The announcement today says
"OGX’s 11 hole drilling program is estimated to cost A$350,000 (pre assays) and commenced on the 26th of February"
it also says that
"The tenements form part of the proposed 70/30 MOU JV with AngloGold that is currently under discussion."
How do we know AngloGold won't claim rights under the MOU if OGX's program is a success. Whatever that has been signed, is most likely binding considering AngloGold made a prepayment. Consideration has changed hands under the "agreement".
What are investors supposed to deduce about each parties respective future interests over the Antena/Xupe and other tenement areas. It just seems up in the air.
OGX claims in the announcement today to own 100% of the Antena and Xupé deposits but at the same time I'm not sure where AngloGold's rights stand after OGX has spent the A$350,000 (pre-assays).
I'll ask the question again. What happens if they get super results at Antena/Xupe, can Anglo still earn its 70%? Seems stupid if they can. Where is it saying they can't? What will happen with the other exploration areas like Sertao where we were told a major program of drill was going to be funded by "our JV partners" 9 months ago.
I personally would prefer AngloGold to be funding the work on this old TRY
ground and OGX to just concentrate on getting the gold out of the mine and through the hammer mills for the time being. Farting around with some old TRY pits ain't going to be the game changer.
AngloGold discovering a large multi-million ounce deposit out of its own pocket on OGX's ground and a 100% owned profitable high grade mine at Cascavel are the game changers IMO. Self funded exploration is the slow bleed that will drain the good dollars that should be piling up in OGX's bank account if the mine starts pumping. Greed is not good in this game. OGX doesn't need to develop those old TRY pits now., it needs to prove that Cascavel is a real goer. The mill probably doesn't even have the processing capacity and the ore may not be free milling to the extent of Cascavel even if they get some resources. Diligence, patience, timing and weighing risks is what works. This is bad timing given the cash position is not fully established IMO. Esh
