I found another news article ( http://www.sinocast.com/readbeatarticle.do?id=56802 ) regarding the supposed Taifeng - FWL agreement.
Something positive is brewing here defenitely ! By the way there is a big difference between the Padbury offer and the one with FWL and that is the non-binding offer for PDY and a supposed binding for FWL !!
And take notice of some excerpts of this article:
".....Several days after both sides inked the agreement, FWL made new progress in iron ore exploration. The drilling of the 1,250-meter hole has been completed in the Yogi deposit......"
That means they should have signed something a couple of days before the 27th of April as then was the pressrelease of the drillresults!
And another quote:
"...The latest discovery has excited Song Yuangang, chairman of Taifeng Group. The chairman will head for Australia on May 8 so as to conduct the due diligence involving the Australian miner....."
So Mr. Song Yuangang must be at Yalgoo right now !!
FWL will probably come out with an announcement very soon if all requirements according a possible agreement are fullfilled (due dilligence AND and maybe approval of Australia's Foreign Investment Review Board (FIBR).
So it might become a very interesting week (or two?)
Regards klmarc
DYOR !!
LCG Price at posting:
14.9¢ Sentiment: ST Buy Disclosure: Held
