labonden,
In response to your post of mar 9, 1998, regarding OTJUA, i am pleased to inform you that the production plant is now operating at the planned 50 tons per hour. We are confident that we will attain the 50,000 carat mark this year. Projected revenues for OTJUA in excess of 8 million $, net profits in excess of 5 million$, the agreement signed with Elizabeth Bay stipulates that Nora owns 47% of OTJUA and entitled to 51% of the profits, however as mentionned in our press release dated February 12, 1998 we have an offer to obtain an additional 26% of OTJUA from Elizabeth Bay plus an option to acquire the remaining 27%. For discussion purposes on net profits for NORA we will base them on the 51%, having said that we estimate net profits at 1.8 million$.
Regards,
John
P.S. Feel free to give me a call anytime toll-free 1-888-666-3431 |
