Maybe McClean has something on the books of Mineral Intelligence that he needs clearing? Should be an announcement this morning unless it is extended?
Hopefully, it doesn't turn out to be a fruitless exercise and money pit like "Big Rush" was, and I am not so sure the sale price of $247,500 was very rewarding and/or the company worked in the best interests of shareholders.
Most companies that divest assets/projects at least tried to recoup expenditure, ~ 2 drilling campaigns at Big Rush with a total of 30 RC holes drilled for circa 4,700 metres, plus 4 HQ Diamond for 1,000 metres, plus lab results, plus resource upgrades, plus JORC upgrades, plus board time spent, plus consultant fees, etc. I calculate that a minimum of $700,000 was spent on Big Rush for drilling and sundries, add what percentage of the cost it was acquired and also include the dilution as equity was also part of the transaction. ~ I definitely do not agree with "As previously announced by the Company, this divestment is part of the Company's strategy of obtaining value from its non core explorations assets ......(sic)" Again, hardly think that spending $700,000 and receiving $247,000 in return is obtaining value.
cheers
GNM Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
