Lets return to the subject of one of my most popular posts, a post about Mahdia Gold. Its not a very unique junior story, but its one that I cover and that not a lot of others do. I was also an investor at a time. To get a background on Mahdia, or re-read my previous post on them, click here.
So..whats new in the Mahdia saga? Well its working are striking for unpaid wages, which makes perfect sense considering that they have no money to pay them. here is the video Capitol News for your viewing pleasure, which shows the unfortunate individuals asking for their money. Interestingly enough, Stabroek News has an article (or partial article because they want you to pay for the reading beyond the first couple of paragraphs..granted only 25cents) which states they have been unpaid for 6 months and that Alan Zaakir "the former Chief Executive Officer who is now described as MGC’s Managing Director" has been contacted, but since I didn't pay the fee I can't read his response. Okay, so Alan Zaakir is still part of Mahdia Gold, which just goes to show how little hope there is for the large number of shareholders holding the bag on this joke. Oh, and what more, Mahdia Joint Ventured with a local company called Roraima Mining (Mahdia only has prospecting permits for the Omai property whereas Roraima has actual alluvial mining license) which someone on the ground tells me is actually owned, or at least in part, by Zaakir, although I am still trying to confirm these reports. As well, when he was exiled from the company, much to the joy of the angry investors who had been calling for his head for some time, it was basically a lie. Now that he back with the company one can only believe that he has always been behind the scenes.
It really is quite hilarious that this man can continue in this. When Andre Duchane came in, many investors thought it was a new dawn for the company. The man did very little other then set up a joint venture on a small scale alluvial operation which focused on the tailings on the past Omai mine, which was washed away once, and never produced any significant amount of gold.
The company still needs to pay their 7 million to the Guyana Mines department which will, in this market likely not happen. They have already gone over the set date, and over the extension, so who knows what will happen.