a goldie of a deal.

International Goldfield wheeling and dealing deal.

In 07 IGC farmed into the Genorah Farms. Under this deal they were to (spend $10m over 3 years in exploration.) please note this bit.

Sept 19 2007.

Under a previously announced Farm-In Agreement International Goldfields will earn a 15% interest in Genorah Farms by spending US$10m on exploration over the next three years.
International Goldfields holding in Genorah Farms, as a result of the Nkwe transaction, has a value of approximately A$70m.

International Goldfields has a market capitalisation of approximately A$30m
Tony Sage
Executive Chairman

Page 2.
DME Confirm valid Genorah Rights.
The farms the subject of the agreement are Hoepakrantz 291KT, Nooitverwacht 324KT and Eerste Geluk 327KT, which are contiguous with the Company?s existing farms De Kom and Garatouw. The acquisition of a significant stake in these new Farms consolidates the Company?s land holding in this highly prospective zone, which is located down dip to the adjacent Anglo Platinum?s Modikwa and Implat?s Marula Platinum mines, and contains a strike length of about
30 km.
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11 months later IGC are to sell their 15% stack back to NKP.
Did they spend $10m as of the terms of the 15% agreement in exportation already?

7 Aug 08
Australian resources company International Goldfields Limited (?International Goldfields? or ?the Company?) (ASX: IGC) has signed an exclusive Option Agreement with emerging South African platinum producer Nkwe Platinum Limited (?Nkwe?) in relation to International Goldfields? 15% interest in three platinum-rich ?farms? in the Bushveld complex. The three farms, Hoepakrantz 291KT, Nooitverwacht 324KT, and Eerste Geluk 327KT comprise the ?Tubatse Project?.
Under the Option Agreement, which is valid for six months (with Nkwe being able to extend the option for a further six months), Nkwe will be required to pay International Goldfields an option fee of A$100,000 and issue 2.5 million Nkwe shares to International Goldfields.
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6 Nov 08.

Draft independent valuation on International Goldfields? South African Platinum stake provided to company,
- Independent Draft Valuation confirmed at A$44.1M to A$63.57
Transaction on track to be finalised by 31 December 2008

At this stage NKWE proposes funding the IGC transaction by way of a royalty financing arrangement or a derivative product and is currently in discussions with various parties to this effect. Given the likely delay in receiving a final copy of the draft independent valuation both parties have agreed to use the draft as the basis of their further negotiations.

! Did you get that, Due the likely delay they are going to go ahead with the draft.
What was the rush?
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17 Sept 08.

Key points:
? International advisory firm Grant Thornton has been appointed to provide independent valuation of South African platinum holding,
? Parties on-track to having agreement in place by October 2008
?Grant Thornton is a business advisory firm with international scope, specialising in a range
of services including merges and acquisitions and independent expert reports,? Mr Sage said.

Who is this Independent Grant Thornton at will value the deal between NKP and IGC.
The Nominated adviser for Cape Lambert Iron ore in the UK.
Who are directors of this Cape Lambert.
Non other than Mr Sage and Peter Landau.
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So what did our Independent Grant Thornton come up with.
He supported the draft.

6 Nov 08
Draft independent valuation on International Goldfields? South African
Platinum stake provided to company,
- Independent Draft Valuation confirmed at A$44.1M to A$63.57M
(between 35 cents and 51 cents per share),

Didn't even to change the words from the draft.
I guess Mr Thornton does not have delays.
Wonder what was wrong with the last guy. (A little court case may be?)
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So what is the final deal.

Under the terms of the IGC proposal, NKWE will offer to buy all IGC Ordinary shares on the basis of IGC?s cash at bank at the time of the implementation of the Scheme plus a valuation of IGC?s interest in the Tubatse Project of AUD$60m (?Offer price?).??The final Offer price for the IGC Ordinary shares will be determined by the total number of
shares on issue at the time the Scheme is implemented, divided by the Offer price.??Presently there are 123,616,672 IGC shares on issue. .On the basis of shares on issue and
current cash, the per share return to IGC shareholders would be about AUD$49.9c.

No Scheme is being implemented in respect of the IGC Options on issue.?? If option holders want to participate in the Scheme, they will need to convert their options to fully paid ordinary shares prior to the record date for the Scheme. There are 62,800,125 options held
with a strike prices of AUD$0.15 and AUD$0.20 expiring on June 30, 2009.??
International Goldfields? exploration spend of US$10 million IS EARNING the Company a 15 per cent interest in three farms within the Bushveldt platinum region?‐? Hoepakrantz 291KT;
Nooitverwacht 324KT; and Eerste Geluk 327KT? ‐? which together comprise the Tubatse
Project.

So they still have not spent $10m to earn they 15% and now they will get $60m for a company that had a market cap of $30m when it farmed in.
And at this stage there is no drilling going on in Hoepakrantz 291KT; Nooitverwacht 324KT; and Eerste Geluk 327KT Form court case or end of drill program depending if I can confirm the court case. WHAT A DEAL.
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Hold the phones, we have a new deal.
9 June 09
Under the terms of the transaction, Nkwe will pay an initial A$20m on or about 15 July 2009, with the balance of A$40m to be paid on or before 28 February 2010. The transaction is subject to government and regulatory approval.
New..
The acquisition of the 15% from IGC provides Nkwe with certainty with regards to delivery upon exercise by Xstrata under the exclusive Option Agreement. Nkwe is in advanced stages of negotiations with regards to finalising the terms of a circa A$20m raising by way of a convertible debt instrument.

Feeew. This is turning into a game of "find the queen"
-----------------
Sorry. No,no this is the deal.

8 Oct 09.
Under the terms of the formal asset sale agreement NKWE will make the following payments to IGC for the acquisition of the 15% interest:
- A$10m within 5 days of approval of transaction by IGC shareholders, expected second half of November 2009; and
- A$50M on or before the earlier of:
- Xstrata South Africa exercising its option with NKWE to acquire a 50% interest in the Tubatse PGM Project(collectively the farms
Hoepakrantz, Nooitverwacht, Eerste Geluk situated on the eastern limb of the Bushveld Igneous Complex); and
- the grant of the Mining Approval in respect of the Tubatse Project.
Upon completion of the A$10m payment, Nkwe will get a 5% interest in the Tubatse
Project. If the second leg of the transaction is not completed, IGC will retain their 10% interest.

OK So, IGC get the money (even thought they still have not spent $10m that if can find for their 15%)If X acquires 50% of ALL farms and if Tubatse get mining rights.Hmmmm Why wouldn't Tubatse get mining rights.
I'm getting a head ache.
-----------------------------

International Petroleum (Goldfield) paid on the 22 Dec 09.

. Shareholders should also be advised that the A$10M (including a A$1M deposit) owed to International Petroleum under the terms of the Share
Sale Agreement with Nkwe Platinum Limited (ASX announcement 8 October 2009) has been received INFILL.

$1m deposit? In which deal was that. I thought it was 100,000 deposit. Oh well, I'm sure it's in there some where.

Paid from the C/R on Dec 11 10.

---------------------
Ann report Nov 15.

Under the terms of the agreement NKWE can acquire the 15% interest from IGC as per below:
- A$10m within 5 days of approval of transaction by IGC shareholders, which has been paid to acquire 5% of the
Project (ie. 1/3 of IGC?s interest); and
- An option to pay (within 30 days) A$50M on or before the earlier of:
- Xstrata South Africa exercising its option with Nkwe to acquire a 50% interest in the Tubatse PGM
Project (collectively the farms Hoepakrantz, Nooitverwacht, Eerste Geluk situated on the eastern limb of
the Bushveld Igneous Complex); and
- the grant of the Mining Approval in respect of the Tubatse Project.
Following satisfaction of the first leg of the transaction during the year, Nkwe has acquired a 5% interest in the Tubatse
Project. If the second leg of the transaction is not completed, IGC will retain their 10% interest


So International(IGC) still have 10% of Tubatse.
They have got $10m back even though I can not find anything that say's they spent the $10m on exploration for the 15%.
The Farms Nooitverwacht & Eerste Geluk with 20.4Moz on them have had the drilling stopped by the court for 2 years.
And now the rights have gone back to DME.

There is not 1 mention of any court action, and I have been through everything back to 06.

What a deal. You farm in to a company for $10m worth of drilling(supposedly). 11 months later you sell out for $60m.
Not bad for a company with a market cap of $30 at the time.
A per share return to IGC shareholders of about about AUD$49.9c.

Hope you could flow that. I sure as hell couldn't.
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Side note.
Hey Shadow. The 27,413 meters is what has been recorded as the total drilling on the 2010 Q%A reports.
Please see Post #: 6100838 on the other thread and add up the meters.
It is interesting to note that before 2010, All the drilling was put into a tables. Each hole numbered with measurements.
Not one of the 28 holes drilled this year in Hoepakrantz has anything recordings like this.

In answer to the MEO thing. I had planned for the worst and hoped for the best on that one. I have a very low average so back to the bottom draw they go.
Might sell before spud next time though. lol