After searching the entire scheme booklet, it appears that there is no mention of the ablation machines being physically transferred to WUC. The closest reference is on page 25 of the Stanton report (page 98 of the PDF):
"It is noted that Western is seeking to undertake a field trial of the Ablation technology at its Sunday Creek Mine in the second half of 2015."
This is clearly erroneous. Perhaps they meant the second half of 2016.
Interestingly, the scheme booklet reveals for the first time that BLR obtained ownership of the Casper warehouse and 10 acres of land upon dissolution of the joint venture. So the two ablation units are likely still in the Casper warehouse on 7 Mile Road. Apparently BLR also ended up with Ablation Tech's overhead cranes, air compressor, and "sundry plant and equipment".
The scheme booklet fails to disclose that the 25 year license obtained by BLR is not exclusive. Dave Scriven and the Coates retained the patent rights to ablation and can conceivably compete with BLR. From BLR's March 23, 2015 news release:
"Ablation Technologies, LLC retains ownership of Ablation and the right independently to develop, market and utilize the technology for its own account and under licenses to third parties."
But why would they walk away from the joint venture and the equipment? Do they think they can do better without BLR? Does the technology work or doesn't it? If it does, can they just manufacture new ablation units and start selling/licensing them? Remember, these guys are the inventors of the technology.
But if the ablation inventors intend to compete head-to-head with BLR/WUC, why would Glasier hire Dave Scriven's company, Western States Mining Consultants, P.C. to prepare a valuation of the Pinon Ridge properties for the scheme booklet? Scriven claims to be acting in an independent capacity with respect to the valuation, a dubious assertion given his long business association with BLR and his role as co-inventor of ablation. Scriven notes in the valuation report that "an additional premium (has been) added for the projected use of the ablation technology to be used at the mine sites." Since Scriven has undisclosed insider knowledge of the ablation process, is he really independent?
BLR Price at posting:
0.2¢ Sentiment: None Disclosure: Not Held
