Tim Reed & Wllliam Howe Meeting
Today 16:47
Following on from my meeting today here is a report of the questions brought up on the day and answered By William Howe via a conference call and Tim Reed. These are not direct quotes but in my words and contain my opinion in parts.
The gold project will be completed in 1-2 weeks. Paperwork issues nothing cynical going on.
MNC tried to get involved Miraflores in the past and were known to RMB. To cut a long story short it appears this is why we got first refusal on what looks like a great project. RMB have done due diligence on MNC they obviously think we are a good bet.
Colombia is now seen as a favourable mining jurisdiction and not the place it once was. As far as funding goes in the future for the gold project not necessarily dilution. Don't rule out further JV there it was stated this project will create interest. No plans in near future to drill Tesorito further down the rd me thinks.
As for L/C vague as you would expect. Advanced talks as we know. Tim Reed basically said an equity company would be looking to take us from here to production for 50-60 mill $ then exit. Industry partner could I quote bottom drawer the company till a better climate. My feeing is equity my be the preferred choice (only my opinion)
On the question of shortfall don't think it's happening in the near term. It was suggested events elsewhere will govern when that strategy occurs. Is that the JV ???
Mollacas
Land owner in late eighties and won't deal. Has 3 sons. The two eldest favour a deal but can't progress for the time being. Could change in the future but not likely to be in near future.
Hope you find this useful it's not easy to information from these scenarios as you will appreciate but going forward the Gold project looks very positive and can generate cash in relatively quick time. My belief is L/C is nearing a JV but nobody can say for sure
Cheers Eric
MNC Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
