what ever happened to van mag?, page-9

Continental didnt own it in 2007.
Infact did they ever own it??????????

10.1 Settlement Agreement amongst Continental Capital
Limited, Pinnacle Resources, Inc. and Golden Falls
Trading 565 (Proprietary) Limited dated May 18, 2009
In May 2009, Pinnacle Resources, Inc. settled its $3.750 million note
receivable arising from the sale of Vanadium and Magnetite Exploration
and Development CO (SA) (Proprietary) Limited. In addition to
$1,000,000 cash received on June 2, 2009, Pinnacle Resources, Inc. has
a possible royalty on mining concessions owned by the former
subsidiary. This royalty is USD$.50 per ton of certain possible future
production, limited to an aggregate of $3.0 million. It is uncertain
whether Pinnacle Resources, Inc. will realize any amounts from this
royalty and therefore, will record any amounts received, if any as
income upon receipt. Pinnacle Resources, Inc. recorded a loss of
$2.750 million on this settlement.