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4/20/10

Frank Giustra's trained monkey gets in on the desperate Medoro (MRS.v) pumping

As we've already pointed out here at IKN, Medoro Resources (MRS.v) now finds itself with a hatload of problems regarding its takeover of the Frontino Gold Mine in Colombia. With local unions and the town itself getting legal on Medoro and telling them they cannot possibly be buying the asset because they are the owners and they ain't selling, this one will be dragging through Colombia's courts for years on end.

MRS.v has already tried to throw stardust in the eyes of the masses by wheeling out a Gov't minister or two to tell people the gov't supports Medoro in this fight. Unfortunately what Giustra, Keep and their cronies failed to tell people on that one was the gov't has and will have no say in this matter; it's a legal battle in store and the Colombian courts are (famously) separate and independent of Uribe&Co's way of thinking. This didn't stop The Can of Corn trying to pump the thing a few days ago (as noticed on the blog), but the balloon is getting tired and the deflation picked up speed yesterday:


So what does Franky G do to remedy this? Why, he gets his trained monkey Thom Calandra to make up shit and pump it to the sheep at Stockhouse. Here's what Thom Cassandra wrote yesterday evening to his Tickertrax flock of ignorants:

"More congratulations: Medoro Resources (TSX: V.MRS, Stock Forum) appears to have locked in the Frontino Mine, the pension-troubled yet lush and historic mine below the town of Segovia in Antioquia. Congratulations to consultant Serafino Iacono, who helped engineer the $200 million pending purchase – pursuant to due diligence, Medoro CEO John Hick tells me. We here have been following Medoro as a gateway into the world of Colombia mining since its predecessor at El Marmato, Colombia Goldfields. We own the shares via an ill-timed purchase of Colombia Goldfields shares several years ago at insanely high prices."

Yeah, that's right: the stock slides 8.9% (and was only saved from much worse by a last-minute bailage) but in the weird world of the shill Calandra this is cause for congratulations. He doesn't mention a thing about the legal battle that is already out there and will only get worse; no, this supposedly independent commentator ignores all the opposite side and just runs with the direct party line from his geldmeisters over at Endeavour Fin. Total, one-sided bullshit and a disgraceful exercise in palming off crap to people who don't know better.

At least Cassandra admits the snafu he made on buying the previous Frontino incarnation, Colombia Goldfields. What that shows you is that Cassandra really has no idea of what he's talking about when it comes to the structural company backgrounds of Colombian miners, so even when he proudly announces that he's putting his money where his mouth is (and even then his track record suggests his word is utterly untrustworthy) you have no idea whether you're following him in to a live prospect of just another overhyped POS.

Calandra has the track record of a fraudster and has deeper agendas with big money people, so you'd better be very careful about what he's telling you, dear investor.