I bet there are hundreds of mining companies in the market like Franklin Lake Resources Inc. (FKLR, FKLR message board). And for most of them, Franklin Lake Resources Inc. (FKLR) is just another small player. Established as early as 1986, Franklin Lake Resources is hoping every day to find a new rich mining resource that would to speed up the company's growth.The company is currently working with a spiral concentrator and attempting to determine the most effective method of concentrating the raw material and also the most efficient means of processing the resulting concentrate.
Accordingly, in May, the company contracted to purchase 10 acre-feet of water rights, at a total cost of $25,000, one-fourth of which, $6,250, was paid at that time, with the balance payable in January 2007. Before making that payment, however, the company renegotiated the contract to provide for a purchase of only two acre-feet of water, for a total cost of $6,250; since this was the amount Lake Resources had already paid, no further payment was due. Since then, the company has received a water pollution control permit.At the end of fiscal year on October 31, 2006, the company had approximately $36,000 cash on hand. All of the funds received during that year and the prior year were from Father Gregory Ofiesh, the company's president. This totaled $500,000.
The company is struggling to attract investors. Then, at the end of the quarter on January 31, 2007, cash
on hand was approximately $10,100. Shortly after this, the company received $25,000 from an existing stockholder in a private placement, and, at the end of February, the company had approximately $18,100 on hand. Looking on the stock chart on right, it seems the stock had a tough ride. At the time of polishing up this article the stock was up since yesterday's close hitting a price of $0.27 or it increased by $0.21. However, these rather big ups and downs is casual thing for this stock, especially lately.
Having all said, the company has done nothing significant in its operations or anywhere else that would boost the company's development. The problem is that the company can't really make the right decisions to find rich resources. Maybe it would be the right time to make something serious guys? Or maybe you're giving up?
Reference
www.fklr.com
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