Interesting,why would we be paying for a DFS?. Raider

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raiderup

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15/03/16

21:47

Post #: 17283137
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Originally posted by doodledog ↑

14Da$, PennyP
I think I am barking at shadows as a result of the 88E announce
but is there anything to this extract from Bureys half yearly state.

Giro Gold Project (via the 85% ownership in Amani Consulting
sarl (“Amani”).
Contingent liabilities of the Burey Group are as follows:
(a) Measured and Indicated gold resource
If 3moz (measured and indicated category) gold resources at a cut-off grade
of 2.5g/t Au are estimated at the Giro Project, Burey will pay US$5,350,000
to the Amani Vendors. At Burey’s election, 50% of this amount can be settled
by an issue of Burey Shares at the then market value of Burey Shares. In any
case, the liability for this amount of US$5.35M only falls due for payment
upon drawdown of development funds.
(b) Completion of Feasibility Studies
On conclusion of feasibility studies (which studies had to be completed by
January 2016 under the current terms of the Association Agreement with a
grace period provided for a further 12 months, however an extension
has been sought to mid / late 2018 and is the subject of current
negotiations) and a decision to mine at the Giro Project, payments
of US$2.5 million and US$0.7 million will be required to be made by Amani
to the DRC Government and Societe Miniere De Kilo Moto (Sokimo) respectively.

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Interesting,why would we be paying for a DFS?.

Raider

ANL Price at posting: 2.5¢ Sentiment: None Disclosure: Held
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0 Great analysis

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Interesting,why would we be paying for a DFS?. Raider

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