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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Claude Cormier who wrote (1011)	12/21/2001 1:11:02 PM
From: Bruce Robbins	Read Replies (1) of 39344

It's a lot simpler than that guys. From the release: that due to budgetary restructuring RTZ decided to budget more money for acquisitions than exploration. IMR did not make the cut. From the 3Q Financials of YMC (my emphasis): On April 4, 2001 an amending agreement for the Strategic Alliance and Option Agreement between Rio Tinto and the Company was signed. The agreement effectively reduces Rio Tinto's potential earn in interest from 70% to 65% on the Kabatas, Uckapili and the Chosen Properties. Kabatas and Cukurdere are properties held by agreement with 3rd party owners under which the Company is earning a 2/3 ownership in the underlying property and 2/3 ownership in the 35% interest not being earned into by Rio Tinto. Rio Tinto has notified the Company that the Kabatas prospect does not meet its corporate objectives and will be released back to the Company. Instead, Rio Tinto will raise the Karagoz gold prospect to project earn-in status and is immediately advancing $300,000 for initial work. IMVHO, YMC had better come up with something that fits RTZ corporate objectives (very big) in 2002 or YMC might not make the next cut.

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