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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: hank2010 who wrote (62531)	12/12/2008 3:29:32 PM
From: ogi	Respond to of 78407

Probably got the chunk of land that sits between their two big deposits that La Quinta, LAQ.v just puked up on failed commitments. Banro had been suing for the land previously and lost. If I were the Congolese holding title I would have dealt it back to Banro on La Quinta's failure as they were a natural fit and had a prior deal on it. <<<<La Quinta Resources Corp. (LAQ) has discovered a major quartz zone which is open ended and covers at least 700 metres in the Kabotshome area. Kabotshome forms part of the 7,626-square-kilometre exploration area covered by 32 claims optioned and joint ventured (JV) from Wa Balengela Kasai Investments Congo sprl (WBK). The 32 principal permits, which are contiguous to Banro Corp.'s Lugushwa and Namoya major gold projects, were granted to WBK under the new mining laws, and were issued to WBK by the Mines Ministry in March, 2008>>>>>. La Quinta's Congo JV terminated 2008-11-18 13:30 ET - News Release Mr. Malcolm Swallow reports LA QUINTA RECEIVES TERMINATION NOTICE FOR CONGO JOINT VENTURE La Quinta Resources Corp. regrets to report that it has now received a formal termination notice from its Congolese joint venture partner Wa Balengela Kasai Investments Congo, sprl (WBK), in Democratic Republic of Congo, requesting that the joint venture should be formally terminated. The company had been working to amend the terms of the agreements (see news release in Stockwatch 08-17, dated Nov. 4, 2008), but failed to reach any consensus with WBK on a way forward for the joint venture and, as a consequence, the company will allow the agreement to terminate. Because of the financial market conditions and the current political uncertainty in Congo, the company is unable to meet the current payment expectations of WBK, and the financing requirements of the JV, and, rather than enter into an expensive and potentially difficult arbitration process in Congo with no guarantee of success, the company will therefore allow the project to drop and management will work to develop a new strategy for the continuing development of the company.