Rick - I fully agree. The priority is to restart JVAG on a proper footing. Some good news regarding Mongolia. The nature of the agreement between Monpolyment (Mongolian private co) and Zaamar Goldfields Ltd (Mongolian 100% subsidiary of JVAG) means that JVAG holds 40% of Mining License A-321 ("Toson Alluvials") and 10% of Mining License A-184 ("Gazar Terrace" - where JVAG mined before. The key is the 40% of Mining License A-321. This has 542 boreholes tested in 1988/89 and a further 352 tested in 1997. Re-evaluation shows 552,000 ounces of gold in 74 million cubic metres of material grading 0.233 grams of gold per cubic metre. The gold grade of the placer is significantly higher than this but reduced to 0.233 g/m3 to allow for dredging calcualtions.
40% of 552,000 ounces is quite encouraging for JVAG.
Due to the nature of the agreement, THANKFULLY Monpolymet is responsible for paying all license fees etc and has been doing so in order to protect its 60% of 552,000 ounces. Thus JVAG shareholders are being protected. (The same with the 10% of 71,000 ounces of gold estimated in Mining License 066 alongside).
Definitely then JVAG has assets, but can only be brought to success by relaunching the company - and you are absolutely right that the only way to do that is to hold a shareholders, meeting.
The real threat as I see it would be in Canada, not from the Ontario Securities Commission (OSC) who lost interest after the CTO was issued on JVAG shares last year, but if in the passage of time JVAG is simply declared INACTIVE.
So, it is essential to hold a shareholders' meeting as soon as possible - but not too soon, as it needs rather a lot of careful planning and some cash.
Robin Grayson
P.S. I agree with you regarding not getting distracted at present in bothering to pursue any of the former management etc regarding breaches of legislation, albeit rather a lot of breaches.
On the other hand it is IMPORTANT for the shareholders (and everyone else) to learn from what has happened.
But some good news. As will be seen, the factual documentation of breaches of legislation by quite a large number of individuals and companies has created a very useful and robust obstacle to any of them claiming debts from JVAG once the JVAG is rolling again. The JVAG debts are supposed to be around 1m$ but I have a gut feeling that most of this can be REJECTED by JVAG by JVAG counterclaims on serious matters which we have documented.
They have ripped off JVAG and its shareholders many times, and they will find it extremely difficult to repeat the milking exercise now a solid factual history has been documented. |
