{"id":1080,"date":"2013-03-28T15:14:57","date_gmt":"2013-03-28T15:14:57","guid":{"rendered":"\/?p=1080"},"modified":"2013-03-28T15:35:06","modified_gmt":"2013-03-28T15:35:06","slug":"u-s-mine-makers-inc-pinkumkr-are-hanging-on-for-dear-life","status":"publish","type":"post","link":"\/articles\/u-s-mine-makers-inc-pinkumkr-are-hanging-on-for-dear-life\/","title":{"rendered":"U.S. Mine Makers Inc (PINK:UMKR) Are Hanging On for Dear Life"},"content":{"rendered":"

\"7UMKR.png\"Exactly seven days ago, we started receiving some emails from Inside Bulls who were trying to convince us that U.S. MINE MAKERS INC (PINK:UMKR<\/a>) is a company worth investing into. We wondered why they were so excited about just one of the many mineral exploration penny stocks and we decided to check on UMKR<\/a> and see what all the fuss is about. <\/p>\n

We saw that they have made numerous unsuccessful attempts to start exploration of virtually everything from oil and gas, through gold mines all the way to rare earth minerals. In January they started with their research on rare earths and they said that they’re mightily excited about the opportunities that lithium, rhoduim and other hard-to-pronounce chemical elements present. So much so, that they issued a press-release in which they said that they will stop spending money on gold properties and they will focus on generating revenue solely through rare earth minerals. <\/p>\n

It would seem that they have had a change of heart since then. Minutes after we published our article on UMKR<\/a> last week, they came up with a press-release in which they say that they entered into an agreement that will give them the option of acquiring 80% of the claims for a gold mine somewhere in California. After that they talk at length about how rich the region is and about the price of gold – in other words, things that are of little interest to shareholders and investors.<\/p>\n

Now, just a week later, we received the second wave of promotional emails. This time the pumpers are ResearchOTC and their email sounds pretty much the same as the one from first round of pumps.<\/p>\n

We, however, knew that something new was bound to come out of UMKR<\/a>‘s headquarters and, sure enough, the new press-release came out about an hour ago. It’s a bit underwhelming if we have to be honest. They say that they are finalizing the agreement for the gold mine and are negotiating the final terms, but in reality they give us no time frame and the conditions remain a mystery.<\/p>\n

Whatever the terms are, if UMKR<\/a>‘s current financial situation is even remotely similar to the one described in their 10-Q for the third quarter of 2012, they will have some serious problems. Here are the figures as of September 30, once again:<\/p>\n