To let people know about the INCO involvement this is the story. When
Nuinsco was looking for investers to continue the program and we had
just drilled the Nickel zone Diamond Feilds the company that discoverd
the Voisey Bay ore body (which is only Nickel and Colbalt) was going
to sell it off to the highest bidder and Mr. Freidland (hope it is spelled
right) was looking for a new play. He liked our find and put up $2,000,000
for stock and a percent interest with the option to buy $2,000,000 more
in one years time. The problem was he ran it through the Diamond Fields
company which made it a Diamonds Feilds asset. Well as you know
the Nickel discovery we made turned out to be more difficult to chase
then we thought and Mr. Freiland was having some problems of his own
and did not transfer the Nuinsco deal out of the company to his control
before he sold it to INCO. I just think he was looking for a way out when
it was realized that Nuinsco was not going to be a quick turnover for him.
So Inco inherited NWI as part of the buy out of DFR. They quickly appointed
directors to NWI board and did not even have the curtiscy to tell NWI
about it. INCO idi not even have a controling position in the company
and they just walked over proper channels. This really pissed my Dad off
who hates INCO with a passion, he even wrote a letter to INCO's president
because he knew that this was some underlings idea. The two guys
it turned out my Dad knew of when he used to work for INCO and they
were complete boneheads he said, (this has been verified by other sources
in mining as well). Anyway INCO sent some guys, supposed geologists to
the property to study the core. They spent all of two days there and told us
we had everything figured out all wrong and that it was this way. After
this little visit we never heard from INCO again to my knowledge. The way the
deal was worded with DFR was that if they did not take down the second
$2,000,000 offer they would lose all interest in the property and they second
stock deal would be null and void and all they would have is the original
$2,000,000 shares. All of us wanted INCO out because none of us had
a use for them so NWI kept asking INCO what they wanted to do, and
they would not say and the one year deadline was getting closer. This is
when INCO totally screwed us and killed our stock all in one day. We
figured they would stay in so we were kind of counting on the money
to continue exploration. On the last day for INCO to take down the option
and give us the money the released a news release which said " it would not
be in INCO's best interests to pursue and deal with Nuinsco and was
there terminating the agreement and would work with Nuinsco to sell
off all the NWI stock they had acquired through the DFR deal". In one motion
they left us high and dry and we had to scramble to raise money to continue
the work, and because of the way the release was worded it sounded
like the NWI property ways not a good property at all and had no real
potential. NO FUNDING and SLAUGHTERED THE STOCK PRICE all
in one day. The REAL reason INCO left was because the buying of DFR
had drained their bank accounts so much that they would not be able to
pay for the environmetal impact study as well as other required studies
needed before a mine goes into production. This was part of the deal
signed with DFR that they would inccur the cost of these ONE year after
it was announced that we had a discovery and were going to mine it. INCO
knew we were close and that when DOUG HUME would soon come asking
for the money for these studies which could run anywhere from 20 to
40 million dollars. No way they could of payed that after the DFR deal.
So INCO ducked out in the final hours leaving NWI with 95% interest
in the property ( they bought back the remaining 5% from Western Troy
later ). INCO is COMPLETELY OUT!!!!! YAAAAAHOOOO!!!! We will
just sell it to them when we make the discovery for 4 billion as well, to
think they could have had it for $2,000,000, bet they signed those
docuements in PENCIL too cancelling the deal to stay in. The directers
are also gone. To put it bluntly INCO has no say, no involvement, no
% interrest, zip, zero, nothing!!! Good ridense to DEAD WOOD. As for you Ni
inquiry we know the Ni is faulted off to the west and comes to a point to the east
and that this structure when it flowed in came from west to east. There has been
a shift, the fault runs north south nearly perpendicular to the Ni- PGE
mineralized zone and we are not sure if the movement was up or down on the
other side and how far north or south the other side moved, (remember no outcrop).
The Ni-PGE occurs of the south side if the 17 gold zone and seems to
paralell it in the west east directions and the two zones actually come
together on the eastern edge. What came in first I do not know. The
problem with the geophysics and the bore hole IP has been the rock
is so heavily mineralized that when you are reading you are never off the
structure so we have no zero point or refernce point. You should go out
and see the core racks all you see is sulphides from trace to massive.
We do make it work but the it is hard to get it right. IP says they get big reading
at depth so maybe we go deeper? I would like to clarify something right now
as I have just read over this - I work for the Diamond drilling company
which has been hired by Nuinsco to do the drilling, I do this in my summers
as I am a University student working on my third degree in Sciences. I do not
work for Nuinsco. I just want to clarify that when I use the word WE just
to get the point across. Any other questions feel free or if I did not
explain this one correctly enough just post your response on here.
Be sure to read your annual report.
Signed Red-5 ( drillers got BIGGER RIGS)
PS excuse the spelling mistakes and bad grammer. |
