E punter, I read on the CFR website that in 2003 they once had a deal with Consolidated Press Holdings to mine for gems on their property but it was terminated in March 2007. This, no doubt, is where the James Packer story comes from. I have copied and pasted from their web site below:
In 2003 the Company entered into a private mining and marketing agreement with the landowner, Consolidated Press Holdings Limited. A Develpmoent Application for a 250 tonne-per-day processing operation was approved in October 2004, and mining operations have since processed 32,600 tonnes of ruby and sapphire-bearing gravels through the plant. This has resulted in the production of approximately 440,000 rough carats of usable ruby and sapphire (suitable either for faceting or 'cabochoning' to a finished state ready for marketing). The agreement with CPH Limited was terminated in March 2007, with the project reverting back to 100% Cluff.
CFR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
