Ann: Hancock to earn in to the Mt Bevan project, page-127

Magpies123,, Lets recap on the history of Hawthorne Resources.

Like many here, I also am one of the unfortunate ones hanging onto Haw since 2009.
Lets make it clear that the Mt Bevan tenement is a very valuable sort after piece of realestate with many companies wanting a slice of it. Jupiter Mines wanted to work with Hawthorne with the then Brian Gilbertson ex CEO of BHP Billiton until his unfortunate fatal plane crash. Then stepped in the infamous currupt Sharon Heng at the helm of LCY, to this day shareholders still don’t know what her curruption charges were. Now India’s NMDC hold 92% of LCY.

From the beginning Hawthorne stipulated to LCY farm-in agreement to upgrade the Hematite found in the Mt Mason North section of the tenement and issued a ‘notice of default in compliance’ with the joint venture 2013. If you read the reports we know there is Hematite in the Eastern Bif and Mt Mason North which neighbours Jupiter Mines. Like Jupiter Mines PFS their 9.4mt is ‘early cash flow’ anything over $100t was profit. Big bucks to be made, before moving to their Magnetite payload.

Now Haw/Lcy have in excess of 2 billion tonnes of magnetite but Lcy doesn’t need the Hematite to fund the project as they have big brother NMDC with their $200,000,000 line of credit from previous announcements.
6 months ago we drilled for Hematite and still waiting on the results as there is “supposed to be a backlog in the Lab”, (what a joke that is).

Unfortunately Hawthorne management in 2010 made the worst business blunder agreeing to a joint venture with Lcy but now there is light at the end of the tunnel with Gina Reinhart’s Atlas Iron Ore. Let’s hope they finalise the agreemnet and do business with the professionals.

If all goes well, Hawthorne Resources share price should be well north of 30c a share. Good luck...