what ever happened to van mag?, page-8

The registrant's management determined that their shareholders would be better served if they could realize more immediate benefits than could be anticipated if the registrant were to undertake the long-range administrative and financial burdens that the building of a mine and smelter would entail. In December 2006, the registrant entered into a Share Sale Agreement with an Australian mining house to sell the Registrant's 66 2/3 percent interest in VanMag. The Registrant received $3.4 million in 2007, $845,200 in 2008 and was expecting to receive a final installment payment of $3.75 million in February 2009. A variety of problems arose which threatened and jeopardized the Mining License and as a result, and in lieu of litigation, the registrant elected to accept a final cash payment of One Million Dollars ($1,000,000) and a production royalty of fifty cents per ton capped at Three Million Dollars ($3,000,000).

Read more: http://www.faqs.org/sec-filings/100121/PINNACLE-RESOURCES-INC_10-K/#ixzz1wf5gcyWT