Ann: CLA Signs Non-Binding Term Sheet and Subscription Agreement, page-226

Hate to be a repeating record, but is anyone watching the horror story that is happening with X64? They are losing control of their subsidary. They have an MPSA. That means a 60% Philippine ownership requirement. Yet X64 say they have always stated they have 100% economic interest. Well it seems the subsidary is saying otherwise. Does anyone think you can attract real "western" investment for a MPSA for a mine in the Philippines? No! Hopefully the Directors of CLA know this too. Thats why they are selling the project to a Chinese controled company. The Chinese know how to work the Philippine system. The directors get a get out of jail card and cash out. The shareholders will end up with useless shares in a crap Sagay project and a big cobolt project that has no mettalurgical solution. MCB is a nice project, but I fear it will never be built.