Ann: DRILLING COMMENCES AT ANTENA - XUPE DEPOSITS, page-114

Humphrey2017,

You can get all defensive and portray Anglo as the bad guys. Reality is without that prepayment and the $1 million they tipped in you would have been moaning louder than when you wrote that open letter to management.

The truth is that Anglo had an "option" (whatever that meant, the terms were never properly disclosed) to acquire 50% of Cascavel, an option they let lapse for whatever reason.

Taking on expenditure on some old TRY pits at this juncture isn't looking after shareholders as far as I'm concerned. If Antena/Xupe is actually subject to the "agreement" with Anglo and they are unwilling to fund it after the due diligence they did then it's not a prospect I want the company throwing money at this point in time when the mine is just coming out of trials and into so called commercial production.

The company should make it clear to shareholders where this earn-in agreement stands. There is no way IMO that the agreement is not binding considering $3 million has changed hands pursuant to it (the earn-in agreement) and do you really think Anglo's lawyers would commit money into a non-binding agreement. If they are not spending money on Antena/Xupe or not participating in 50% of the Cascavel mine they are doing it at their own election I would think. They did their due diligence and the option period expired without agreement on the mine. Anglo could have just left the company in the hands of the market and its creditors, by not making that $3 million prepayment and contributing $1 million to the raising. No doubt it would have been a slower and uglier recovery if the company recovered at all. The secured creditors could have just called in their securities or used them to take the mine or get a massively discounted position in the company. As I've mentioned in previous post that last $4 million Anglo put in for 1% of the company valued OGX at $400 million. Now they are suddenly the bad guys we are happy to shunt out of the properties.

That's naïve to the extreme. Anglo allowed us to continue as a going concern with very little disruption to the "mining recovery" story and if they are not participating they are doing it their own election IMO. They aren't going to be pushed around by a company which only a few months ago could have been gutted like a fish.Esh