the burundi deal, page-14

Just adding to the clarity here as there is a lot of speculation surrounding this stock.

The existing mining convention required Andover to COMPLETE a feasibility study on the Musangati Nickel/Cobalt deposit before the end of 2001, the agreement was ratified in Feb 1999. Or if force majuere was declared they got the same amount of time deferred for the period of the force majuere (ie all not going well they still had 22 months to complete the feasibility study). UNLESS the Minister for mines granted them an extention.

Feb 1999 to first force majuere declared April 19 2000. Time passed 14 months

Force majuere lifted March 28 2002, reimposed Aug 2002.
Time passed 4 months

Undeclared July 2004, reimposed Aug 2004.
Time passed 1 month

Force majuere lifted May 2005 till today
Time passed 24 months

In summary, Andover had 22 months to complete a feasibility study in order to satisfy the conditions of the mining convention. 43 months have passed. To date no extention has been granted.

An extention IS required to recommence activities at Musangati.

I notice that on AGYs announcement on the 16th April they state '... The technical evaluation was combined with transportation, energy and logistical studies to a prefeasibility level of confidence'.

AGY are therefore claiming they have conducted a 'pre' feasibility study, no claim of a feasibility study as was required.

The necessity of an extension to be received from the Minister of Mines is contained in both annual reports for 2005 and 2006.

The statement of 'an existing mining convention' in the latest company announcement may be misleading. It may exist but without further Government approval it is useless, hence the negotiations.

The above is not to state that negotiations are not going well, they may well be, but as I stated in previous posts the extension was not rubber stamped as many were obviously hoping for. If it was we would know about it and the drill rigs would be moving in. These negotiations may take some time and there is still the risk of failure.

Do your own research.