Chad
how you been
here is latest from the stockhouse forum on sts interesting questions asked???
5/23/97. STS begins exploration of Riverstone, the larger of their once two concession, now one. News release follows:
$405,000 private placement; Riverstone exploration to begin
The company has arranged a non-brokered private placement of 2.7 million units at $0.15 for $405,000. The units will be comprised of one share and one two year warrant exercisable at $0.15 in the first year and at $0.18 in the second. Proceeds will be used for a work program on the company's alluvial diamond property, the Riverstone concession in Lunda Norte, Angola, working capital, and further acquisitions in Africa. Work on the Riverstone concession is expected to begin as soon as possible.
As I see it. The Yetwane concession now allegedly belonging to DMW once the VSE approves it was a DeBeers-researched property. Proven resources were 900K carats of reported gem quality diamonds. Riverstone, although larger, has not had the extensive studies done on it. I once read an estimate to perform the same due dilligence study on the property equal to the one done on Yetwane at $2 Million. I wouldn't know if this were accurate but it is what I read. Knowing the STS style, I believe they might take the same approach they did with Yetwane and find the best area and just start mining.
My questions for STS management are the following:
Where is the barge you bought?
Do you have permits to use it in the Riverstone properties?
Do you own the Riverstone concession or can you lose it like the Yetwane?
What happened to all the payments that went towards the Yetwane Concession?
Are they forfeited or are they yours again to reuse and invest in the Riverstone Concession?
LS, I hope they respond to these questions as I believe the answers they give will go a long way to rebuilding stockholder confidence, which I still am.
Speaking of shares, .20 seems pretty low when you consider they traded last year at more than double this without a project. Must be the lack of investor confidence brought on by the BRE-X and all the rest of the not-to-be-believed companies who have hurt us all.
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