I have news. A couple weeks ago I mailed the Mexican Mining Registry to find out who the actual current owner is of concession title 221732 (Cinco Minas). This is the only concession title which still showed Bandera Gold. The answer I received was:

"el actual titular de la concesión que se señala es Compañía Minera Cinco Minas". This means that Compania Minera Cinco Minas is the actual current owner of concession title 221732 !

These are the concession titles Bandera Gold has on their website on http://banderagold.com/projects/mexico/proper...ssions.asp.
I checked the Mexican Mining registry what the latest changes were and if Bandera Gold was on the latest most recent changes:

Cinco Minas area:

221756 Consuelo - No Bandera Gold on the latest recent change in concession
221757 Lucerito - No Bandera Gold on the latest recent change in concession
224599 Los Ricos - No Bandera Gold on the latest recent change in concession
224768 El Rico - No Bandera Gold on the latest recent change in concession
224770 Milagros - No Bandera Gold on the latest recent change in concession
221732 Cinco Minas - No Bandera Gold on the latest recent change in concession
Mail received from Mexican Mining Registry
"el actual titular de la concesión que se señala es Compañía Minera Cinco Minas" This means this concession belongs to Compania Minera Cinco Minas and no Bandera Gold on this concession title.
221455 San Jorge V - No Bandera Gold on the latest recent change in concession
221760 San Jorge - No Bandera Gold on the latest recent change in concession
224767 Reducc. San Jorge VI - No Bandera Gold on the latest recent change in concession
221866 Jamica II - No Bandera Gold on the latest recent change in concession
221865 Jamica III - No Bandera Gold on the latest recent change in concession
221864 Jamica III - No Bandera Gold on the latest recent change in concession

Gran Cabrera Area

205578 Gran Cabrera - No Bandera Gold on the latest recent change in concession
219941 La Caridad - No Bandera Gold on the latest recent change in concession
219942 Ampl. La Caridad - No Bandera Gold on the latest recent change in concession
220533 Cabrera I - No Bandera Gold on the latest recent change in concession
220964 Cabrera II - No Bandera Gold on the latest recent change in concession

What this means is that Bandera Gold is not on the latest changes
in the concession titles anymore. There are two conclusions to this:

1) Every senior miner can now strike a deal with Minera San Jorge on any of their Cinco Minas/Gran Cabrera concession titles/mines. The door to negotiations with any senior miner is wide open.
2) The senior miner can demand that Bandera Gold remove these concession titles from their website if they strike a deal with Minera San Jorge. If Bandera Gold does not comply, the senior miner can sue them.

Bandera Gold is not removing these concession titles from their website, but any senior miner can check the concession titles in the Mexican Mining Registry and see that Bandera Gold's not on them.
Bandera Gold's audited report is on March 31st. They can still write in their audited report on March 31st that they're "still in the process of protecting its interest in the Cinco Minas/Gran Cabrera" year after year. But it is a lie, because they're not appearing in the most recent changes in the concession titles anymore. Their auditor Saturna Group should also be very careful because they can be held responsible for allowing this lie to continue.

Again, the door is wide open. With gold slightly recovering, this is the right time for a senior miner to come in and strike a deal with Minera San Jorge.