Ann: Final Torrens Drilling Authorisation Granted, page-32

In answer to your question "Why did ARE sell off the 70% stake in the first place to MIM" ...... A little bit misleading ..... from my understanding, as 100% owner of the Torrens tenement, ARE gave SRL or Straits Resource (the preincarnation of AIS) the option of earning a 70% interest in the project by funding $7m worth of exploration in 2007/8 Torrens drilling campaign.

But as we know, probably only one to two million got spent drilling a mere two and a half holes, the rest being spent over the next decade on expensive legal bills in the High Court of Australia on a multitude of native title claims