Ann: Mining and Processing JV Update, page-5

Explained in an earlier post that IMHO the due diligence terms could not be met by end of November. FMR committed (at their own cost) to drill out part of the ore system that forms the proposed Joint Venture. So FMR needs to receive all of the assay data and then interpret that data to see if it makes positive economic sense to move forward. All of this takes time / several months.

The PR release this morning is merely an acknowledgement that FMR has not entered into the JV (yet). In my younger days work as a solicitor in Sydney, this type of delay in completing formal contract terms happened all the time. Good luck to all longs.