landowner's arrangement, page-65

Hi unya,

I will give you rundown as to why there is an issue.
I only mentioned this originally because of the in country status quo issues re 1093.


2009

5th June - James Kruse/Liquidator appointed.
(Kruse was from Matu Mining, they held the EL before selling it to
Madison and now he is the liquidator).

PacRoads engaged to carry out tender process instructing:
"all participants that at all times the EXISTING 10% be free carried THROUGH to feasibility"

6th August - he writes to the LO's:
"...It should be noted that this disclaimer brings to an end the rights, interests and obligations of Madison in relation to the JV Agreement, however it does not effect or compromise the rights of any other party including that of the LO company or any other joint venture participants...."

4th December - Union Pacific (Aus) enter into a new 70/30 agreement with LO company.
This was SHK assisted by IDC's founder David Evans. The two informed the LO's that Union Pacific had allocated $150 Million for the Joint Venture Project and mining to commence 2011.

one day later

5th December - Tender closed.


2010
19th April - Union Pacific's $3.9 M bid was accepted.
Sale purchase agreement signed and deposit paid.

26 May - SHK incorporates Summit in PNG

Union Pacific advised the liquidator they have now entered into negotiations with other parties to develop the tenement via a PNG registered Joint Venture Company, Summit Development Limited.

15 june - MRA officer writes to MT Kare LOs:
"MRA recognises and observes the constitutional rights of all PNG citizens and advises it will act without FEAR or FAVOUR to any one party"

5th July - Liquidator lodges application to transfer the tenement to Summit.

12th July - Union Pacific & Kingsgate enter into the Joint Venture Agreement.

25 July - Liquidator lodges application renew EL 1093.

August - Kingsgate Presentation
reaffirms to LOs that they are a Blue Chip company and are the only mining company to receive the Social Accountability SA8000 Amnesty's CSR Benchmark.

12 October - IDC ann
Promnitz appointed CEO

10th Oct - Mining Wardens Hearing at Mt Kare postponed

15th October - KCN ann ( the one and only ann re Mt Kare)
"the company can confirm that it is reviewing this project"

11th November - Minister transfers the tenemant to Summit on the basis of Kingsgate being the approved mining company

16-18th November - Mining Wardens Hearing at Mt Kare
kingsgate's Promnitz reassures the LOs that Kingsgate is coming and 10% is carried through to feasibility.

30th November - KCN's Promnitz resigns

9th December - IDC lists on ASX

30th December - IDC ann (happy new year)
CEO Promnitz announces that is is in fact IDC that has secured the option over Mt Kare.

Now throughout all of this nobody explained their version of the 10% to the Locals.
As you can see now it was KCN that did the "front man" job on these people.
When they last saw Promnitz he was KCN. Weeks later he is claiming it for IDC.
KCN just disappeared, never to return.

Trojan Horse !!