GM,
Given the sensitivity of this matter, what i can say is that the meeting in December went well and we are confident that a new agreement will be in place shortly. Keep in mind that it is Nora's affiliate Diaz Point Exploration (Pty) Ltd.who has the contractual mining rights to Otjua and Nora's affiliation with Diaz Point Exploration (Pty) Ltd. stems from its minority interest in Otjua Minerals (Pty) Ltd., who in turn holds a minority interest in Diaz Point Exploration (Pty) Ltd., who in turn is under contract with Namdeb to develop the Otjua concession.
When an investor considers increasing, maintaining or selling his/her position, one must look at the broader picture.
The on-shore contractual concession areas represent only a small portion of Nora's holdings. While these areas have proven to contain economically viable deposits, the vast majority of the larger diamonds tend to be located in the deep-water.
With a new contract in place, Nora will be in a position to finalize the option agreement enabling it to purchase the remaining 53% of Otjua Minerals (Pty) Ltd.. A 100% undivided interest in Otjua Minerals (Pty) Ltd. will permit Nora to invest the funds required to increase and maintain a substantially higher production rate. Concurrently, Nora will conduct the second round of geophysical work on the deep-water concessions.
Two well known independent geologists reviewed the data contained in the report and both concur with management's decision to increase its interest in the concession.
With the enormous potential of our deep-water concession, there is no doubt that the current price of our stock is very interesting, to say the least.
One final note: a meeting with brokers and analysts scheduled for today in Toronto, had to be cancelled due to bad weather conditions, it will be rescheduled shortly.
Questions or comments, post them here or give me a call toll free
1-888-666-3431
Regards,
John |
