re: Ann: Tangiers terminates farm-out agreeme... Not usually one...

re: Ann: Tangiers terminates farm-out agreeme... Not usually one for conspiracy theories however simply cannot believe management could be so incompetent to lose what was originally purported to be a very valuable set of licences. Clearly four days out from a major commitment you don’t casually ring your partner and find out that the months of silence was due to the fact that they weren’t actually that interested?

The last paragraph of the announcement relating to this was interesting, informing shareholders that we could in fact lose the permits:

‘Tangiers is now actively seeking alternative farm-in partners to fund the work program commitments and will seek advice from the government regarding further extensions. If this is not successful by 12 October 2013, the joint authority may initiate cancellation of the two exploration permits.’

Based on the premise that management surely cannot be that incompetent, are we being softened-up for a last minute White Knight to come to our rescue with a new deal on worse terms than the first? Management cannot seriously announce the termination four days out from potential licence loss and not have a Plan B fully up and running.

I hope plan B is advanced as from all accounts the assets are great, not keen at all to relinquish any less % ownership than we did in the first place (something around 28-30%).

Still sitting here shaking my head from this ‘WTF’ moment, whether it be the above conspiracy theory or something else there simply has to be more to this, if not egg on my face for investing in this company.