Recent

% | $
Quotes you view appear here for quick access.

Rare Element Resources Ltd. Message Board

  • pantoe2 pantoe2 Jan 16, 2011 5:08 PM Flag

    REALITY...seriously

    In a nutshell REE is managed by a well-known group of Vancouver penny stock runners.


    Rare Elements shares its listed address with at least six other businesses: Pacific Opportunity Capital, run by Chairman and CEO Donald Ranta, CFO Mark T. Brown and Secretary Winnie Wong; Animas Resources (ANI.V); Tenant Payment Systems; Avrupa Minerals (AVU.V), formerly known as Everclear Capital; Cordova Industries; and Sutter Gold Mining (SGM.V). The address is 325 Howe St., #410, Vancouver, British Columbia, Canada V6C 1Z7 .

    My concern was already elevated, given the commingled nature of the office address, but nothing could have prepared me for the shock of seeing management's bios and history. Most management teams are consumed with running one company. It is a significant red flag that critical members of Rare Element's management team are engaged with more than five companies currently.

    Rare Element Secretary Winnie Wong and CFO Mark T. Brown are principals of something called Pacific Opportunity Capital, which shares office space with the company. Brown's bio in the 20-F lists 18 companies where he is the current or former CFO or director. Almost all of these companies are Canadian-traded penny stocks. A simple Google news search reveals that Mark T. Brown has issued press releases for at least three other companies, including Pitchstone Exploration, Avrupa Minerals and Tarsis.

    Chairman and CEO Donald E. Ranta was previously with Greenstone Resources, a mining play that is currently trading in penny territory. Ranta is also on the board of Avrupa Minerals, along with Brown and Wong.

    Wong was (until recently) also the secretary of Portal Resources (PDO.V), an oil and gas penny stock. She is also the CFO of Avrupa Minerals, currently trading in the 40-cent range in Canada. In addition, she is the corporate secretary of Apoquindo Minerals and the CFO of Animus Resources (ANI.V), another penny stock trading in the 40-cent range. She has served as the president of Deal Capital and the CFO of Fox Resources and Mediterranean Minerals as well.

    According to its latest 20-F, Rare Element has just two full-time employees and five part-time employees. This "exploration and development" company has also spent less than $7,000 over the course of the past three years mostly on press releases.

    Rare Element is conducting its RE element testing at Bear Lodge in the northeast corner of Wyoming. Spartacus Capital, the predecessor company to Rare Elements, acquired the Bear Lodge mine in 2002 for less than $1 million. The company expects production of the plant to begin in 2015.

    According to its own documents, however, three highly sophisticated mining companies -- Hecla Mining (NYSE: HL), MolyCorp and Duval – have already owned and explored Bear Lodge for RE elements over the course of the past 38 years. After 44 drill holes, none of these sophisticated miners continued to drill, all choosing to abandon their efforts and eat the sunken costs.

    It is my sincere belief that REE never pulls one ounce of commercial rare earth out of the ground. They are engaged in another very lucrative type of mining.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
 
REE
0.7335-0.0245(-3.23%)Apr 27 4:00 PMEDT