Ann: Pilbara Lithium/Gold project - acquisition update, page-47

Thanks Ellendale and that is interesting...

Your posts always demonstrate that you know more than average about the mining game... you always have real facts to hand...and yes examining or road testing the goods before buying anything always makes sense doesn't it... haha

Part (B) says the (due diligence survey) results are disclosed to the company BEFORE commercial terms to acquire the property are DISCUSSED.

It appears that the commercial terms were already discussed prior to January 28th (and prior to due diligence) when the announcement was made, because they are cited.

Perhaps part B is better said as ".. before Finalising commercial terms...." to be precise.

I think MPJ could have said (for dummies like myself) in January ..."The company will firstly undergo a due diligence process which includes drilling etc. ... , then subject to satisfactory due diligence and commercial terms being finally agreed an EGM will be held seeking shareholder ratification of the acquisition. Then subsequently application will be made to transfer the tenements, issue securities, all relevant government approvals sought and only then a pre-planned formal Exploration program commenced ...subject to availability of drill rigs."

Maybe, although unlikey, an indicative exploration commencement date anticipated? At present they cannot even give a Meeting date! so people can rearrange their Bahama holidays in order to attend.

Then with such timeframe clarification, MPJO holders might have reassessed their position. As I am no longer an MPJO holder it does not matter to me particularly. But there are a lot of guys who would be more than casually interested in such time and activity projections, as MPJO's obviously have a time element included.

What do I think??

I would reasonably believe that MPJ know precisely where to go to find lithium, and their survey confirmed it. What they did not know was the potential extent of it and how it related to the geology of the area. The lithium-tantalum has been mentioned as early as the 60's and was found, even if not quantified precisely. As a result of checking one or more hotspots as part of their survey, what they found has caused them to be "extremely excited". A few critically placed drill holes, coupled with the 25m height Radiometrics which lights up the area like a Christmas tree, some calcs on the back of a napkin and hey presto.... "extremely excited".

It is the lithium that offers a short term major SP run IMO... not the gold. Even if nickel is sensibly on hold, they have somehow procured an incredible tenement and all it takes now is ANY lithium figures to be published and....

Hanging in there very happily.