Something to declare: cabin crew in €20m forgery scam

The sight of a prim, uniformed German flight attendant struggling to lug her impossibly heavy hand luggage through the "nothing to declare" channel at Frankfurt airport finally convinced customs officials that something was up.


For the officers who ordered the luckless cabin crew member to open up her valise, it felt like stumbling upon Treasure Island. The flight attendant's luggage was groaning with thousands of gold- and silver-coloured one- and two-euro coins.


"Pulling open the zip on the case was like winning the jackpot on a fruit machine," is how one of the officials remembered the find at the airport last summer. Yet they also noticed that many of the euro coins in the luggage were oddly shaped, defaced or even bent. Questioned, the flight attendant nevertheless protested her innocence: "It's money a friend of mine in China gave me to trade in. No bank there will accept this sort of cash," she insisted.


Yesterday, the curtain was lifted on the origins of the mysterious haul of bent euros after state prosecutors announced the arrest of six people. Among them were four ethnic Chinese and flight attendants employed by the airline Lufthansa. They are suspected of involvement in one of the biggest professionally organised euro scams since the single currency's introduction.


"The six are being investigated on suspicion of importing forged coins," Frankfurt state prosecutor Doris Möller-Scheu said. She said a total of 25 people were thought to have belonged to the forgery ring. "Lufthansa has been informed that some of its employees are being investigated," she added.


Those in police custody in Frankfurt are accused of exploiting the Bundesbank's standard procedure for removing damaged or defaced euro coins from circulation and reissuing those who bring them to the bank with legitimate coinage or notes.


The six stand accused of re-importing €20m-worth of damaged and defaced coins which the Bundesbank believed it had sold off to China to be melted down as scrap metal. To minimise the risk of foul play, the Bundesbank deliberately dismantles damaged coins prior to their disposal. Little did its staff know that until earlier this year, the coins were being intercepted by a gang of forgers who arranged for them to be carefully reassembled by a team of accomplices in China.


The gang used airline cabin crew, especially those employed by Germany's normally reputable national carrier, Lufthansa, to act as "mules" and take the reassembled coins back to Germany. In return for sizeable payments, they dragged the coins in their hand luggage past what was assumed would be unsuspecting customs staff at Frankfurt international airport.


Once in Germany, other gang members took the reassembled euros back to the Bundesbank, where they were swapped for legitimate notes. The Bundesbank said that as it carries out random tests only on defaced coins returned to the bank, it had failed to notice that a scam was under way.


2. Ask the traveller: cabin crew strike
Wednesday, 30 March 2011SHARE PRINTEMAIL 
 ENLARGE
Q: My wife and I are booked to go to the UAE at the start of the Easter holidays on British Airways. I have just learnt that cabin crew may strike over this period. BA is saying it plans to run 100 per cent of the long-haul flights from Heathrow. Is this likely? Could it lead to delays at the airport? Should I cancel? Carl Rees


The latest British Airways cabin crew ballot saw union members vote 5-1 in favour of more strikes. The union, Unite, has not yet announced any strike dates; it must give at least one week's notice of action, and any stoppage must begin no later than 25 April. Talks are continuing.


In the event of another strike, the airline aims to fly all long-haul services, including yours. A spokesman for BA says there are "robust and well-rehearsed contingency plans".


BA is relying on the 57 per cent of cabin crew who did not vote in favour of a strike, augmented by more than 1,000 volunteers from elsewhere in the airline, to cover for strikers.


Delays to your trip are unlikely. Indeed, during last year's strikes, by taking out a proportion of flights, industrial action actually accelerated other services by reducing aircraft queues on the ground and in the air.


Cancellation without penalty is not an option at this stage, and – if the airline's confidence is justified – will not be offered. In common with a couple of million other BA passengers holding bookings for April, all you can do is wait and hope. The union has warned opaquely of "weird and wondrous initiatives" that could thwart the airline's plans. But the worst you are likely to experience is a reduced inflight offering, and a gruff old captain spilling coffee in your lap.


BA also says it will operate a normal schedule at Gatwick and London City, and "the majority" of its short-haul, flights from Heathrow.


3. Southwest grounds 80 737s after jet holed in flight
US low-cost carrier Southwest Airlines is to ground over 80 Boeing 737 aircraft pending immediate inspections after a fuselage hole was discovered in a jet that depressurised on a service to California.
Southwest says that it has "decided to keep a subset of its Boeing 737 fleet out of the flying schedule" to commence an "aggressive inspection effort".
It says 81 aircraft are affected by the checks and that these will be examined over the next few days. The jets are covered by US FAA airworthiness directives detailing checks for skin fatigue.
Southwest has taken the action after one of its 737-300s, operating flight WN812 between Phoenix and Sacramento, diverted to Yuma yesterday after a loss of cabin pressure and deployment of oxygen masks.
"Upon landing safely in Yuma the flight crew discovered a hole in the top of the aircraft," says the carrier, adding that it was located about mid-cabin. It has not indicated the size of the rupture.
One of the 118 passengers and one of the five cabin crew members were treated for minor injuries.
The aircraft involved, identified by the US National Transportation Safety Board as bearing registration N632SW, carries serial number 27707 and is a 15-year old airframe.
"We have launched personnel to Yuma to begin the investigation process with the NTSB, FAA and appropriate parties to determine the cause of the depressurisation," says Southwest chief operating officer Mike Van de Ven.
It says it is working with Boeing on the details of the inspections for the aircraft.
Southwest suffered a similar incident two years ago when a Nashville-Baltimore service - also operated by a 737-300 - diverted to Yeager after being holed in its upper fuselage in July 2009.


By
Neha Jain

Air Tickets Car Rental Cruises Golf Vacation Romantic Getaways Vacation Packages Honeymoon

 

Jobs In Airline

  

International Airlines Training Expo

Aviation NEWS

Pilot Training

We request you to provide maximum information related to your travel plan in the "Requirements" field This will help us to process your information quickly and accurately

Something to declare: cabin crew in €20m forgery scam

The sight of a prim, uniformed German flight attendant struggling to lug her impossibly heavy hand luggage through the "nothing to declare" channel at Frankfurt airport finally convinced customs officials that something was up.


For the officers who ordered the luckless cabin crew member to open up her valise, it felt like stumbling upon Treasure Island. The flight attendant's luggage was groaning with thousands of gold- and silver-coloured one- and two-euro coins.


"Pulling open the zip on the case was like winning the jackpot on a fruit machine," is how one of the officials remembered the find at the airport last summer. Yet they also noticed that many of the euro coins in the luggage were oddly shaped, defaced or even bent. Questioned, the flight attendant nevertheless protested her innocence: "It's money a friend of mine in China gave me to trade in. No bank there will accept this sort of cash," she insisted.


Yesterday, the curtain was lifted on the origins of the mysterious haul of bent euros after state prosecutors announced the arrest of six people. Among them were four ethnic Chinese and flight attendants employed by the airline Lufthansa. They are suspected of involvement in one of the biggest professionally organised euro scams since the single currency's introduction.


"The six are being investigated on suspicion of importing forged coins," Frankfurt state prosecutor Doris Möller-Scheu said. She said a total of 25 people were thought to have belonged to the forgery ring. "Lufthansa has been informed that some of its employees are being investigated," she added.


Those in police custody in Frankfurt are accused of exploiting the Bundesbank's standard procedure for removing damaged or defaced euro coins from circulation and reissuing those who bring them to the bank with legitimate coinage or notes.


The six stand accused of re-importing €20m-worth of damaged and defaced coins which the Bundesbank believed it had sold off to China to be melted down as scrap metal. To minimise the risk of foul play, the Bundesbank deliberately dismantles damaged coins prior to their disposal. Little did its staff know that until earlier this year, the coins were being intercepted by a gang of forgers who arranged for them to be carefully reassembled by a team of accomplices in China.


The gang used airline cabin crew, especially those employed by Germany's normally reputable national carrier, Lufthansa, to act as "mules" and take the reassembled coins back to Germany. In return for sizeable payments, they dragged the coins in their hand luggage past what was assumed would be unsuspecting customs staff at Frankfurt international airport.


Once in Germany, other gang members took the reassembled euros back to the Bundesbank, where they were swapped for legitimate notes. The Bundesbank said that as it carries out random tests only on defaced coins returned to the bank, it had failed to notice that a scam was under way.




 Southwest grounds 80 737s after jet holed in flight


US low-cost carrier Southwest Airlines is to ground over 80 Boeing 737 aircraft pending immediate inspections after a fuselage hole was discovered in a jet that depressurised on a service to California.
Southwest says that it has "decided to keep a subset of its Boeing 737 fleet out of the flying schedule" to commence an "aggressive inspection effort".
It says 81 aircraft are affected by the checks and that these will be examined over the next few days. The jets are covered by US FAA airworthiness directives detailing checks for skin fatigue.
Southwest has taken the action after one of its 737-300s, operating flight WN812 between Phoenix and Sacramento, diverted to Yuma yesterday after a loss of cabin pressure and deployment of oxygen masks.
"Upon landing safely in Yuma the flight crew discovered a hole in the top of the aircraft," says the carrier, adding that it was located about mid-cabin. It has not indicated the size of the rupture.
One of the 118 passengers and one of the five cabin crew members were treated for minor injuries.
The aircraft involved, identified by the US National Transportation Safety Board as bearing registration N632SW, carries serial number 27707 and is a 15-year old airframe.
"We have launched personnel to Yuma to begin the investigation process with the NTSB, FAA and appropriate parties to determine the cause of the depressurisation," says Southwest chief operating officer Mike Van de Ven.
It says it is working with Boeing on the details of the inspections for the aircraft.
Southwest suffered a similar incident two years ago when a Nashville-Baltimore service - also operated by a 737-300 - diverted to Yeager after being holed in its upper fuselage in July 2009.



By
Neha Jain

Air Tickets Car Rental Cruises Golf Vacation Romantic Getaways Vacation Packages Honeymoon

 

Jobs In Airline

  

International Airlines Training Expo

Aviation NEWS

Pilot Training

The Gold Report: Jason, the gold price fell dramatically after the Japanese earthquake and subsequent tsunami. Were you buying in the dip, and if so, what were you buying?

1.  As an investor, sometimes the best action you can take is no action. Jason Hamlin of the Gold Stock Bull newsletter didn't start snapping up stocks on news of disaster in Japan and military attacks in Libya. In this exclusive interview with The Gold Report, Jason tells why he's holding his ground, how high macro issues spanning the globe could push precious metal prices and a few of his top stock picks.




Jason Hamlin: I wasn't buying or selling mining shares on the news out of Japan, but did add to my physical stockpile on the dip. Not a really exciting strategy, but I already had a decent amount of exposure to equities. There was a lot of risk and uncertainty in the market after the news out of Japan, so I decided to wait and watch how things progressed. Equities have rallied pretty well, but I am not convinced that we're out of the woods yet.

TGR: Did you panic at all when gold went down to $1,380/oz.?

JH: No, especially with the amount of physical buying in recent months. It seems like every dip has been met by an overwhelming demand for physical gold and silver. I feel that we have entered a new paradigm in which there will be shorter and shallower corrections than witnessed during the past decade.

TGR: There is definitely a lot of international upheaval. What impact do you think the enforcement of a no-fly zone over Libya will have on the gold price in the near term?

JH: I'd like to point out that the no-fly zone was used as a justification for missile strikes; it was a much more aggressive policy than the simple no-fly zone that was originally proposed. It was also done without congressional approval, which I view as a continued violation of the Constitution, which states that only Congress can declare war. I question the political and moral authority of the West to be doing this, especially considering that the U.S. is broke and must borrow $1.6 trillion per year to cover its budget shortfall.

Economically, the ease and swiftness with which the U.S. decided to do this, and with little debate, translates into more fear and uncertainty in the markets. It will prove bullish for precious metals and oil, both in terms of the fear trade and the inflationary impact. Investors are increasingly viewing gold and silver as a better safe-haven investment than dollars or bonds, which have served this function for mainstream investors in the past. I see this trend accelerating in the coming months and years as more investors lose faith in the U.S. dollar and the U.S. government's ability to repay its exploding debt, which has topped 100% of the gross domestic product by some estimates.

TGR: We're not at 200% yet!

JH: Not quite as bad as Japan, but the 90% to 100% range is typically where most economists say interest payments become such a burden that it becomes hard to get the fiscal house in order.

TGR: On Friday, Goldman Sachs set a three-month target price for gold of $1,480/oz. Are you comfortable with that number?

JH: I quit paying attention to anything Goldman Sachs had to say a long time ago, particularly when it comes to forecasting the gold price. They have consistently under-forecasted and underestimated the precious metals market by a wide margin. I essentially view Goldman Sachs and the big investment banks as financial terrorists who should be jailed, not respected institutions deserving of the slightest iota of creditability. The Securities and Exchange Commission and the Justice Department might not want to go after them, but it's pretty clear to me that they disregarded their fiduciary duty and don't have their clients' best interests in mind. Taking their forecasts or analysis to be factual or relevant seems foolhardy.

Also, three months is really too short term to predict the price of gold with any degree of accuracy. However, I believe gold has a good chance of hitting $1,800/oz. by year-end. That's been my target. Gold could then easily pass its official inflationary adjusted high of $2,300/oz. next year. The true inflation-adjusted high for gold is somewhat closer to $5,000/oz. if we're not using the suppressed government statistics. I think there's a good chance that gold will surpass that figure before the bull market is over.

TGR: You mean the consumer price index?

JH: Right. The CPI is pretty well understood to be fudged in order to show inflation as lower than it actually is. Anyone who does the grocery shopping for a household knows that inflation is running more than a couple percent annually.

TGR: Let's talk about silver. Silver has closed the silver:gold ratio, or the number of silver ounces it takes to buy an ounce of gold, to 40:1. Historically, it's been much closer than that, but this is as close as we have seen in recent memory. That raises the question: is silver closing the gap a little too quickly-and overheating?

JH: I believe silver is likely to continue outperforming gold for the remainder of this bull market. I think the ratio will most likely revert back to 15:1 at some point in the next few years. Supply and demand fundamentals dictate such a revision.

For example, 95% of the gold ever mined is still in existence, whereas about 95% of the silver ever mined has been destroyed or used in such small quantities that it can't be economically recovered. The industrial uses of silver continue to increase, including high-tech electronics, solar and wind energy systems, batteries, medical and military applications, and even water purification. Silver truly is irreplaceable in many of today's critical applications.

In the past several months, there have been signs of shortages. Overall, the physical demand is overwhelming the supply. Even absent a short squeeze, the fundamentals dictate a much higher price for silver both in absolute terms and in relation to the gold price.

There is also another perspective on that ratio. If it's based on production of silver versus gold, the ratio would be closer to 10:1. Comparing overall demand to overall mine production, there is a shortfall of 100 to 200 Moz. of silver every year. There's actually less silver bullion aboveground available for investment than there is gold bullion. As the hedge fund manager Eric Sprott said, "There is 75 times more dollars worth of gold to buy than silver."

Despite these statistics, there is an increasing percentage of investor dollars flowing into silver, which is still 30% below its all-time nominal high, even though gold is about 70% above its 1980 price. The numbers just don't add up.

I don't think silver is closing the gap too quickly, but rather that the gold:silver ratio is likely to fall even lower over the next few years.

TGR: Okay. How far off is $40/oz. silver?

JH: Silver is approaching $40 rather quickly, but I prefer to steer clear of short-term predictions. That's just a guessing game. However, I do think silver will likely pass $50 by year end.

TGR: That would be truly remarkable. Given the current market conditions, what sort of junior mining plays are you seeking these days?

JH: My focus is on junior miners that appear undervalued relative to their peers and under-appreciated by the market. I do a good deal of fundamental research and cross-analysis. I look for miners that are well financed, with high-grade drill results, open strike zones, and management that has a track record of moving projects from exploration into production. I like companies that have a clear plan, either for moving into production, entering into a joint venture or being acquired by a surrounding major within a few years.

TGR: Which companies fit that bill?

JH: The Yukon gold rush is on, and one of my favorite plays in that region is Golden Predator Corp. (TSX:GPD). The company has 3,000 square km under claim and three advanced projects moving toward an NI 43-101 resource estimate this year. Its Grew Creek and Clear Creek properties will have their resource estimates by year-end. Grew Creek drilled around 150 meters, just under 2 grams per ton (g/t) gold, and Crew Creek hit around 25 meters of 2–3 g/t gold. Brewery Creek will get an updated estimate with a target of 600,000 oz., which is twice its previous estimate. They just announced the expansion of the Bohemian Discovery with 33 meters of 3 g/t gold. If these initial drill results are any indication, the resource estimates are going to surprise even the most bullish investors of Golden Predator.

TGR: The company recently raised $22.7 million in a bought-deal private placement, so it has the cash to see those projects through going forward.

JH: Drillings and discoveries in the Yukon are still very early on the bell curve. Golden Predator is well financed and drilling aggressively as we speak. It has a great pipeline of future projects and a growing revenue stream from projects in Nevada, which is a bonus. Bill Sherriff is the chief executive, and Mike Burke recently joined as chief geologist (from the Yukon Geological Survey). I have confidence in the leadership at Golden Predator, and I am not alone. Sprott Asset Management decided to get a piece of the action and invested in the company last year.

I also like that Golden Predator has exposure to silver via 5 million shares of its spinout, Silver Predator Corp. (CNSX:SPD), and its ability to acquire another 11 million shares in that company.

I believe the stock is cheap at anything less than $1. It's more of a speculative play than some of the other investments that I look at, but the stock could easily double by year end and has the potential to repeat the success that ATAC Resources Ltd. (TSX.V:ATC) has experienced in the area during the last year.

TGR: Golden Predator could hit the $5 mark?

JH: It's at about 90 cents right now. If its drill results continue at this pace , it has the potential to reach $5 in the next few years. It could certainly mirror the performance of ATAC, which was trading at $6.80 recently. It is up about 400% during the past year on discoveries. Golden Predator has property all around where ATAC's discoveries were made. I really think there's blue sky potential with this company.

TGR: What are some other plays that you have positions in?

JH: I am interested in the junior silver miner Argentex Mining Corporation (TSX.V:ATX; OTCBB:AGXM), which is one of the most undervalued junior silver plays in the market. Its flagship 100%-owned property Pinguino in southern Argentina has a bonanza-grade discovery. It completed a resource estimate that is expected to be updated in the next few months with new drill results. There's also a preliminary economic assessment coming down the line. The company is currently in the midst of a 17,000 meter drill program. It just added another drill rig last week and is expected to release drill results in the next few weeks.

TGR: What are you expecting from the preliminary economic assessment (PEA)?

JH: Based on the drill results we've seen already, I expect some pretty robust economics to encourage the company to move forward on this project. It has 50 veins identified to date, and the mineralization is open along strike and depth that they have tested. I would be surprised if the company didn't continue to hit high-grade intersections and come up with a very strong PEA.

TGR: You provide your subscribers to Gold Stock Bull with a list of the top 10 most undervalued companies in a variety of sectors. Are there any junior mining stocks on your list right now?

JH: There is one that I am happy to talk about: South American Silver Corp. (TSX:SAC; OTCBB:SOHAF), which has the Malku Khota silver-indium project in Bolivia-it's one of the largest undeveloped silver and indium resources in the world.

South American Silver has an experienced management team and is well funded. Similar to Argentex, it's scheduled to release a PEA and resource update this month, with a pre-feasibility study later this year. As those studies and estimates come out, there's a potential for the share price to move significantly higher.

TGR: I have talked to a number of people on Bay Street about South American. They seem to think this is one of the most highly undervalued companies there.

JH: Yes-particularly with the scale of this project. It could be a huge win if all the pieces fall into place. Given the incredible leverage that it has to the silver price, and the lower enterprise value per ounce, it's very undervalued at the current price.

TGR: There is one note of caution, however, because it is in Bolivia. Compared to other companies operating in Bolivia, though, South American Silver seems to have come closer to solving the puzzle.

JH: That's due to their management team and how well they're working with the local government and the local people. They have a track record of successful project development in South American and Bolivia is an emerging resource-based economy demonstrating strong growth. I don't think it's a sure bet; there are certainly some geopolitical risks. However, South American certainly has shown an ability to mitigate that risk better than other companies.

TGR: There's a lot going on politically and financially around the globe right now. There is unrest in the Middle East, and Japan is grappling with the aftermath of natural disasters, as well as staggering national debt. What advice do you give investors in light of those macro conditions?

JH: I believe that investors should have a good hedge against inflation, and that their portfolios should be diversified across various commodities. Investors should also have some of their assets out of dollars and out of the banking system entirely. I am growing increasingly concerned that another currency or financial crisis is coming down the line. It's critical to balance where assets are placed and to have physical gold and silver in your possession. The financial landscape is deteriorating in the U.S., as well as many other countries.

TGR: Jason, thanks for the insights.

Jason Hamlin is the founder of Gold Stock Bull (www.goldstockbull.com) and publishes one of the most highly-rated investment newsletters available, focused on strategies for profiting on the bull markets in gold, silver, energy, rare earth metals and agriculture. Mr. Hamlin has a background analyzing charts and trends for the world's largest market research company, is versed in fundamental and technical analysis and has consulted to Fortune 500 companies around the globe. Jason is a cycles investor, student of Austrian economics and speaks regularly at investment conferences throughout North America. The Gold Stock Bull newsletter is focused on finding junior mining companies that are undervalued relative to their peers. Click here to sign up or get more information.

Want to read more exclusive Gold Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Expert Insights page.

DISCLOSURE:

1) Brian Sylvester of The Gold Report conducted this interview. He personally and/or his family own shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of The Gold Report: Argentex, Golden Predator and South American Silver.
3) Jason Hamlin: I personally and/or my family own shares of the following companies mentioned in this interview: Golden Predator, Argentex Mining. I personally and/or my family am paid by the following companies mentioned in this interview: None.

Streetwise - The Gold Report is Copyright © 2011 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

The Gold Report does not render general or specific investment advice and does not endorse or recommend the business, products, services or securities of any industry or company mentioned in this report.

From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.

Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

Participating companies provide the logos used in The GoldReport. These logos are trademarks and are the property of the individual companies.

2. Arsonists thought to be gangsters

Three Elgin teens arrested for arson in January are believed to be gang members, according to a March 18 press release from A Texas Advisory Council on Arson (ATAC).
As reported in the Feb. 9 issue of the Elgin Courier, the three 16-year-olds were arrested for felony arson in connection with a Nov. 30 fire that destroyed an abandoned home at 368 Lacey Drive, near Old McDade Road in Elgin.
The arrests were made thanks to an anonymous tip to the state's Arson Hotline and a combined effort by Elgin Police, Elgin Fire Investigators and the Texas State Fire Marshal's Office.
One suspect was arrested on Tuesday, Jan. 25. The other two suspects were arrested Thursday, Jan. 27.
The arrests followed over 100 hours spent interviewing witnesses and suspects.
The juveniles face charges of second degree arson in the destruction of the mobile home located just east of Elgin. The suspects' names were not released since they are juveniles.
"The three teenagers reportedly terrorized a neighborhood for more than a year before burning an abandoned mobile home they used as a hang-out," said the ATAC release, which said the three youths claimed to be associated with the Mexican mafia group known as Surenos 13.
The fire occurred on the afternoon of November 30, a day all three youths had been suspended from school.
Upon setting the home on fire, the suspects were spotted running from the blaze and later returning to the scene to view the damage. The Elgin Fire Department responded to the fire.
State Fire Marshal Office investigator Janine Mather and Elgin fire investigators placed Arson Hotline posters at the scene of the fire and a call was made to the Arson Hotline on Dec. 14.  The call led to the arrests of the three suspects.
The Bastrop County District Attorney plans to try all three as adults.  Their maximum sentence would be 20 years. All three suspects are currently out on bond, wearing ankle monitors and faced with restraining orders.
Persons who place phone calls to the Arson Hotline can be rewarded up to $1,000 if the information leads to an arrest or conviction.
ATAC is an advisory body for the State Fire Marshal’s Office and was instrumental in the creation and funding of the state’s Arson Hotline and reward program.

3. Subscribe to our Rss Feed US-based Ghanaian entreprenuers donate to Haiti

Kingdoms in collaboration with Addicted to African & Caribbean Magazine (ATAC Mag), which served as a partner and media support for the Built For Haiti campaign donated a sum of $2,088.08 in support of the rebuilding of communities in Haiti, following the devastating earthquake of January 2010.

The ‘Built for Haiti’ campaign, a non-profit initiative established to help Haitians in rebuilding their country and communities, took off right after 54 Kingdoms debuted at Africa Fashion Week (New York) in July 2010. A six month campaign to raise monetary donations to support the Edeyo Foundation was launched thereafter. ‘Built for Haiti’ held three small fundraisers and a benefit concert as part of the campaign, aiding it to raise a total of $2,088.08 to help Edeyo with the reconstruction of Joyous Heart School in the Bel Air region of Port Au Prince, Haiti.



The Benefit Concert, hosted by Ms. Rebekah Frimpong (Founder of Mama Africa Program) took place at the Aronow Theater, City College of New York with performances by City College of New York (CCNY) Choir, Rafiya (singer, Pennsylvania – Congolese born), Melanie Charles (singer, New York – Haitian), Jon Bibbs (singer, Virginia), Carolyn Harding (singer, New York), Jeffrey Dessources (Poet, New York – Haitian), Sophia Vilceus (Poet, New York – Haitian), Young Women Drumming and Empowerment Project (Washington DC), and the Southern Connecticut State University (SCSU) Steppin' Up Drill Team (Connecticut).



54 Kingdoms traveled to Haiti on behalf of the ‘Built for Haiti’ team and donors, alongside the Edeyo staff in February 2011 to present the cheque to the school and its faculty, as well as to help with creating a curriculum and after-school activities for the children.



Both 54 Kingdoms and ATAC Magazine are companies ran by young and enterprising US-based Ghanaians including Kwaku Awuah (President, 54 Kingdoms L.L.C.), Nana Poku (C.E.O & Founder, 54 Kingdoms L.L.C.), and JustMark Anim, C.E.O., ATAC Magazine. “Moving forward, 54 Kingdoms and ATAC Magazine will maintain the relationship with the Edeyo Foundation to assist the organization in reaching its operational goals, comments Kwaku Awuah.



The Edeyo foundation (literally meaning “Help Them” in Haitian Creole) is an independent, nonprofit 501 C3 registered organization based in New York City. Edeyo was founded in 2007 and established the Joyous Heart School in Bel-Air (Port-au-Prince) serving approximately 300 students aged 3 – 12 and providing uniforms and one nutritious meal a day. This school was completely destroyed in the earthquake of January 2010, killing six students. As a result of the earthquake, the school is now operating in temporary rented buildings, with the goal of re-opening a newly constructed school in the near future. Their goal is now to turn catastrophe to opportunity, by building and operating a high-quality, innovative, and sustainable community school and expanding that footprint across the region to impact the lives of more students.

4. New Dimension Closes $1,209,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
New Dimension Resources Ltd. (TSX VENTURE:NDR) (the "Company" or "New Dimension") has closed its non-brokered private placement of 6,045,000 Units at a price of $0.20 per Unit for gross proceeds of $1,209,000. Each Unit is comprised of one common share and one warrant, with each warrant entitling the holder to acquire one additional common share of New Dimension at a price of $0.30 for a period of 12 months immediately following the closing date. The warrants will be subjected to an accelerated exercise provision if the share price of New Dimension trades at or above $0.50 for 10 or more consecutive trading days.
New Dimension paid finder's fees in respect of certain purchasers of securities introduced to the Company by the finder. The finder's fees equaled 5% of the aggregate amount subscribed to by those purchasers (which totaled $1,002,000) and was paid in shares. The finders were also issued 237,500 finder's warrants, which have the same terms as the Offered Units and are exercisable into common shares at a price of $0.30 for a period of 12 months immediately following the date of issuance.
Net proceeds of this private placement will be used to further the Company's exploration projects, fund possible new acquisitions and for general working capital.
The common shares issued and the common shares underlying the warrants are subject to a four month hold period ending on July 23, 2011.
About New Dimension Resources
New Dimension is engaged in the acquisition, exploration and development of quality mineral resource properties throughout the Americas with a focus on significant bulk tonnage gold and silver deposits. In addition to its 100% owned Cenepa gold project in northern Peru, New Dimension has an option to earn a 100% interest in Strategic Metals' Gild gold property within a geological belt that the Company & Strategic Metals believes has similar characteristics to discoveries by ATAC Resources Ltd. in the Yukon (http://media3.marketwire.com/docs/ndr-gild.pdf). Drilling on the ATAC Property has returned significant gold values, as demonstrated by announced intercepts of 9.25 g/t gold over 31.1 metres and 24.07 g/t gold over 28.4 metres from over 25,000 metres of diamond drilling in excess of 130 holes. An initial exploration program is anticipated by the Company as soon as spring weather conditions allow. Subject to favourable results from this initial program and the receipt of all necessary permits, a drill program is likely to be carried out in the fall of 2011.
ON BEHALF OF THE BOARD
NEW DIMENSION RESOURCES LTD.
Fred G. Hewett, P.Eng., President & CEO
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See New Dimension's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

By

NEHA JAIN

      

   

     

International Airlines Training Expo