Bokan Part 1: UCore eyes mine on Prince of Wales
Join the discussion below, or Read more at KRBD-FM Ketchikan.
#1 Sep 3, 2011
This is INFORMATION. Most posts about UCORE have been hype. Kind of like politicians spinning an answer to a question and not even trying to answer the question.
I took away from this radio interview by KRBD that:
Production will start sometime in 2015 if permitting goes along as expected.
I think and hope that my $0.75/share stock will be trading as high as MOLYCORP is trading in 2016. Molycorp is trading for more than $50/share in September 2011.
I can always hope and dream.
#2 May 4, 2014
UCore (UURAF:US)- Open letter to Sen. Lesil McGuire nd Sen. Bert Stedman
I am the first born legitimate grandchild of Robert "Red" Dotson of Bokan-Dotson Ridge rare earth metal deposits.
The Alaskan financing of UCore's $145 million ($145,000,000) debt issuance would continue to degrade the investment made by the Alaska family, the Dotsons of Ketchikan, who cultivated these mining claims for generations and the other two-thirds of Ketchikan to which the Dotsons are related in addition to burden upon the rest of the Alaskan people should UCore fail.
I understand Alaska's interest in having another resource to tax but I also have one word for you, "Solyndra". Solyndra left the American taxpayers half a billion dollars when it failed. UCore is a Canadian company. Once it fails then what does the State of Alaska do to recover these funds?
Self-evident is the mismanagement of UCore's investment funds in annual booked losses of over $700,000 while James "Jim" McKenzie, the Chairman and CEO of UCore, continues to pay himself well over $200,000 annually. If McKenzie desires a bond float for UCore then he should be able to do that himself without any help from the Alaska State Legislature or any government entity. The fact that McKenzie took UCore public in the over-the-counter market and then turn around to issue private equity placement empirically displays that McKenzie didn't have a clear plan on what to do with the invested funds nor the rate of return in which those funds should have attributed to them. The trade pattern on UCore's penny-stock would appear that speculators have already entered prematurely, which is another uphill battle for UCore.
Additionally, where are the supplier contracts for the basis of financing the $145 million bond issuance by the State of Alaska? Within the last month, I discussed supplying the Bokan-Dotson rare earth metals to an American car manufacturer and a large utility company. McKenzie has rejected all my offers over the last year to discuss it even though the acronyms to my name far out strips his own and I have contact relationship worth evaluating to assist UCore in being able to pay the royalties due to my family.
American investors care deeply about political mudslinging and the leadership skills of executive management in which their funds are invested. Grandfather Dotson trusted McKenzie. Perhaps due to the annual payments of $60,000 which ceased once Grandfather Dotson was deceased. The $60,000 did not go to his widow, Grandmother Irene Dotson and she was forced to put the house in a reverse mortgage to survive and pay for healthcare costs. A reverse mortgage that might have not been granted if the lender had learned of the rumours that Robert Dotson was keeping radioactive "yellowcake" in the basement of that house. McKenzie was supposed to be the bored millionaire entering mining out of the telecommunications industry according to one news article, so in hindsight the $60,000 seems tantamount to a bribe.
In deed McKenzie has interfered with family affairs on more than one occasion noted by the news article from the Alaska Journal of Commerce entitled "Family Feud at Bokan Forces UCore to Consider Legal Options" to alienate Dotson from his only two remaining children a month before he died.
To further isolate Dotson's children, McKenzie aggravated the situation with the grandmother in appointing a guardian and administrator. An appointment encumbered by my Cousin Derek that is too much for him. He was unprepared to have the responsibility and now he's on medication to help him deal with the reality that is his life. My Uncle Raymond couldn't take it either but I'll leave that story for later as well as my own. Not knowing McKenzie's point of origin, I am observing my obligation in giving "fair notice and warning" of "impending danger" by edict hoc volo, sic jubeo, sit pro ratione voluntas.
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