a lot to remember, page-25

The announcement did say that CQT and GF signed a joint venture agreement. I would assume the JV began upon signing. The clarification then stated "Under the terms of the Joint Venture Agreement GFA is initially
obligated to spend a minimum of $5m within the first 12 months, a condition which, without satisfying the drilling requirement, gives GFA no entitlements whatsoever."

If the Agreement was entered on 27 July 07, they have until 27 July 08 to spend $5mil.

I wouldn't be suprised to see an update from them on a day of market weakness like this similar to today. The sooner the better for GF as the price of gold may be about to break out again and run for $1000.

Anyone know whether there is an implication that the $5mil must be spent reasonably, or can GF spend it on whatever they want...