Ann: $71.3 million Offer from Quasar for ACE's Four Mile Interest, page-142

Eshmun said: "There is no formal mining development agreement (MDA) as far as I know, so better that you don't use that term unless you can point me to an announcement by the company that states that they entered into one."

We've re-hashed this a million times so I don't propose to enter into any further discussion on what the MDA is, but what I will say is that the company themselves use the term "Mine Development Area" so why shouldn't shareholders?

"ACE's 25% interest in the area outside the Mine Development Area is not affected by its decision not to contribute to the 2015 Program and Budget and ACE will continue to be free carried with respect to that area until a decision to mine." Source: AGS ASX release 25/11/2014