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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (3203)	4/23/2002 11:44:56 AM
From: Fishfinder	Read Replies (1) \| Respond to of 39344

Its all just speculation I guess. I have to go into Vancouver sometime soon. I 'll try to drop buy their office. Scott

To: russwinter who wrote (3203)	4/23/2002 9:35:27 PM
From: Elizabeth Andrews	Read Replies (1) \| Respond to of 39344

Russwinter, Re NGT, reread this news release. Could this mean a lot more dilution and this is what the markewt smells because NGT can't promote? Vancouver, B.C.: Effective Friday, July 30 th , 2001 Tenedoramex, S.A. de C.V, Accessions Miningg (The "Vendors") and National Gold Corporation have signed a Letter of Intent with the Vendors for the renegotiation of the Mulatos Resource/Salamandra Property Purchase Agreement (announced March 27 th , 2001). The revised terms are detailed below, and all parties are agreed to have the final contractual documentation completed on or before August 21 st , 2001. By the newly negotiated Letter of Intent National Gold Corporation will have purchased the Mulatos Gold resource and the six satellite systems (the ‘Salamandra property’) for C$10.5 million ($250,000 paid to date) with the remaining C$10.25 million of principal payments made without interest as follows. • C$1.0 million of Promissory Notes on the earlier of December 31 st . 2008 or 60 days after the date upon which the trailing 6 month trailing average of gold price averages $US300.00/ounce. C$1.75 million of Promissory Notes on the earlier of December 31 st . 2008 or 60 days after the date upon which the trailing 9 month trialing average of the gold price averages $US300.00/ounce. The remaining C$7.5 million, secured by a debenture, is due and payable on the earlier of December 31 st . 2010 or within 90 days of anytime after Oct 1 st , 2004 that the 9 month trailing average of the gold price averages $325.00/ounce. National can at its option prepay the debenture at the end of the second year for a reduction of C$2.0 million or on a prorata basis until Dec 31 st , 2004. On production, minimum capital payments would be required (ranging from US$5.00/ozs with gold at or below $275.ozs. to US$15.00/ozs when gold is $350 or above) against these notes & debentures. The Vendors retain a sliding scale Net Smelter Royalty on production (ranging from 1% when gold is $300US or less to 5% when gold is $400US or more) on the first 2,000,000 ounces of gold production. The Vendors also retain a 2% Net Smelter return on all other metals. It's not really structured for a rising gold price is it?