TAS is an independent company, whose only relationship to FMG is that they have signed a Joint Venture Farm in Agreement for exploration of the mining tenement at the Vulcan site. I think its likely FMG will proceed to the 51% ownership of the JV, and if some of the other drill holes are similarly positive (to VUD018 and VUD019) probably reach the 80% ownership conditions of the Joint Venture. At which point they will then have a few choices such as further exploration, development of a mine, pausing or halting, renegotiating the agreement or walking away.
GS spoke optimistically about reaching the 80% conditions of the JV and everybody is hopeful that Vulcan might turn out to be another Olympic Dam. But it's a long way from that right now.
TAS Price at posting:
7.7¢ Sentiment: Hold Disclosure: Held
