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4.7¢ vango mining limited

Ann: Update to WA Court Decision on Billabong Gold Matter, page-51

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GT55

4,297 Posts.

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25/03/22

07:23

Post #: 60412533
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Originally posted by GT55: ↑

Kanye it’s 50% of capex or $3million which is the lesser to earn in 50%. BGI have surplus mill capacity. This post below from kori late last year explains why VAN just didn’t get on with it 5 years ago. It seems when VAN took over this project they thought they got it cheap but there was a massive sting in the tail. Now the court has ordered they can’t just walk away from that sting they need to take the pain. It’s a pity kori isn’t posting as a former employee and someone connected to management he could give some good insight into what’s really going on to SH poster on here. I can only assume he’s either been told to be quiet while the company tried to spin this as a win or he’s terribly disappointed he’s been let down by management as he’s invested a lot of his future here. (If I’m incorrect kori I apologise in advance).

kori1,159 Posts. 25118/12/2104:41Post #: 58380809ShareOriginally posted by GT55: ↑
good questions GT …….firstly there was initially a strong intent to mine K2 however 5 things happened: the dewatering and the sidewalls of the original mine collapsed both created an exponential increase in CAPEX, which ZAG couldn’t agree to after 2 years of discussions and extensions, the BTS therefore just elapsed as a 7th extension to the expiry date was not mutually agreed upon, thirdly the fees under the original OTA would have seen VAN losing money whilst producing its own gold, therefore an alternative of building their own mill added further pressure to the CAPEX, in the mean time VAN’s 3 drilling programs and JV with LSR literally unearthed bonanza hits of high grade gold and other minerals , the recent drilling program also established high yielding low cost open pit potential .Therefore the mining plan had changed. I don’t understand your question re the lawsuit with ZAG won’t go down well? Besides half of ZAG’s of $22m claim is in relation to the Purchase and Sale Agreement which is not in dispute as both parties are fulfilling the conditions of the PSA, there is no breach ! So what is the Judge going to rule on? Secondly the BTS which is in dispute just elapsed under the terms and conditions of the BTS but more importantly the judge in his 68 page ruling in the Billabong case highlighted the challenges and issues with the BTS which is why the board of VAN is more than confident of a successful outcome with ZAG , any shit can happen in a court of law but as VAN has stated ‘bring it on’!“Why fit in when you were born to stand out?” - Dr. Seuss

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Would really appreciate your input here @kori.
Maybe after this next case is out of the way as you’ve been loath to discuss anything coming before the court because of your close connection to management.

VAN Price at posting: 3.1¢ Sentiment: None Disclosure: Not Held
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