""Chinese Joint Venture Partners
The Directors believe severing ties with its Chinese JV partners on EL7768 (Guyra), EL7491 (Urala) and EL7679 (Halls Peak) is within the best interests of shareholders, Sugec Resources Limited.
The company has recently sent correspondence to its JV partners, SUGEC Mining and Hong Kong Global Resources Ltd (HKGR), with SUGEC yet to formally respond, and HKGR refusing to contribute any funds. The Directors are trying to determine the connection between HKGR and Hudson Corporate Ltd, at this stage neither SUGEC or HKGR have responded to a request to contribute funds for exploration.
The current agreements require significant company resources to be allocated and additional accounting costs also being borne by Force Commodities. The board believes that whilst SUGEC and HKGR continue to be involved in the above-mentioned EL’s, limited exploration work will occur, negatively impacting potential shareholder upside.
Once a resolution regarding Sugec Resources Limited has occurred, the board will look to re-commence work to access the prospective VTEM Conductor Zones identified on Spike Island, Sunnyside, Khans Prospect, Mickey Mouse and Keys (EL7679). ""
For me, it's putting SUGEC and HKGR/Hudson under the spotlight.
'old' SOC managent under spotlight?
Is it the real fire or just a brush fire to divert attention?
SOC Price at posting:
2.5¢ Sentiment: None Disclosure: Held
