Ann: High-Grade Mineralisation Extends at San Finx, page-2

There’s something disturbing about this announcement, beyond scant results. In last month’s 16/05/2022 “San Finx Tin and Tungsten Update” it was said: “San Finx holds mining concessions that are valid through until July 2068. The mine is permitted for operations, which have been temporarily suspended pending the award of a water discharge permit to allow access to the deeper levels (level 8).”

This week's announcement (29/06/2022) now states “San Finx holds mining concessions that are valid through until July 2068. The mine is permitted for operations to level 4, with deeper access pending the approval of an updated mine plan and the award of a water discharge permit. If the water discharge permit is not approved and hence the concession is no longer viable, Valoriza is to undertake full rehabilitation and cover the cost of this exercise.”

So, basically, it was untrue that the mine was permitted for operations below level 4 and it was also untrue that only a water discharge permit was needed to restart operations. This new mine plan requirement means the whole project needs to undergo an EIA, which puts us years from production at best, as there's nothing left to mine above level 4. Explains why the previous owner dumped this site but not how the board bought into such a trap. What kind of contractual obligations will make them and not RFR carry the can when the s**t hits the fan?