Ann: ADD CONFIRMS JORC COMPLIANT 9M TONNE THERMAL, page-15

re: Ann: ADD CONFIRMS JORC COMPLIANT 9M TONNE... There has been no mention of the 60/40 JV for many months..
Per Trees calculation.... The gross value of the Tapan project is Five hundred and sixty million dollars.... this before we take into account and prove up all 15000 hectares of ground that we now have an interest in.. based on this the "40" is worth two hundred and twenty five million dollars gross.... if a 60/40 JV does take place it will be interesting to see who the partner is... and how much they pay to Adavale to secure over two hundred million dollars worth of coal.. Given the JORC compliant nine million tonnes and the potential for that amount to increase many times over... I would not want to see forty percent parted with for anything less than twenty million dollars..
It would be more than a coincidence of Dicky Poole takes the million dollars plus he's recieved in fees from this company... then uses it to fleece us of forty percent of our only commercial asset...
I hope our Directors do the right thing.... and don't gift it away to a related party..