Atwgold's Blog

ATW – Unreported Insider Trades – Bowering

Posted in Uncategorized by atwgold on February 11, 2010

Just when you think it can’t possibly get any worse as the world waits for this Company to unveil the delayed “Phase One” of the “Value Enhancement Strategy” and the share price approaches 52 week lows.

8 months delay in reporting insider trades is absolutely, positively, UNBELIEVABLE.

Feb 09/10 Jun 23/09 Bowering, Andrew William – Disposition -40,000 $0.750
Feb 09/10 Jul 20/09 Bowering, Andrew William – Disposition -5,000 $0.600
Feb 09/10 Jul 15/09 Bowering, Andrew William – Disposition by gift -100,000
Feb 09/10 Aug 11/09 Bowering, Andrew William – Disposition by gift -50,000
Feb 09/10 Aug 19/09 Bowering, Andrew William – Disposition by gift -100,000
Feb 09/10 Aug 27/09 Bowering, Andrew William – Disposition -100,000 $0.540
Feb 09/10 Nov 12/09 Bowering, Andrew William – Disposition by gift -200,000
Jan 08/10 Jan 05/10 Bowering, Andrew William – Disposition -20,000 $0.200


$ 5.5 Million Toasted in 3 months

Posted in Uncategorized by atwgold on February 7, 2010

Reading the financial statements of ATW Gold is tripping the light fantastic through a minefield. In order to make any sense of the many debts, obligations, payments and accrued liabilities a body needs plenty of time and a degree in accounting. Since most people cannot make this claim we are forced to grasp the obvious and hope its reasonably correct.

The latest numbers paint a grim picture of an insolvent public company for the 3 months ended November 30, 2009. Current liabilities exceed current assets by more than $ 2.5 million, and that means the Company is unable to pay its’ debts as they become due … the definition of insolvent.

The statement of cash flows tells us there was $ 5,587,000 less cash than 3 months previous. Net loss for the period was $ 2.9 million which is curious because the Co somehow managed to break even on the gold it actually did, apparently, produce.

Perhaps the most perplexing transaction is the Red Kite gold loan of $ 10 million. Its impossible to say what exactly happened to the $ 6 million that was immediately drawn down on this loan, although its very clear how grossly expensive this “financing” is turning out to be now.

ATW completes $10-million (U.S.) loan, marketing deal


2009-06-01 17:17 ET – News Release

Mr. Graham Harris reports


ATW Gold Corp., further to the company’s announcement in Stockwatch on May 21, 2009, has closed the $10-million (U.S.) loan and production marketing agreement with Red Kite Exploration Fund Limited, part of the Red Kite family of funds. Proceeds of the loan are being used to increase production at Burnakura, for exploration to increase resources and reserves at Burnakura and for general working capital.

Casimir Capital LP, acting as agent in respect of the Red Kite transactions, receives a commission of 6 per cent on the funds raised under the loan and 500,000 agent’s warrants, each warrant exercisable for one common share of ATW at a price of 80 cents per share until June 1, 2011.

Graham Harris, chairman of ATW Gold, commented: “ATW is pleased to have completed this arrangement with Red Kite Exploration Fund Limited. This capital provides us with the ability to expedite production and mine life increase at Burnakura in a non-dilutive manner. We anticipate updating shareholders on our expansion progress shortly.”


Pumping up the Rubbish – ATW Gold

Posted in Uncategorized by atwgold on February 5, 2010

On May 13, 2009 the ATW paper promotion was essentially over and distribution phase was just starting with the unmitigated assistance of a multitude of paid VSE touts. Naturally the public had absolutely no clue that they were about to be completely robbed as so called “production” was about to end completely.

The paper peaked at $ .95 a few weeks after this ridiculously improper and misleading news release.

May 13, 2009 ($ .70)
To date, ATW has completed seven gold pours resulting in the recovery of over 1500 ounces of gold and minor silver credits. During the past two months, crews have been focused on upgrading and developing the underground workings for increased output from higher grade stopes. As a result of this activity, and other upgrades to the plant, ATW expects to produce approximately 1,800 ounces gold and be cash flow neutral for the month of May. The mine is expected to be cash flow positive in June and achieve full commercial production of 3,000 ounces per month in July.

June 9, 2009  ( $.81)


ATW Gold Corp. has received several engineering proposals for optimization studies on the Burnakura gold plant. The selected consultant will be announced this week and the work is expected to commence by June 15, 2009. The scope of the study includes a number of plant optimization measures that will allow the plant throughput to increase from the current 18 to 20 tonnes per hour, to a target of 25 to 30 tonnes per hour. This will allow an increase in gold production from the current rate of 35,000 ounces gold per year to 50,000 ounces annually during the fourth quarter of this year.

June 24, 2009  ($ .75)

As a result of Burnakura reaching the first targeted commercial level of 36,000 ounces annually, the planned expansion targeting 50,000 ounces of annual gold production is under way. Simulus Consultants of Perth, Australia, was contracted to complete plant optimization, which began on June 10, 2009.

Brent Butler, president and chief executive officer, stated: “We are very encouraged with the speed at which the ramp-up to commercial production at Burnakura was achieved. Efforts to maximize recoveries, output and throughput will continue as our engineering teams work diligently to achieve the increased rate of 50,000 gold ounces per annum this year.”

ATW Gold a VSE Nightmare

Posted in Uncategorized by atwgold on February 3, 2010

Meet Mr. Brent Bulter and Mr. Graham Harris, two newly minted millionaires courtesy of the public’s trust.   Aided by an amazing oversight by Sprott followed by a grotesquely poor investment by Mr. Earnesto Echavarria, this Company’s management has somehow managed to blow $ 10.8 million in 6 months.


March 31, 2009

Vancouver, BC – ATW Gold Corp. (ATW: TSX-V) (“ATW” or “the Company”), is pleased to announce that it has closed the first tranche of the Company’s financing (the “Private Placement”) of up to 7,710,000 units (the “Units”) priced at $0.62 per Unit to raise up to $4,780,200. The private placement has been over subscribed and was originally announced on March 27, 2009 as being for 7,258,064 Units.

The Private Placement is being closed in two tranches, with the first tranche of 5,800,000 units for gross proceeds of $3,596,000 having closed today. Of this $3,596,000, a total of $3,503,000 has been purchased by Sprott Asset Management Inc., as portfolio manager for various funds, and $93,000 was purchased by insiders.

Graham Harris, Chairman & Director



ATW Gold Corp. has closed the second tranche of its financing of up to 7,951,290 units priced at 62 cents per unit to raise up to $4,929,780. The private placement has been oversubscribed and was originally announced in Stockwatch on March 27, 2009, as being for 7,258,064 units.


August 4, 2009
ATW Announces a Non-brokered Private Placement of $5,900,350

 “We believe that Mr. Echavarria’s strategic alliance with ATW recognizes the significant value of the Company’s Burnakura and Gullewa projects. This investment by Mr. Echavarria substantially strengthens the Company’s balance sheet and provides for the ongoing advancement of the projects.”
Chairman, Graham Harris.


According to the latest financials from November 30, 2009, ATW Gold had:

Cash                 $ 2,298,172

Receivables $ 738,313

Prepaids     $  122,847

Total Current Assets    $ 3,159,332

Accounts payable and accrued liabilities $ 3,023,027

Promissory note $ 1,249,254

Current portion of long term obligation $ 1,385,184

Total Current Liabilities = $ 5,657,465


Where did the dough evaporate to?

13. Related party transactions

a) During the nine month period ended November 30, 2009, the Company paid or accrued management consulting fees of

 $208,738 (2008 – $189,719) to a company controlled by the president of the Company,

 $205,000 (2008 – $235,000) to a director of the Company and

 $125,000 (2008 – $238,730) to a company controlled by a director and former CFO of the Company. The Company paid

 $120,000 (2008 – $113,333) to the CFO of the Company and paid

$105,647 (2009 – $235,000) in investor relations fees to a company controlled by a former director of the Company. The  Company also paid

 $242,300 (2009 – $Nil) to a company controlled by the COO of the Company.

$ 1,006,685

b) The Company has various management agreements whereby the Chairman is paid

$20,000 per month, a company controlled by a director is paid

$15,000 per month, a company controlled by the President and CEO is paid

$250,000 per annum, and the CFO is paid

$160,000 per annum.

$ 850,000


As a result of this $ 10.8 million in financings one would think that some of the many corporate liabilities, such as that curious gold loan, would be paid off with that available cash but THIS management decided it was best to dilute stakeholders at rock bottom a few months later and issued 6 million shares to settle 1.29 million in debt @ $ .21 per share. The beneficiary of this paper? Red Kite and its’ gold loan


 Shares issued for debt settlement 6,000,000  –  1,290,000


Can you guess who said this in May 2009? ($ .79)

“My favorite gold producer today is ATW Gold Corp. They are an advertiser and we own a lot of shares. Obviously, I’m biased, but I’ve known and followed these guys for three or four years. They have two mines in Australia, Burnakura and Gullewa. They’ve got a big drill program going on at Gullewa right now. They’re actually in production at Burnakura. They were picking up $50 million worth of mine and mill for $3 or $4 million. The purchases were brilliant. They pumped a lot of money into the ground. They built up the resource. They’re producing gold now. They’ll be cash flow positive in a matter of weeks. They’ll have the second mine in production, and should be doing about 100,000 ounces a year production in a year to 18 months.”

If you knew the paid tout was Bob Moriarty congratulations you WIN, errr lose.


Do you know who issued the following rubbish on June 26, 2009?

While the cost of the gold loan seems a bit high to me, there’s no denying that the money can be put to excellent use right now. And the end result will be rapidly growing gold production for the company in a rising gold-price environment.In short, ATW is in the right place at the right time with the right projects.

Thus, it remains a buy — but try to pick it up on price dips.

Recent Share Price:……………………………………….C$0.73

In my mind, I revert back to the reason I like ATW – good management making good decisions. It’s been nothing short of incredible to witness the growth in such a relative short period of time during the horrific conditions companies of all size and means have had to endure. If adversity creates opportunity, the misguided analogy of this recent gold loan has opened the door for those who understand what the real bottomline is to the latest corporate development.

If you answered Mr. Peter Grandich, you’re absolutely correct.


Who spewed this on July 24, 2009 …  ($ .72)

ATW Gold Corp. (TSX.V:ATW) is one we’ve recommended from the outset. It has entered gold production now and I don’t think that its value in the market is recognized yet.  If you said Brien Lundin you are absolutely correct.

“Brien Lundin, in the August, 2009, edition of the Gold Newsletter, says buy ATW Gold Corp., recently 59 cents.  the newsletter editor tells his readers that ATW remains a stong, up-and-coming gold producer that “stands to benefit greatly from the gold bull market still to come.”

In his September, 2009, edition of the Gold Newsletter, refreshes his buy of ATW Gold Corp., recently 56 cents.  … The goldbug says the company is a growing gold producer and it remains a buy.


Which letter writer spewed the following? ($ .81)

ATW has a second promising gold prospect in Australia called Gullewa and expects to see “good upside price movement” for this stock as Burnakura comes on stream. He sees blue-sky potential from both of the company’s Australian projects over the long term.

If you said Jay Taylor, you are correct.

Do you know this man …

If you said Mr. Luke Norman congratulations.

As many of us know Mr. Norman sold 500,000 shares to Earnesto Echavarria, at $ .54, and then promptly resigned from the company.  Amazing and cat-like.

Tribune Minerals

Mr. Norman and Mr. Bowering sold 600,000 ATW shares to Earnesto in August 2009 and what did they do with the proceeds? Well, thats easy to answer by looking at TCB.v (Tribune Minerals)

On September 24, 2009 Tribune Resources announced at non-brokered unit private placement @ $.19 and the addition of Luke Norman to the BoD as president.

Dec 02/09 Nov 13/09 Norman, Luke Anthony Warrants – Acquisition 525,000 $0.220
Dec 02/09 Sep 24/09 Norman, Luke Anthony Opening Balance-Initial SEDI Report
Dec 02/09 Nov 13/09 Norman, Luke Anthony – Acquisition 525,000 $0.190

And what amazingly good VSE insider timing again. Finding the absolute rock and highly dilutive bottom, and this when 30 days previously Tribune Resources paper was trading at $ .80.


Earnesto Echavarria – insider trades:

2009-08-06 2009-08-07 – Opening Balance 1,379,500
2009-08-06 2009-08-06 – Acquisition +11,132,736 0.5300 12,512,236
2009-08-14 2009-08-20 – Acquisition +2,500 0.5300 12,514,736
2009-08-17 2009-08-20 – Acquisition +57,500 0.5200 12,572,236
2009-08-18 2009-08-20 – Acquisition +3,000 0.5200 12,575,236
2009-08-19 2009-08-20 – Acquisition +17,500 0.5300 12,592,736
2009-08-27 2009-08-27 – Acquisition +700,000 0.5400 13,292,736
2009-09-04 2009-09-10 – Acquisition +3,000 0.5300 13,295,736
2009-09-08 2009-09-10 – Acquisition +353,000 0.5300 13,648,736
2009-09-09 2009-09-10 – Acquisition +575,000 0.5300 14,223,736
2009-09-11 2009-09-21 – Acquisition +50,000 0.4500 14,273,736
2009-09-17 2009-09-21 – Acquisition +700,000 0.4000 14,973,736
2009-09-18 2009-09-21 – Acquisition +26,500 0.3850 15,000,236
2009-09-21 2009-09-22 – Acquisition +809,500 0.3600 15,809,736
2009-09-22 2009-09-23 – Acquisition +100,000 0.3700 15,909,736
2009-09-23 2009-09-23 – Acquisition +386,500 0.3700 16,296,236
2009-09-24 2009-09-28 – Acquisition +157,500 0.3600 16,453,736
2009-09-25 2009-09-28 – Acquisition +7,500 0.3600 16,461,236
2009-09-28 2009-09-28 – Acquisition +300,000 0.3600 16,761,236