I am not very happy with the LOI to tell you the truth, for a prospective measly 1 million in first 2 years with room for extension by spending another million they get an 80% interest in the relevant interested mining area.
My guess is Sumitomo, with what they have found already, immediately beside our ground in Novo’s lease, have said there is something mighty interesting going on, and without the can being opened too far have put in a pretty low ball offer.
Ann: De Grey expands exploration potential through LOI with Novo, page-4
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