Introduction Continued
The property is in a beautiful and secluded area and has about 300 or more acres that are amenable to industrial development. Certain of the slopes and hillsides could be employed for such projects as solar and wind power production. Because of excellent winds coming across from the Sierra Nevada Mountains, Pallas believes this area would make a superb windpower production area supported by its infrastructure. Pallas has identified an efficient, state-of-the-art wind turbine that would pay for itself in only two years; its long, expected lifetime would produce a very healthy return on investment. Turbines would be deployed in quantity.
This wind project has been discussed for years. But, due to frivolous, "fair game" litigation against it, the company's efforts have been diverted from legitimate business pursuits to defending its property and surviving.
Pallas was led to believe it was buying a viable mining project. In reality, Asamera Minerals was selling a spent mine, a reclamation project. These are two different things. The only reason Pallas allowed a reclamation bond to be a term of the sales agreement was because of assurances of mineable gold and silver reserves of economic grade left in place underground by Asamera.
The magnitude of the fraud and the parties involved in perpetrating it include geologists, engineers, and lawyers who lied to Pallas about the quality and validity of non-existent reserves. One of the engineers had been a supervisory employee of Asamera; he provided false information regarding the status of the Gooseberry. This engineer later became an employee with the Nevada Department of Environmental Protection (NDEP).
An article in the Reno Gazette-Journal of June 17, 1998, headed "South Meadows buys Asamera," stated "... no mineable reserves." This article confirmed the fraud complained of by Pallas since December 1994.
As can be imagined, a host of complications tie to the foregoing. Pallas has been targeted for exploitation ~ even ruination ~ by unscrupulous persons and corporations working in concert. They must be brought to justice.