So in 12 months AGU has undertaken a drilling programme with GPN...

So in 12 months AGU has undertaken a drilling programme with GPN at Peak Hill where they managed to drill 5000m without hitting any gold (just as well we paid for an 'expert' to locate the most promising drill areas, lol).

So 1 unsuccessful drill programme and now 3 dilutions through giving huge numbers of shares away for bugger all. Does that sound familiar?

20m shares & options for Haven Resources

60m shares & options for Jarra Resources

60m shares & options for Amitan Resources (eventually)

Total - 140m shares & options given away out of a total of 190m shares and 180m options (73% undiluted).

Can anyone name another company that has been diluted so heavily, so quickly? I can only think of one that comes close - YRR: 130m shares & options given away in less than a year, out of a total of 190m shares & 170m options (68% undiluted)

Around 70% of GPN given away also since 2005, though the real damage to those shareholders has been the dilution in YRR from 70% to around 19% also.

Remember, the higher the % of each company they get, the more of their own leases they also get to keep, safe in the knowledge that the rest of the shareholders are now paying to keep the leases active while they end up still owning around 70% plus 70% of anything else that the companies may have had prior to their dodgy deals.


Start a company, get some leases for a few hundred dollars each and swap them for millions of dollars worth of publicly-listed (therefore tradeable) shares without ever having to prove the ground is worth anything. And still get to keep most of it.


Just out of interest:

One of our 'new' directors, Terry Quinn is also the sole director of Jamora Resources who paid just $43,000 for 4.3m AGU shares & options in the pre-float. That's 1c each.

Even with AGU sitting at their low of 4c, Jamora is still up more than 500% (including options) while the rest of the initial shareholders are down 70% on their investment.

Jamora has a link to the current CHM court case. One part of the claim contends that the directors of CHM failed to undertake any real investigation into the value of Cadetta's tenements and that the value of CHM shares issued was disproportionate to the value of the Cadetta shares being acquired. In this instance CHM shares had a market value of $1.04m as compared to the claim that Cadetta's tenements were valued at no more than $274k.

Jamora was a major shareholder of Cadetta, along with others including the Dean Scook controlled Grand Enterprises and his daughter Amy.

Need I say any more?