Coyote has two properties in Nevada. The Tonopah property was once a producing mine. The Golden Trend property has yet to produce anything. The remaining ore at Tonopah is probably recoverable but Coyote will have to raise enough capital to remove the shaft blockages and reconnect the mine to local infrastructure. By their own preliminary estimate, dewatering alone will cost over $4.6M, surface processing will cost $7.5M, and permits will cost $7.5M. Read all about it in the company's roadshow brochure.
It's nice that they had a geologist as their CEO. It would have been nice if he could have stuck around, but he resigned from the company on May 25, 2012. It would be nicer still if Coyote had sufficient capital on hand to fund the almost $20M worth of improvements estimated above that must be in place before a single ounce of ore can be extracted. They do not have the capital yet; their balance sheet as of March 31, 2012 shows very little cash available. Their news releases show no developments since July 2011. That departed CEO is mentioned in a Schedule 13D/A filing dated June 26, 2012, wherein he sold all 5M of his COYR shares for a whopping $19,500. Wow, that's not exactly a ringing endorsement of the company's prospects.
Let's recap. The CEO left and sold all of his shares, the closed mine is still blocked and waterlogged, the company has not raised capital needed to re-open the closed mine, and the other exploratory property is still an unknown. Good luck making money on this one folks.
Full disclosure: No position in COYR, ever.