Member Info for JoeSoap

It was some what of a rhetorical question. The AGM RNS said they had a rig and work had commenced on a sidetrack. Yesterday they said the pipes and fluid had been moved to A5 (thus preventing work on A6). Not the rig as many on here had asserted yesterday from their reading of the RNS. I deduced that as they obviously needed these pipes to do the sidetrack, they could not have been actually drilling it at the time of the AGM, but they had, nevertheless, conveyed that image. The lack of sidetrack drilling updates since that time tallies with the status in the Nov presentation, namely, "Preparing to commence side track". It really is a case of reading what is written in the RNS and comprehension. It is so so easy to think that you have just read what you had been waiting and hoping to hear. GL

A good selection of clips from various RNSs was posted last night by Awax, but I think you would agree these from the past year are worth reflecting on as well, starting almost exactly one year ago: Drilling [at Deep Well A6] has reached a depth of 3,140 meters without incident and the well remains on target to reach total depth at the end of February 2016. "We remain encouraged by the progress at the deeper wells and look forward to a time when we can update the market with uninterrupted flow rates." -Operational Update -- Wed, 13th Jan 2016 Work programme In the remainder of 2016 Roxi plans to drill a further 1 deep wells at BNG between Deep Wells A5 and 801 and 2 further shallow wells in the MJF Structure plus well 808 in the extension area -Final Results -- Fri, 3rd Jun 2016 However, as a suitable rig has become available, work has commenced to attempt to side-track the well from a depth of 4,013 to 4,450 meters to gain access to structures at these depths. Accordingly work to allow the well to flow without interruption has been suspended and will resume on completion of the side-track. -AGM Statement -- Wed, 29th Jun 2016 We plan to spud one further deep well A7 as the rig working at A6 becomes available and a further two shallow wells, in Q4 2016. Based on our experience over the past two winters we plan to restrict drilling activities during the main winter months and avoid unnecessary expenditure during periods when work is not possible. Once flowing freely we continue to believe the production rate at A5 will be the best of the three deep wells spudded to date. -Interim Results -- Wed, 28th Sep 2016 At A6 we have managed the very challenging drilling of the well better than with Deep Wells A5 and 801 and accordingly will better placed to move to flow testing in due course. -Operational Update -- Wed, 19th Oct 2016 We are naturally delighted with the news from deep Well A6. The oil-bearing intervals identified there are larger than those previously identified at Deep Wells A5, which is believed to be in the same structure, and at Deep Well 801. -Operational Update -- Fri, 28th Oct 2016 The rig for the work has been on site for some time. Drilling pipes and drilling fluid previously used at deep Well A6 have been transferred to the A5 location. -BNG Operational Update -- Tue, 10th Jan 2017. "Frustrating" to CC, but imo shows that most of last year was wasted and they are (will be) probably close to one year behind where they planned to be to support the 2018 licence etc. Is it right, the rig has been at A5 since June, but couldn't be used because the pipes etc were still at A6. ycnmiu. Noted a production increase from MJF, but will it alone fund a recovery plan...

update for you guys http://www.investegate.co.uk/Article.aspx?id=201203090955160477Z complicated or what? So 1 BBG = 1GGG

http://www.investegate.co.uk/Article.aspx?id=201111101447468883R Did buster48 put his on??

You do not have to do a thing, except to remember to look at ORE instead of MVC. Oh, and don't believe everything you read. http://www.businessworld.ie/livenews.htm?a=2739499;s=rollingnews.htm GLA and DYOR.

All they have at the moment is an option on 75% of the company that holds the EXPLORATION licence. It will not produce gold bars on the 7 March start up! Subject to the terms agreed with REO, 75% ownership will be achieved by July 2013. Then production could start in H2 2013, after the necessary investment and government agreement. The 2-3 years of resources is the commercial green light. What is needed is the full appraisal to show 1M oz. Then the life of the mine is many, many years, and with the income other opportunities can be bought and the company flies. That is what the initial Investors here have their eyes on. There will likely be a lot of interest initially, then the traders will cut and run, unnerving the impatient investors and the share price will drift, awaiting further news. Possibly this is something to tuck away in the bottom drawer. So are you in for the long run at these prices or not? Or are you looking to trade the bubble?? GLA, whatever your strategy.

"...mvc on my watchlist........ to become a gold explorer/miner......." The company is described thus "whose main activities (via its subsidiaries) will consist of exploring, appraising, and developing gold deposits " in the acquisition RNS [ http://www.investegate.co.uk/Article.aspx?id=201102160700093036B ], a phrase repeated in the AIM re-admission document - Schedule 1: http://www.investegate.co.uk/Article.aspx?id=201102211406545842B "how come ........ the remaining 51% cost £3m" Fromthe August 2010 RNS, "If the Company were to exercise the [51%] option then it would be required to allot further new Ordinary Shares so as to give the Vendors, in aggregate, a total shareholding of 29.2 per cent. of the issued share capital of the Company." http://www.investegate.co.uk/Article.aspx?id=201008090700157378Q The deal was actually done at a lower level, "representing 22.64 per cent. of the Enlarged Issued Ordinary Share Capital." "100k oz even at full price of about £800 per oz only gives us £80m resource" MVC (ORE) will only have 75% of the DJE joint venture company. (Reservoir Capital Corp own the remainder.) Plus the dilution effect you mention. It does not identify any costs associated with going into production. "Work is going to take until November (end of phase 1) before any gold comes out of the ground - and even then the mine only has a lifespan of 3 years or so." The RNS says "The initial stage Phase I Exploration Programme will comprise surface trenching, re-opening and re-sampling three underground levels at the Rusman and Gindusa Mines and may also include some diamond drilling. This phase will also include reconnaissance exploration along the eight kilometre trend which includes gold prospects at Perina Cuka and Seliste. .. The second stage Phase I exploration programme will involve driving new underground development with detailed channel sampling intended to confirm lateral continuity of mineralisation. More systematic diamond drilling from the surface, which is intended to confirm further lateral and depth continuity of the mineralised structures.." "Contingent on success in Phase I and the raising of additional funds, a Phase II Exploration Programme will commence which will include diamond drilling and new underground development and sampling to determine whether there are sufficient gold resources to support an initial two to three years of production." [July2013] "Subsequently, and outside the immediate areas of the old mines, drill targets will be identified with the aim of making new discoveries within the area covered by the Exploration Permit. The Company's medium term strategy is to develop Deli Jovan as a revenue generating project " TBC

Just come back, seems the testosterone levels have been running high! LOL That was not my intention, I just wanted to understand what others had seen that I had missed. Quite simply I wanna know what has stopped this being in production since 1938, in a poor country, with cheap labour and infrastructure, when the price of gold has multiplied, and its current virtue is cheap labour and infrastructure! Not to mention the modern tools and research methods that have been exploited by Reservoir since 2006/7. And yet they chose not to proceed. I seriously wonder if they might not be a better punt as they get all the benefits and none of the aggro and costs! Thanks for your comments, I will continue to research and welcome any further comments and opinions from the board. GLA, Joe

No, not according to this list: http://www.stockbrokers.barclays.co.uk/?category=whatweoffer&usecase=landing86

hi, can you please explain what you meant by the directors converting their options early last night? Many thanks, Joe

Thanks for the reply. I also read iii, but have yet to post there. I could not see the £3M, but note that there is much mis-reading of the RNS. "I don't think people have quite got the relevance of the RNS. Market cap will be nearly 15.8M with 1.6 billion shares makes the valuation per share 0.95p. They will then own all of Oregon gold, have cash in the bank and a mine with verified resources." from stpmorris, was partly corrected by Beale Street, the market capitalisation is defined by the share price multiplied by the number of shares, not the other way round, so cannot be stated for a time in the future. As I wrote earlier, the current price is around 0.85 not 0.95 as on the day the deal was put together and the line was drawn in the sand. If the current MC is "correct" then adding so many more shares will reduce the value of each share, its called dilution. Orogen gold do not own the mine, their (only?) asset is an option. Reservoir Capital Corporation (TSX-REO) own the mine and OG must invest heavily to get 55% (they have the cash for this) and then 75% (but not for this). I want to believe in this opportunity but am finding the conflicting views hard to reconcile, so would welcome others views. GLA Joe

"The £3 mil in shares will help to fund the work and at least it's higher at .95p rather than below which I suppose is good news and shows the confident expectation of the board ." yesterday, 07.58. I note from your 17.57 post that you have done your research, so can you please explain your thinking and where the £3M comes from? My understanding is that MVC have issued 315,351,636 shares, subject to approval on 7March, to give to the current owners of the Irish company Orogen as payment for 51% of their company. The current MVC board then all step down and the current board of Orogen step up. The deal was struck when the share price was 0.95p, equating to £3M. The current share price of 0.85p would reduce this value to £2.68M, but it is still their same option on Reservoir's possession in Serbia. These new directors also have options on 240,000,000 Ordinary shares at 0.95p per share. This was all in line with the first part of the deal to acquire 49% of Orogen for £370,000, and the remainder was available for 29.2% of MVC equity. (This deal was actually done at 22.64%). [If you select the Research filter on here you can read my original but for part two you will need to click the entry to get to the day of posting as I forgot to flag it as 'research'.] I think this is possibly where StarVestor is confusing 'option conversions at a premium' in his 23.55 post. Let's watch how this share performs after that meeting. GLA. Joe

Take a look at the spreads, they have been falling, yes, but steadily and the dealt prices are often at odds with the spread: a lot of the deals are buys I suspect. Take a look at google finance [ http://www.google.ca/finance?q=LON%3AMVC ] and you can see the drops for sales, and yet the large buys (sells would drop the price) do not create a rise due to shortages. Therefore I expect that there is significant unloading going on that will appear as delayed trades or perhaps revised holdings for our 'former' directors. Let's watch what happens leading up to the shareholder's vote. Did this get reported anywhere other than the specialist press?? GLA Joe

Total shares now 1,669,012,453. The BoD have decided not to proceed with a share consolidation. 'Upon Admission, John Barry, Edward Slowey and Alan Mooney will also join the Board. With effect from Admission, Adam Reynolds will remain on the Board as a non-executive Director and Paul Foulger, Glyn Hirsch and Michael Hough will stand down from the Board.' This means that the Irish company Orogon Gold and all its directors are now in place with the addition of Adam Reynolds and Paul Foulger as Company secretary, as a new company on AIM. It reiterates the fact that the the December issue raised funds for the completion of Phase 1 of the exploration. [This gets 55% of the mine company Deli Jovan Exploration d.o.o ("DE") or "DJE".] Phase 2, at C$1.97 million, is unfunded and will require further share issue to cover the necessary C$2.0 million investment for a further 20%. The other 25% will remain with Reservoir Resouce Capital (TSE-REO) the current owners. So we are now on our way to own part of a goldmine, subject to Shareholder approval at the General Meeting on 4 March 2011, that has not been in use since 1938, and we trust that the directors really know their stuff and their 'exploration "threshold" objective for Deli Jovan to demonstrate the potential for a minimum 500,000 ounce gold resource, with scope for substantial additional resources' can be realised. The CPR included in the acquisition document is very positive. News reports that 'Shares were up 0.75p at 18.75p' can only be in our dreams!! GLA Joe

I have been surprised by the apparent lack of understanding of what has been announced today. Some of the comments here are well wide of the mark and iii is similar. Whether these are the intentional postings of the rampers or the blind faith and hopes of "penny punters", only they will know! There were 3 RNSs today: one changed the accounting year end date, one gives the Final Results for the 9 months to end Dec2010, and the other announced the acquisition of Orogen Gold, many pages to digest. The results showed a loss of £0.445M. The old MVC (health and wellness) is virtually a dead duck, it will now be an exploration company. The report includes the following information: 'On 6 September 2010 the company also completed a 49% acquisition of Orogen Gold Limited and its subsidiary for a total consideration of £370,000, with an option to acquire the remaining 51% over the next 12 months. The consideration of £370,000 was satisfied by issue of 62,500,000 ordinary shares at 0.2p each and cash of £245,000.' 'The following ordinary shares have been issued by the company: - On 6 September 2010 the company issued 421,021,000 shares of 0.1 pence each. The total cash consideration received amounted to £842,000. - On 6 September 2010 the company issued 62,500,000 shares of 0.1 pence each. The company issued these shares to satisfy the purchase price of £370,000 to acquire 49% of Oregon Gold Limited. - On 3 December 2010 the company issued 375,000,000 shares of 0.1 pence each. The total cash consideration received amounted to £1.5m.' Total shares in issue 1,353,660,817. 'On 6 September 2010 the company granted warrants over 5,000,000 Ordinary Shares of 0.1p each to Zeus Capital Limited in respect of corporate finance advice. The subscription price is 0.2p per Ordinary Share and the exercise period is five years from the date of grant.' 'On 4 December 2010 the company granted warrants over 5,000,000 Ordinary Shares of 0.1p each to XCap Securities Plc in respect of corporate finance activities. The subscription price is 0.4p per Ordinary Share and the exercise period is five years from the date of grant.' 'The Company Unapproved Share option Plan was set up in February 2011. Share options, conditional upon Admission, were granted on 16 February 2011 over 240,000,000 Ordinary shares at 0.95p per share, which vest as to 50 per cent. on the first anniversary and the balance on the second anniversary on the satisfaction of certain performance conditions.' The acquisition was expected. MVC bought 49% for £370k, the remainder will cost £3M. It will be satisfied by issuing 315,351,636 shares, (0.95p), the Acquisition will constitute a "reverse takeover". 'Following the exercise of the Option the Vendors will be interested in 377,851,636 Ordinary Shares representing 22.64 per cent. of the Enlarged Issued Ordinary Share Capital.' [This was in-line with previous inf

re yesterday post: Far from a fountain of knowledge - I was seeking information. lol. I can share my research, and would welcome any corrections!! MeDaVinci (MVC) own 49% of Orogon Gold Limited. Orogon Gold own 100% of Orogon Gold (Serbia) Limited. MVC has an option (by Sept 2011) to acquire remaining 51% (imminent we are told) by issuing equity and will require readmission to AIM. The vendors will hold 29.2% of MVC. So a further tranche of shares to be issued to provide the (1/3) of MVC to the OG vendors. Shares are subject to a consolidation, ie dilution then reduction in number of shares. Reservoir Capital Corporation (REO) own 100% of SEE d.o.o., the operating and Serbian exploration permit holding company in Serbia; with offices in Belgrade and field office in Bor, and a preparation laboratory under supervision of ALS Chemex. Orogon Gold Limited has an earn-in agreement for 55% of Deli Jovan Gold Project with C$1.5M spend by June 2012, and a further 20% for additional C$2M exploration by December 2013; leaving REO with 25%. Fund raising to date is for Phase 1 expected to be in two stages,£600k & £1.1M for the next 12+9 months. Phase 2 time and costs are 12months and £1.25M. MVC has a services agreement with Orogon Gold's joint venture partner SEE d.o.o.; whereby they provide geological and administrative services to the JV. As the Serbian permit cannot be transferred to the new joint venture company, SEE d.o.o. relinquished the license and it was awarded to Deli Jovan Exploration d.o.o.(DE), wholly owned by REO on behalf of OG and REO. 17 January, SRK reported positively and REO stated that the work by DE on the Project is funded by OG. This appears to suggest that REO will not be responsible for any work costs. Given that the permit information on REO website is outdated, and that the MVC is not updated with the last 2 RNSs, I was asking if there was any other knowledge on the "joint" venture. GLA Joe

Apologies, escaped during correction!! If MVC aquires the remaining capital in equity, we can expect some dilutiondilution for c.50% increase in shares. They must then be relaunched on the AIM market please read If MVC aquires the remaining capital in equity, we can expect some dilutionfor for the increase in shares. They must then be relaunched on the AIM market as in http://www.medavinciplc.com/files/medavinciplc.com/Deli_Jovan_Project_Summary_October_2010.pdf, presumably as Orogon Gold.

As is often the case, buys are shown as sells - the .92 before lunch was the offer price. Do you know the terms of the joint venture. "Deli Jovan Exploration d.o.o. (“DE”) now holds the Deli Jovan exploration permit and will operate the Deli Jovan project in Serbia and is a joint venture company controlled by Orogen and Reservoir under the terms of an agreement between these companies." The Reservoir Capital Corporation site still portrays ownership of the rights - 'SEE d.o.o. is a Serbian registered company that is 100 per cent owned by Reservoir Capital Corp. SEE d.o.o. is the operating and holding company for Reservoir's mineral exploration activities in Serbia'. and 'The Deli Jovan Exploration Permit was granted to SEE d.o.o. on 12 May 2007. The Permit currently covers an area of approximately 69 sq. km'. Orogon has to invest to get 55%, if that investment is not achieved, I assume all Orogon interests are lost. If MVC aquires the remaining capital in equity, we can expect some dilutiondilution for c.50% increase in shares. They must then be relaunched on the AIM market