Dorado Resources Limited

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MJLIOM
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Dorado Resources Limited

Postby MJLIOM » Thu Aug 14, 2014 3:03 pm

I have been offered shares in the above named company see www.doradoresources.com and am trying to establish whether they are a ligitimate Chilean based gold mining and exploration company. I fear they may be involved in a boiler-room share scam. How can I check whether they are proper registered company?

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Gloria
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Re: Dorado Resources Limited

Postby Gloria » Thu Aug 14, 2014 3:57 pm

MJLIOM wrote:I have been offered shares in the above named company see http://www.doradoresources.com and am trying to establish whether they are a ligitimate Chilean based gold mining and exploration company. I fear they may be involved in a boiler-room share scam. How can I check whether they are proper registered company?

GOOGLE IT!....or do it in person.
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HybridAmbassador
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Re: Dorado Resources Limited

Postby HybridAmbassador » Thu Aug 14, 2014 4:04 pm

Well a nice webpage at least.
Do further careful investigation suggestions in order. Otherwise you may end up penney-less !
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Andres
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Re: Dorado Resources Limited

Postby Andres » Thu Aug 14, 2014 4:48 pm

In Chile, there is no publicly-accessible register of companies like the UK Register of Companies. I do not know how to check whether it is a company registered in Chile.
But the fact that it is a "Limited" company, rather than "Limitada" or another Spanish word, implies it might be registered in another country (e.g. Canada or Australia). I could not find anywhere on their website a mention of the country in which the company is registered . . . which is unusual for a legitimate company.
I could not find any mention on their website that they are listed on any exchange, so there might be limited "transparency" of their accounts and difficulty selling shares until they list on an exchange.
The whois for the website domain name doradoresources.com is hidden by "Fundacion Private Whois" of Panama; it is funky for a supposedly legitimate company to hide the ownership of their domain name. Just saying.
Their website does not correctly state their phone number; they omit the area code; the sloppiness is not unexpected (for a company in Chile) in itself, but it is another negative.
I tried phoning them to ask where they are incorporated; the same phone number is used for verbal and fax (which is unusual for anything except small companies) and three times I was sent to voicemail instead of someone answering the phone. AND their recorded message does not even state their company name. Funky!
There is so little about the company online, that a google search gets three hits on their website and one ON THIS THREAD, less than two hours after the thread was created.

I hope this helps.
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lost gringo
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Re: Dorado Resources Limited

Postby lost gringo » Thu Aug 14, 2014 5:00 pm

How did you hear of the company? Was it through a broker or advisor? If so, they should be able to provide a prospectus and be able to tell you if the company is registered and where. If it's from a friend or from a web article, beware. If they contacted you, run.
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MatthewNZ
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Re: Dorado Resources Limited

Postby MatthewNZ » Thu Aug 14, 2014 6:00 pm

This could be a sophisticated securities scam (red flag: no directors/managers named on the website), but it is more likely just to be a dodgy investment being flogged off to the unwitting public. The reality of mining in Chile is this: the big finds are already taken up by the multinationals and the state owned mining co. If there is a new play, the shares will be offered around the existing business community through the pituto network. The public don't get a look in, unless of course the it's a complete dog the big professional investors won't touch with a barge pole

MJLIOM
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Re: Dorado Resources Limited

Postby MJLIOM » Thu Aug 14, 2014 6:56 pm

Thanks for all your helpful responses. I will not be taking up the share offer.

frozen-north
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Re: Dorado Resources Limited

Postby frozen-north » Thu Aug 14, 2014 7:36 pm

I found a link to a Chines company:

Yunnan Mining Incorporated (Kunming, China), an independent gold mining company located in Kuming, Yunnan Province, South West China, announces its intention to acquire Dorado Resources, a gold and silver mine exploration, development and production company with operations in the Atacama Desert of Chile.

http://yunnaninc.com/investors.html



No idea if it is related to a similarly named company:


Dorado Ocean Resources is a Hong Kong company which was formed to discover and commercialize high-value mineral deposits from the ocean floor.

Odyssey currently owns 40.8% of Dorado Ocean Resources Ltd.

http://globenewswire.com/news-release/2 ... cific.html


MJLIOM
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Re: Dorado Resources Limited

Postby MJLIOM » Thu Aug 14, 2014 7:44 pm

Thanks, I was aware of this but believe that the posting relating to Yunnan Mining Incorporated is part of the scam.

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admin
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Re: Dorado Resources Limited

Postby admin » Thu Aug 14, 2014 8:41 pm

normally I would delete this thead for violating the TOS, but it is at least entertaining. so what the hell.

first, watch out there are a pile of mines and mining companies using some variation on the "Dorado" name in Chile, and the Americas for that matter. a twist of the LTD, INC, SA, and they are all different companies. scams are known to play on the name of legit projects by just using the name confusion.

Had a client that worked in the mining industry all over the world for 30 some years. he said in that entire time he had never once bought a single share of mining stock. not even the companies he worked for. he said something like 99% of all mining projects are just stock scams. most will never turn a single shovel of dirt, let alone make money. what will happen is the exploratory company (initial owners) will find a bigger company to be a partner, to give it legit status, then go to a bank and the bank will loan them money, in return for shares, then they will dump the stock on the open market screwing the small investors. all considered "legit" and standard operating procedure in the mining industry. meanwhile, the dirt, is still just as it was, minus a little bit that had been pushed around for exploration purposes, showing something is going on, with lots of nice glossy reports on the potential for the consumption of share holders. losses for the end investor will be chocked up to just another failed speculation on mining. in other words, they are all pyramid schemes in some form or another.

for the small to large private investors, either buy the big boys or go buy a shovel and do your own mining. from outside Chile, without spending a pile of money on due diligence , you will never ever be able to determine if the company is for real. If you got say $100,000+ U.S. to spend, I can get you the experts you need to really answer your question. Even then, it might not answer the most important question of will they ever make money. many, many otherwise good and legit mining companies never turn a profit. mining is not easy.
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admin
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Re: Dorado Resources Limited

Postby admin » Thu Aug 14, 2014 8:54 pm

You know I enjoy watching the reality mining shows on history and discovery channel. little guys giving it a go in alaska, africa, south america.

the thing that blows me away, is like these guys spend like a million dollars a year, nearly get themselves killed, freeze their ass off (or catch something in the tropics), work 18 hour days, or whatever other hardship they can come up with, all to make like $50,000 profit to be split between half a dozen people at the end of the season. It has got to be like one of the worse businesses to be in ever. the girl on the corner with the lemonade stand has better profit margins, with way less risk. only the guys selling the shovels are making any sort of money. stick to investing in the shovel companies.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

frozen-north
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Re: Dorado Resources Limited

Postby frozen-north » Thu Aug 14, 2014 9:13 pm

admin wrote:
.....lots of nice glossy reports on the potential for the consumption of share holders. losses for the end investor will be chocked up to just another failed speculation on mining. in other words, they are all pyramid schemes in some form or another.




Bre-X bought the Busang site in March 1993 and in October 1995 announced significant amounts of gold had been discovered, sending its stock price soaring. Originally a penny stock, its stock price reached a peak at CAD $286.50 (split adjusted) in May 1996 on the Toronto Stock Exchange (TSE), with a total capitalization of over CAD $6 billion. Bre-X Minerals collapsed in 1997 after the gold samples were found to be a fraud.

The fraud began to unravel rapidly on March 19, 1997 when Filipino Bre-X geologist Michael de Guzman died by falling from a helicopter in Indonesia

The Bre-X mining fraud convinced Canadians to regulate professional geology in Canada.

http://en.wikipedia.org/wiki/Bre-X


De Guzman boarded a helicopter that would fly him to the site. The only other person in the helicopter was the pilot.

http://www.businessinsider.com/bre-x-6- ... 012-7?op=1



The mystery of Michael de Guzman

Four wives, nine children and one gigantic mining scandal are all part of the legacy left by Bre-X geologist Michael de Guzman. But it's hard to separate fact from fiction, even life from death, in the lore of gold mining's true man of mystery.

http://www.canada.com/story.html?id=f20 ... 4b0f56bf08



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