Philip, that concern is nothing to be dismissed, of course, but the issue has been addressed a few times on this thread. I will link to a couple that I found here:
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Message 6438927
In this post, several FAQ's responded to by president Boulay are relayed.
[Nov 16 1998]
- Scroll down to the following re. CG:
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"Re: Caribgold..... There is some confusion about their intentions and there has been no contractual event that allows us to make a news release. Also, there is no disclosure restriction on management discussing the matter since CaribGold is talking about it. We have been informally advised that for corporate reasons (they have decided to focus on gold) they are not participating or continuing any more diamond projects. They are quite happy to participate in the Chinchaga diamond play via their 1.25 million MMU shares and 1.25 million MMU warrants which last until the end of 1999. We have informed them that the condition that they spend an additional $225,000 by the end of 1998 can be fulfilled by putting the money in trust for exploration during 1999. This is to allow them the entire first year to make up their mind. It is our intention to fully brief them on all technical matters in mid-December. We expect, based on their informal comments, that their option will expire at midnight on December 31, 1998 and that the optioned 50% interest in the property will revert to Marum, bringing Marum's interest to a gross 75% and net 50% interest. We have discussed re-optioning the property with another group but will not finalize any arrangements while the current option is in full force and effect."
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Message 6056280
[Oct 17 1998]
Here're some Boulay comments relayed (paraphrased by me):
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'Marum management does really like and respect the CaribGold people and would like them to remain in the project, but that's not likely since CG would have to spend $250,000 more by yearend and pay Marum some shares. On the other hand, MMU president Rick Boulay says that Marum really would not mind getting the property back since none of the new 200m-spacing anomalies have been drilled. Either way, it has been a really good deal for Marum: a private placement, a drill program, and a 200m survey and lots of promising targets.
Further, Mr. Boulay tells me that as of Friday (yest.), he expanded the helicopter sampling program down into the Marum/Caribgold permits. The crew has had a good three days and has left the field. Prez Rick authorized another several days, and they will likely regroup again on Monday to finish off the prioritization program.'
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And while you didn't ask MY opinion, Philip, here is a link to some comments I made after CG's NR that they will likely not participate further:
Message 6047833
- I hope this helps you some . . .
regards,
-j
:>
PS, a new partner for the CG jv lands should be announced soon??
*Also, remember there is still the Micrex jv lands and the 100% MMU lands
-- These are slated for a 10 Target drill program mobilizing this month |
