The former Edmonton Oilers owner Peter Pocklington has been charged with securities fraud in what appears to be the Gold Nugget mine in La Paz County, Arizona. [Right, sign on I-10. Credit, goldnuggetmine.com]The Arizona Corporation Commission named Pocklington, Crystal Piston Resources, Crystal Pistol Management, Liberty Bell Resources, and John M. McNeil.
The ACC complaint says "Between July 2010 and September 201 1, CPR Respondents raised over $4.8 million from over 100 investors." The company's newsletter reportedly further stated that “an initial investment of $10,000 at $1 per unit would pay a return between $25,000 and $40,000 per year.”
Among the complaints, ACC charges that the
(a) respondents misrepresented to offerees and investors the amount of recoverable gold available on the Arizona Mining Property.
(b) Respondents misrepresented to offerees and investors the ability to economically
recover gold from the Arizona Mining Property.
(c) MCNEIL misrepresented to the offeree that CPR was processing a thousand tons per month and that cash flow would begin within a week of their meeting, when, in fact, CPR had not submitted (nor was approved) to the BLM to process any amount of presumed ore over one thousand tons.
So is this intentional fraud or naivete and lack of experience? The mining experts involved certainly seem reputable - John Guy-Bray and Joe Balser. Pocklington is, first and foremost, a salesman.
ReplyDeleteWe emphatically deny these allegations by the Arizona Corporation Commission. We have been conscientious and thorough in our testing and we have not told our investors anything our data does not tell us.
ReplyDeleteTests have been repeatedly done on the sites we intend to mine. The results were included in a report called a NI 43-101. It discloses all minerals potentially present on any mining site and has become a standard within the mining industry. That testing was not flawed. Crystal Pistol’s 43-101 was compiled and prepared by Craig Parkinson, a professional geologist with more than 30 years’ experience. It was confirmed by Dr. John Guy-Bray, a Canadian geologist with extensive international mining experience, and by Dr. Joseph Balser, one of the most prominent mineralogists and metallurgists in America. We firmly believe we have a fantastic mineral prospect.
We also deny the allegations levelled against our associate, John McNeil and believe he would not say the things he has been accused of saying to an offeree. John and I have worked diligently and honestly with all of the company’s investors and have been conscientious in guiding the company through the necessary regulatory frameworks at the federal and state levels. We are committed to raising capital in accordance with existing rules and regulations.
I will stand before anyone anywhere and say this: We are not doing anything wrong. Any errors made in the past were born of inexperience and naivete, not malice or avarice, and they were quickly rectified. We have nothing to hide. Our company has responded immediately to satisfy any concerns raised by the ACC and we remain optimistic all remaining issues will be resolved as well.
The authors of the above mentioned NI 43-101 added a legal disclaimer at the bottom of their report:
ReplyDelete"It is assumed that the surveys and/or plats furnished to or acquired by the author and used in
the preparation of this report are correct. The author has not made a land survey or caused one
to be made, and therefore assumes no responsibility for their accuracy. The claim descriptions
furnished are also assumed to be correct. No responsibility is accepted for matters of a legal
nature nor is any opinion rendered herein as to the title, which is assumed to be free and clear
of liens and encumbrances. PGS has relied on documents from the claim owner, Crystal Pistol,
PMC, La Paz County Recorders Office, and the Bureau of Land Management in Arizona with
respect to the status of the claims comprising the Gold Nugget Properties."
what is up with gunner gold llc having hundreds of expired placer claims all around Bouse? I bought a couple claims at auction and we out yesterday to post my documentation and verify stakes and Gunner Gold was on every single one and more. Does anyone know why they claimed up so much land and never did anything with them?
DeleteBecause the stupid government got in the way as they always do, when it comes to private investments.
DeleteThe Phoenix New Times newspaper blogged about the case last week, with some scathing comments - http://blogs.phoenixnewtimes.com/valleyfever/2012/04/peter_pocklington_former_owner.php
ReplyDeleteWow, that article really outrageous. I wonder if the author can be sued if and when the allegations are withdrawn, since he has called it a "scam alert." Any one know when the hearing is going to take place?
DeleteHearing has been set for October 22, 2012, unless a settlement is reached first.
DeleteI think they contacted my partner and tried to suck him in. He didn't fall for it. If it sounds too good to be true, it probably is!!!
ReplyDeleteAnyone know how the October 22 hearing went?
ReplyDeleteI think they have to talk with head of CPR department. It happened because of lack of experience?
ReplyDeleteAnyone ever hear of Gunner Gold or Cobra Chemicals? John Guy-Bray and Joe Balser are involved in the same type of company. It sounds a lot like a mirror image of the Gold Nuggett deal. Same buy in and shares etc. So close it's scary. look into them!
ReplyDeleteCrystal Pistol (owned Gold Nugget Mine) got into legal trouble and then morphed into Liberty Bell Resources; which then got into legal trouble and morphed into Gunner Gold, which owns Cobra Chemicals and recently purchased assets of Bonanza Goldfields, and to further muddy the waters there is Gold Star Resources at the same mailing address. Principals involved remain the same including names mentioned above and Peter Pocklington, John McNeil, Howard Eaton, Morris Bush, Dennis Horne.
ReplyDeleteHold on, folks, There's another name in the mix... Dome Rock Mines LLC is the entity now trying to raise funds for the whole shebang. Pocklington et al still at the top of the food chain. Joe Balser's contract was not renewed; new metallurgist can't replicate Balser's results. No money to finish the plant and the working staff have been told they aren't getting paid. Oi!
ReplyDeletewhat is up with gunner gold llc having hundreds of expired placer claims all around Bouse? I bought a couple claims at auction and we out yesterday to post my documentation and verify stakes and Gunner Gold was on every single one and more. Does anyone know why they claimed up so much land and never did anything with them?
ReplyDeleteThat Parkinson geologist worked for orginal owner. I reckon there all in on it. Talk in town was auctioneer ken and his sons made millions and screwed Pcklington
ReplyDelete