OZM

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3.7¢ ozaurum resources limited

Ann: First Drill Hole Started in Brazil, page-1099

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25/06/24

16:11

Post #: 74482335
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Originally posted by Paul88: ↑

I don't think that's the Jaime Project. The boundaries look different (see below map). If you re-read the original 15 September 2023 market release, the tenement 833033/2023 you mention is what OZM described as "A large scale underground pegmatite mine is operating on the western boundary of the Project area." The project area being the whole of tenement 833042/2013 as I see it. Pacheco was said to hold the mineral rights to 833042/2013, and the deal was to partially give those rights to OZM so far as they related to Jaime only. Point six of the key terms to the deal indicates this: "Upon payment of the Consideration, the Vendor is to make application to the Agencia Nacional De Mineracao to have the Mineral Rights excised from Mining Concession 833042/2013 and a new tenement/s granted (New Tenement). The unencumbered title to the New Tenement/s will then be transferred to the Purchaser pursuant to the terms of the Mineral Rights Agreement." So I guess that the vendor couldn't give clear title to OZM for whatever reason, so the deal fell through. Note that the vendor is Pacheco but the title holder is COOPERATIVA DOS GARIMPEIROS E ESTRATIVISTA DO VALE DO RIO DOCE LTDA - COOPEG. What prior dealings and obligations that existed between these two parties may have had something to do with Pacheco being unable to produce clear title to Jaime.

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Thanks - yes that makes sense. I didn't go back and check the original announcements.

OZM Price at posting: 4.9¢ Sentiment: Buy Disclosure: Held
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