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Ann: Funding Update, page-112

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Eddard.Stark

1,432 Posts.

526

16/05/19

06:26

Post #: 38586388
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Originally posted by mboose: ↑

Angus....., no one but RM could accurately say how, when and why the KOLOSORI landowners relationships broke down irrevocably with AVQ. What we do know from factual court history in 2010 saw the high court case commence and there were landowners issues then.
Why?
Because a cross claim to the whole case between SMM V AXIOM, was lodged on behalf of Bugotu landowners by a company (BMNL ) representing the Isabel Isld lands encompassing the TAKARTA/ KOLOSORI Ni lands.
Why ?
The claimants (BMNL) were in support of AVQ’s case and claimed that SMM was in breach of the maximum no of 3 tenements rule an entity could hold at any one time. That was ruled to be correct and subsequently SMM had their LOI over Kolosori cancelled by high court and the appeals processes.
The Bugotu claimants (BMNL) also supported the SMM case against AXIOM in SMM claim that AXIOMS PL and ML issued to AVQ over the KOLOSORI lands were invalid as they were issued to AVQ by the then Minister of MINES & RE without following due land title formalities and ML processes. They claims were also ruled as correct and thus saw AXIOM’s ML and land registration titles over KOLOSORI Ni lands cancelled by the high court and further upheld by the appeals court.
So clearly there were very serious and conflicting landowner concerns near 10 years ago.
During the trial years subsequent to those events AVQ (RM) has maintained and claimed that corporate interference, corruption, skullduggery by foreign co’s, ministerial bribery and such have been the reasons behind AVQ’s inability to get ahead.
Today sees an entity comprised of Kolosori landowners in partnership with foreign others, pursuing mineral tenement title over their own Ni lands.
So the Kolosori landowner issues have been very evident for many many years.
These landowner issues were just some of the obvious reasons why back in 2010. I said here on HC that this whole sordid affair would last in courts until 2016 -17 at earliest and that AXIOM imo would not be successful with the Kolosori ML in the final outcome.
Even worse than perhaps not being totally open with shareholders about the reality or gravity of the landowner issues was the tens of millions $$$$ of shareholder funds RM wasted.
Wasted goodness knows how much on failed legal pursuits and fees.
And WORSE tens $$$ millions on exploration expenditure on the KOLOSORI tenement WHILE IT WAS UNDER A MASSIVE LITIGATION CASE that always had only two possible outcomes.
So shareholders need to ask and do their own research but to others it seems very clear imo.

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I agree, spending so much money on drilling a tenement that wasn't secured probably only further encouraged others to claim it. History shows that the LOs have been kicking out foreign companies for decades, surely that indicated they might want to mine it themselves. Should of offered them I higher cut?

AVQ Price at posting: 4.0¢ Sentiment: Buy Disclosure: Held
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