Ann: Writ from Estrella Resources Ltd, page-96

Thanks to Waikatogold I have followed the SAD ESR story of Munda GOLD MINE.

From what I can make out.
Bought THE EXISTING GOLD PIT for 850k to obtain all the lithium rights to the tenement with 45koz resource.
Quickly sold off Nickel Rights in a packaged deal.
Gold hits $1800 and it becomes their flagship - we're drilling it to death project.
Great high BONANZA grade intercepts and announcements of such.
Going to mine and do a letter of intent with a miner to mine,still only 45koz resource -Why???

Then quickly - We're Going to Maximise value seek tenders for a ready to mine Gold pit.

Best offer is Auric made up in the following way
$1.1m if you hand over drilling receipts to that value.
Plus Two resource upgrade payments,if reached.
AURIC reimbursed the Extra paid for legal fees to remove an encumbrance -Presumably related to the letter of intent to mine-undisclosed?
Total around $1.9m?
I figure ESR came out with not much more financially for all their effort than owning the lithium royalty.

Why didn't they mine it themselves and CASH IN as by all accounts the deal to do so was done and ready to start ????
IMHO--OOOPS sold off the Nickel Rights and probably the same reason they couldn't increase the official resource as tied in with some Nickel content above/below or mixed,which they had no right to mine ????

Such is life.

DYOR + DYODD No claim to accuracy for the above summary,read their ASX announcements for the actual data.
However,I would imagine if you the vendor tender a site ready to mine that also implies the LEGAL EXPECTATION you can actually do so,without hindrance or frustration from the vendor.