RE: Today's new release Pat may have asked Christian if he could put his name on the news release as Pat knows that the shareholders are angry don't want to read a news releases that doesn't even address the real problems in the company.... During 2012 the Company spent $1,851,506 in administration costs and spent only $296,665 in exploration costs. Since March 2011, the share price of the Company has decreased substantially. The Concerned Shareholders strongly believe that the proposed nominees for directors slated by the current management of the Company are not in shareholders' best interests; instead, they are being proposed for re-election to further entrench current management, who have failed to effectively manage the affairs of the Company and deliver shareholder value.Excessive compensation: The Board of Directors has seen fit to pay Mr. O'Brien in excess of $2,000,000 over the past 10 years. His benefits extend beyond the millions of dollars and options, the Board of Directors authorized the lease of a Cadillac Escalade to Mr. O'Brien at a significant cost to the Company. The Company's 2012 audit states the Company's minimum lease payments over the next 5 fiscal years are 2013 - $46,330, 2012 - $44,190 and 2015 - $33,143. If this was not enough, Mr. O'Brien received further consideration from Pro Minerals, formerly a wholly owned subsidiary of the Company, in the amount of $290,000 over the past three years, according to the Company's most recent proxy filings.
Excessive option grants: The Company had 21,159,013 options outstanding according to its latest audited financial statements, representing approximately 15% of the issued and outstanding shares. Incredibly, the Board of Directors have seen fit to grant most of the stock options to its CEO, Mr. Patrick O'Brien. According to Mr. Obrien's insider reporting filing he held 7,873,000 options.
PacificOre's dismal share price performance under the current board: PacificOre's shares declined no less than 90% in 2 years following the award of claims covering the world class project, the Lac Dore project.
IT''S TIME TO VOTE for NEW MANAGMENT...VOTE YES on the GREEN PROXY that will be coming in the mail if you don't have it yet. It's may be best to email or phone in your vote at this point. Let's get Adrian and and his Team working for the shareholders.