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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU
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To: bill718 who wrote (2418)1/28/1998 10:56:00 AM
From: the Chief  Read Replies (2) of 4718
 
Don't agree Wayne. Each COW allows you specific work on your property. 1st through 7th Generation has nothing to do with revisions. It has to do with what you are "able to do" and what you are "entitled to do" on the property. A 4th generation COW is issued if you have met all the requirement of the 3rd Gen COW, a 5th if all of 4th met etc. etc. .

Each COW comes with a agreed set of rules. ie.
a)company to spend $x,xxx,xxx on the property.
b)Company is to drill/work within the specified area
c)company is to be completed by a specific date
d) company will get back its "security deposit" when work completed (to the satisfaction of the E&M dept)in accordance with the COW

The 7th COW (the most coveted) gives you "undisputed right and clear title to the property" and clearly outlines forever, your partners (government and Indo miner)percentage cut. Think back to Bre-X (although nobody likes to) they were after a 7th COW that would forever lock in their right and title to the Busang.

Freeport still must apply for 1st thru 7th COW to do any mining on any adjacent property that the 7th Gen for Grassberg does not cover.

Sorry to interject, I have been monitoring this thread because of my interest in the Toodoggone property.

the Chief
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