quarry deal flawed, sublease issues arise!, page-29

The company reported on "a number of sublease issues" (that's more than just one, right?) and a related "dispute conciliation process". Since then the company didn't add anything to it so as a matter of fact these issues remain unresolved. Who is going to finance a project of a mining company whose leases are in limbo?

Republic Gold had attempted to buy Mt. Carbine and offered "up to $14 milion". At the time Republic had $9M in cash if I recall correctly. The offer was rejected (!) and shortly thereafter CNQ (called Icon back then) entered into a much cheaper (3.5M Icon shares plus a 2.5% gross royalty) deal they called an "innovative agreement" indicating it was neither an outright purchase nor an otherwise ususal agreement. Obviously CNQ's rights were very much limited. Forther important information was not released to us (their doctrine of keeping shareholders in the dark re downside risks manifested as early as 2008) and as it appears that's backfiring on us now. I bet a 3 minute conversation with Geoff will turn out to be more enlightening than 3 hours of Jim's flights of fancy.