is executed. It is also complimented by the fact that assurance of replacing the current BOD with a more shareholder minded nominated BOD is not perceived to be a detriment. The proposed Multilateral CSA Proposed Prospectus Exemption 45-312 may compliment fundraising even more, allowing investors with less accreditation, to help and participate to secure their investment, should this be implimented into policy this year, once the review has been considered and public input into the proposition is considered.
This petition will be disseminated globally to regulators, Exchanges, Governments and government representatives, agencies and commissions,media and any public instrument.
Some reasons for this request;
1) an ongoing PP that never gets filled with some interested shareholders never receiving the participation documents upon request.
2) our concerns are being ignored, management has constantly disconnected themselves from shareholders and have made no reconciliation attempts to come to a compromise
3) our investment is in a most precarious situation at this time in regards to a depleted treasury
4) current management has lost all trust of the company,s shareholders and the market, as is clearly evident in the current stock price and the inability to close a much needed financing
5) the CEO assuming the Chair position of the last AGM that saw 91% of shareholders votes being not counted. A biased position was taken by the Chair in proclaiming that the dissident proxy was inefficient without examining their own, which clearly demonstrated a reoccuring perhaps misleading statement of Robert Krause,s credentials in this years Circular. (see attached letter at the end of this letter, labled (i))
6) the huge Golden Parachute that was adopted for the CEO 10 months after initial drill results and just prior to the upcoming proxy challenge of Dec 2013.
7) no supporting news to investment value for several years
8) a 20-1 rollback proposition which contains no justification when the stock price has apparently been manipulated below .05 and the current outstanding share structure certainly does not need this
9) entrenchment of current management displayed through many acts
10) the rescheduling of the last AGM several times which caused investors losses due to travel arrangements that needed to be changed, resulting in some shareholders not being able to attend, whereas time off from their jobs could not be rearranged and it also coincided with Holiday plans that families had prearranged before the AGM date was changed to occur amidst the Holiday festivities.
11) the AGM of last year, saw only shareholders with registered share certificates being allowed into their own AGM, this left shareholders that did attend, sitting in the hall and being treated as perhaps criminals. This caused further expense to shareholders for this upcoming AGM whereas many shareholders have taken out shares from their digital accounts into registered certificate form, to assure they will be admitted to the AGM.
12)where we see no seperation of the CEO and Chair position, this causes great concern for any nomination of potential directors from the floor, and past experience with the conflicting role of the CEO being the Chair, does not supply any assurance or trust that a legal representation of shareholders concerns would be recognized and upheld at the AGM, rendering a floor nominee voting process most likely futile and entrapping investors with the same undesirable BOD for yet another year,again taking into consideration the precarious position of our treasury.
13) the somewhat ill informed acceptance of an Advance Notice Policy by a judge ruled that 2 nominees were ineligible to stand on a dissident proxy of Dec 2012, while in fact the Advance Notice Policy was never ratified by shareholders, raises some serious questions with a court judge making decisions on securities matters which may inadversely affect 1000,s of shareholders. I will add here that we acknowledge the powers of the Exchange and Securities regulators to act in these situations, instead of passing their powers and not enforcing the instruments that they are quite capable of directing and enforcing in such a way as to retain confidence and integrity within the markets.
14) ongoing concern that the current BOD may possibly suffer future litigation or reprimand which may adversely affect the security of shareholders investment.
15) several acts of what many investors perceive as exploitation, in the loss of valuable properties. Most notably the Cueva Blanca, being sold for $100,000 when an unofficial historic resource estimate suggests the property is worth many millions of dollars on a buy out scenario and an in situ value possible in the 100,s of millions.
16) the mounting mental stress and overall health of shareholders due to the witness of what is considered non action by authority and perhaps abandonment of the protection for shareholders interests, in regards to the many proactive steps and measures taken by them to protect their investment through pleas of asking for assistance.
As mentioned in the opening of this list, these are only some of the reasons why we request your assistance. The list is much too lengthy to compile in its entirety and fully expand upon here, although all the information is in your possession from many previous documentations sent in by shareholders. I believe our request deserves the utmost consideration.
(i)
To: [email protected]
Subject: St. Elias Mines Management Circular Misrepresentation
Date: Wed, 12 Mar 2014 09:55:01 -0600
I'd like to point out a misrepresentation in the St. Elias Mines Management Info Circular.
Lori , the President swears "The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made".
She did make a misleading statement concerning the Bio of one of her Director nominees Robert Krause.
She states :
"Robert Krause has been a consulting geologist since 1985. In the 1990s he was project geologist
for Milagro Minerals Inc., which was acquired by a senior producer after discovering a one
million ounce gold deposit in Honduras."
Lori states emphatically that Milagro Minerals was bought out by a Senior Producer, giving one the illusion that Barrick or maybe Newmont acquired the Company because they had a significant Gold discovery and that Mr. Krause was somehow involved in the discovery.
I've done a significant amount of research into this and the truth is Milagro Minerals, in Sept. 1996 merged with another Jr mining company Geomaque Explorations, who in turn, in June 2003 amalgamated with Defiance Mining Corp.
The deposit in question is the Vueltas del Rio gold deposit, located in Honduras. I've read countless News Release's read 2 Technical Reports written on the property and at no time is there ever any mention of the deposit containing 1 million oz of Gold. Early estimates put the possibly reserve at 500,000 oz and but this was later downgraded to 170,000 oz in April 2002. A.C.A Howe Int. Ltd. in their Technical Report of April 2003 put the Proven and Probable reserves at 1,291,964 tonnes grading 3.050 g/t which according to my calculations equals 119.408 oz gold, just a tad under the 1,000,000 oz Lori states.
It was a producing mine from 2001 to 2004 and had the following Gold production.
2001 27,007 oz
2002 30,785 oz
2003 42,656 oz
2004 14,926 oz
for a grand total of 115,444 oz of Gold
As stated in the News Release of Defiance Mining Feb 5 2004, mining ceased March 2004
I've attached supporting documentation for you to consider. If you need to talk I can be reached at
Thanks
thank you
Rick Jewers
Petition_key details.pdf (81.78 KB)
Thank you all for your contribution and I value it a great success so far as per the shareholder response, lets see where it goes from here. As for my thoughts and because of the time restraint of getting it done asap, I would have been well satisfied with anything over %5 of the outstanding shares. As you can see, an excellent response of over 20% in a very short time! It was my understanding that the day we shut it off, which was an extra day, resulted into close to 30 more signing it, an excellent indicator perhaps,that if we had left it up longer, perhaps as long as the other petition we did, we would have had about the same amount as the first petition. Just to note; the first petition done before the 2012 AGM Proxy, saw about ~ 35 million shares signing it, when compared to the ~65 million shares that voted for the Green, point being, I believe we may still have around 65 million shares , represented by Green. Overall, I believe our strength has relatively remained unchanged since the last AGM, whereas the little selling I have heard of, seems to be about evenly matched by the buying, so perhaps a wash. But understand, that I dont know all shareholders and that this is just a conclusion based on available facts.
A job well done, I love you fellow shareholders!
Rick
PS; a file to the actual amount of signatures and shares represented is at the very end of this post, with more stats about PP votes.
Dear Sir and/or Madam,
A recent request by several shareholders to adopt a Majority Voting Policy was submitted to St Elias Mines. It was requested that this policy be implimented before the upcoming AGM scheduled for Mar 27,2014. The initial request was made on or around Feb 4 th/2014.
This request has been made in light of the actions by current management in the last several years, that regulators, the Exchange, and more are quite familiar with, which demonstrates acts blatantly not in the shareholders best interests and which support perhaps a huge selfish component on the current managements part, that contains, but not limited to, entrenchment of current management.
It appears obvious that shareholders concerns and request have been ignored once again by current management, as per no disclosure in the recent management Circular released on SEDAR on Mar 3rd,2014 of such a policy being adopted.
We, the shareholders of this petition, ask that you enforce regulation and utilize your power to interfere in the shareholders best interests and suggest that current management of SLI provision the Majority Voting Policy promptly. While reviewing the ISS 2014 Canadian TSX Proxy Voting Guidlines, it is quite evident that shareholders have many reasons to request that you direct management to impliment a majority voting provision promptly, or even the swift removal of the current BOD and any attached Executive.
As per attached, it is evidently depicted that investors are able to contribute to any future financing needed by the company, once a removal of the current management is executed. It is also complimented by the fact that assurance of replacing the current BOD with a more shareholder minded nominated BOD is not perceived to be a detriment. The proposed Multilateral CSA Proposed Prospectus Exemption 45-312 may compliment fundraising even more, allowing investors with less accreditation, to help and participate to secure their investment, should this be implimented into policy this year, once the review has been considered and public input into the proposition is considered.
This petition will be disseminated globally to regulators, Exchanges, Governments and government representatives, agencies and commissions,media and any public instrument.
Some reasons for this request;
1) an ongoing PP that never gets filled with some interested shareholders never receiving the participation documents upon request.
2) our concerns are being ignored, management has constantly disconnected themselves from shareholders and have made no reconciliation attempts to come to a compromise
3) our investment is in a most precarious situation at this time in regards to a depleted treasury
4) current management has lost all trust of the company,s shareholders and the market, as is clearly evident in the current stock price and the inability to close a much needed financing
5) the CEO assuming the Chair position of the last AGM that saw 91% of shareholders votes being not counted. A biased position was taken by the Chair in proclaiming that the dissident proxy was inefficient without examining their own, which clearly demonstrated a reoccuring perhaps misleading statement of Robert Krause,s credentials in this years Circular. (see attached letter at the end of this letter, labled (i))
6) the huge Golden Parachute that was adopted for the CEO 10 months after initial drill results and just prior to the upcoming proxy challenge of Dec 2013.
7) no supporting news to investment value for several years
8) a 20-1 rollback proposition which contains no justification when the stock price has apparently been manipulated below .05 and the current outstanding share structure certainly does not need this
9) entrenchment of current management displayed through many acts
10) the rescheduling of the last AGM several times which caused investors losses due to travel arrangements that needed to be changed, resulting in some shareholders not being able to attend, whereas time off from their jobs could not be rearranged and it also coincided with Holiday plans that families had prearranged before the AGM date was changed to occur amidst the Holiday festivities.
11) the AGM of last year, saw only shareholders with registered share certificates being allowed into their own AGM, this left shareholders that did attend, sitting in the hall and being treated as perhaps criminals. This caused further expense to shareholders for this upcoming AGM whereas many shareholders have taken out shares from their digital accounts into registered certificate form, to assure they will be admitted to the AGM.
12)where we see no seperation of the CEO and Chair position, this causes great concern for any nomination of potential directors from the floor, and past experience with the conflicting role of the CEO being the Chair, does not supply any assurance or trust that a legal representation of shareholders concerns would be recognized and upheld at the AGM, rendering a floor nominee voting process most likely futile and entrapping investors with the same undesirable BOD for yet another year,again taking into consideration the precarious position of our treasury.
13) the somewhat ill informed acceptance of an Advance Notice Policy by a judge ruled that 2 nominees were ineligible to stand on a dissident proxy of Dec 2012, while in fact the Advance Notice Policy was never ratified by shareholders, raises some serious questions with a court judge making decisions on securities matters which may inadversely affect 1000,s of shareholders. I will add here that we acknowledge the powers of the Exchange and Securities regulators to act in these situations, instead of passing their powers and not enforcing the instruments that they are quite capable of directing and enforcing in such a way as to retain confidence and integrity within the markets.
14) ongoing concern that the current BOD may possibly suffer future litigation or reprimand which may adversely affect the security of shareholders investment.
15) several acts of what many investors perceive as exploitation, in the loss of valuable properties. Most notably the Cueva Blanca, being sold for $100,000 when an unofficial historic resource estimate suggests the property is worth many millions of dollars on a buy out scenario and an in situ value possible in the 100,s of millions.
16) the mounting mental stress and overall health of shareholders due to the witness of what is considered non action by authority and perhaps abandonment of the protection for shareholders interests, in regards to the many proactive steps and measures taken by them to protect their investment through pleas of asking for assistance.
As mentioned in the opening of this list, these are only some of the reasons why we request your assistance. The list is much too lengthy to compile in its entirety and fully expand upon here, although all the information is in your possession from many previous documentations sent in by shareholders. I believe our request deserves the utmost consideration.
(i)
To: [email protected]
Subject: St. Elias Mines Management Circular Misrepresentation
Date: Wed, 12 Mar 2014 09:55:01 -0600
I'd like to point out a misrepresentation in the St. Elias Mines Management Info Circular.
Lori , the President swears "The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made".
She did make a misleading statement concerning the Bio of one of her Director nominees Robert Krause.
She states :
"Robert Krause has been a consulting geologist since 1985. In the 1990s he was project geologist
for Milagro Minerals Inc., which was acquired by a senior producer after discovering a one
million ounce gold deposit in Honduras."
Lori states emphatically that Milagro Minerals was bought out by a Senior Producer, giving one the illusion that Barrick or maybe Newmont acquired the Company because they had a significant Gold discovery and that Mr. Krause was somehow involved in the discovery.
I've done a significant amount of research into this and the truth is Milagro Minerals, in Sept. 1996 merged with another Jr mining company Geomaque Explorations, who in turn, in June 2003 amalgamated with Defiance Mining Corp.
The deposit in question is the Vueltas del Rio gold deposit, located in Honduras. I've read countless News Release's read 2 Technical Reports written on the property and at no time is there ever any mention of the deposit containing 1 million oz of Gold. Early estimates put the possibly reserve at 500,000 oz and but this was later downgraded to 170,000 oz in April 2002. A.C.A Howe Int. Ltd. in their Technical Report of April 2003 put the Proven and Probable reserves at 1,291,964 tonnes grading 3.050 g/t which according to my calculations equals 119.408 oz gold, just a tad under the 1,000,000 oz Lori states.
It was a producing mine from 2001 to 2004 and had the following Gold production.
2001 27,007 oz
2002 30,785 oz
2003 42,656 oz
2004 14,926 oz
for a grand total of 115,444 oz of Gold
As stated in the News Release of Defiance Mining Feb 5 2004, mining ceased March 2004
I've attached supporting documentation for you to consider. If you need to talk I can be reached at
Thanks
thank you
Rick Jewers
Petition_key details.pdf (81.78 KB)
Petition_key details.pdf (Size: 81.78 KB / Downloads: 20)
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