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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Confluence who wrote (1501)6/10/1998 12:35:00 AM
From: GULL  Read Replies (1) of 7235
 
I am not going to be drawn into a long involved re-explanation of what actually happened as all this has been posted ad nauseam.
A brief synopsis:
1.SUF & RG deliberately overlook heirs in spite of an open, cards on the table meeting on 8th Jan.
2.Heirs proceed legally to register mineral rights into NGS.
3.Bidding process takes place and SUF refuse to submit bid as they believe heirs are bluffing and that DB would not get involved in small mining venture.Each bid presented to shareholders meeting of NGS and best overall bid accepted.( not necessarily the highest bid)SUF at that point were the first choice to NGS.DB submit winning bid.
4.Court case arrives and SUF withdraws, obviously heirs counter-suit is withdrawn thereafter.
5.Obviously DD must be done on M1 as DB must establish own values.(SUF have arrived at figures using drill results only and no bulk sampling of note undertaken.Diamond values have also been assigned to drill results, Dolerite sill on MI etc..)
6.Obviously RG at negotiation as jv partner, NGS also participate as Section 24 still pending..no mystery here.

Answer to solution as presented by Confluence:
1.SUF cannot make immediate deal with NGS as DB have valid option with NGS.
2.Any deal would have to include DB unless option is not exercised by them.
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