Hi Dave, I guess what I should have added was, if the partner had met their cash commitments, then MGR wouldn't have had to pay out almost $1,000,000 U.S., which means there would have been at least an additional $500,000 U.S. in the kitty to carry out the repairs, and for exploration on the Altai. At least as I understand it, instead of paying a million you would have only had to pay 49% of that.... is that correct?
Until these negotiations are completed, do you intend to seek a j.v. partner for at least some of the Altai targets so that you can proceed on at least some of them, with the j.v partner paying the freight to earn their equity share? It seems that it would be a real blow if you were not able to do any exploration this spring and summer. If not, it seems to me that you would be frozen until you had been able to negotiate a deal with the current partner.
Cheers
Shirley |
