Each one in plain English, with the numbers worked through for a shareholder.
4 Jan 2011asset acquisition disposition▲ GoodMajor
The company announced a lease/purchase agreement to acquire the historic Pan American Zinc/Silver Mine and the Caselton Concentrator (a processing mill) in Lincoln County, Nevada, near its Prince Mine option. The press release gives no purchase price in the text provided, and says the mill needs minor repairs, permits in the company's name and a new tailings dam before it could restart.
The company said it staked 35 additional mining claims covering 690 acres next to the Prince Silver Mine in Lincoln County, Nevada, which it holds under option. The press release describes the Prince Mine as a former producer and says a full exploration program is still needed before reserves meeting SEC standards can be established.
The company filed an 8-K under the item for completed acquisitions or disposals, dated November 9, 2010, but the text provided contains only the cover page and a reference to a press release exhibit. The press release itself is not included, so what was acquired or sold, and for how much, cannot be determined from this filing.
This amends the August 2009 auditor-change filing to add that the PCAOB (the audit regulator) revoked Moore & Associates' registration on August 27, 2009, after the company had already replaced it with Seale and Beers. Moore & Associates declined to provide the updated letter to the SEC that the company requested.
On August 6, 2009 the company dismissed its auditor Moore & Associates Chartered and hired Seale and Beers, CPAs. The filing says there were no disagreements, and notes that the auditor's report on the 2008 annual accounts carried a going concern qualification (doubt about the company's ability to keep operating).
International Silver agreed with the sellers (Bruce and Elizabeth Strachan) to push the closing date for buying the Langtry silver property in California from September 7 to December 5, 2008, and to cut the upfront cash. Instead of the earlier $8,000,000 price, it now pays $2,000,000 by December 5, 2008, and owes the $6,000,000 balance over 15 years at 6% interest under two promissory notes. This changes the earlier Langtry purchase terms described in its 2007 annual report.