“A mine is a hole in the ground owned by liars.” Mark Twain
The Vancouver stock exchange has Scam Mining Stocks in the multitudes. The US bulletin boards reeks of scamsters.
A recent one that's crashed/crashing is New America Energy Corp (NECA.OB). Still has a ludicrous market cap of $14 mil, ZERO cash, a few million in debts (this was primarily used for a stock promotion campaign), and an ambition to find lithium in sunny Nevada :) The company placed 4.4 million shares for 2.7 cents each mid last year. In December/January the company went on a stock promotion campaign, not very successful, as the stock barely traded during this period but were selling for 40 cents... currently 27 cents... short sell what you can :)
NECA.OB was marketed by the same group that promoted Lithium Exploration (LEXG.OB) mid last year... propelling that stock to a market cap of almost $500 million from a market cap measured in the cents, no cash, no nothing, just constant excuses and delays to the release of a NI 43-101 report on its alleged lithium properties in Canada... I mean it's quite a lot to do for a SINGLE person running the company as its president/accountant/ceo/cfo/secretary/and as the self-professed EXPERT... he recently enlisted the 'help' of an 'alleged' former mining engineer for BHP. LEXG used about $20 million of shareholder funds on perpetrating their scam [the use of funds sticks out like a sore thumb on the financials; and so does the constant issuance of MILLIONS of shares at NIL cost to the president and payment for services to consultants in the form of shares]. The company is now trading at a still unbelievably high market cap of $40 million... $40 million to high... I've never seen drill results for the alleged lithium property and the total budget for the exploration was $150,000 :) Scam anyone?
It's incredible how gullible people are. And it's mindboggling how quickly these things move from being worthless to multi-million enterprises to becoming worthless again.
