The following 3 excerpts, the first 2 from the agreement itself and the third is John Menzies personal commentary are the only statements I have seen thus far that actually answer the commitment question. John has made other statements that "to date" they comply, etc. but none of those actually mean that they will have complied by year-end. The following statements do answer that question. They have until Aug. 28th, 2000 based on the letter of the agreement to complete the exploratory work. I have not seen, thus far, any suggestion that there are outstanding amendments, to this component of the agreement.
As for the financing that is another story, however, as indicated it should be cleared up shortly.
Salut,
Leigh McBain
"On August 28, 1995 the Joint Venture obtained Complex (exploration and exploitation) License MG No. 442"
"The license provides a 5-year term to undertake geological exploration, commencing from the date of grant of the license; and
provides for a 20-year term to undertake mining activities, commencing from the date of registration of the license."
"The license requires that a minimum of US$3.9 million be expended towards exploration of the Mizek deposit, over various stages over 5 years. We clearly comply. We are a couple of years into the exploration phase with plenty of time to exploit the deposit under the explicit terms of the MG442." |
