AS1 9.09% 1.0¢ asara resources limited

billions of pounds of copper + gold, page-31

  1. 1,912 Posts.
    Garry,

    That's correct. The original alliance was with Zinifex, pre-Oz Minerals changeover.

    Then OZL pulled out. Here's the relevant DRK ann at the time:

    http://www.asx.com.au/asxpdf/20081022/pdf/31d1b5qrsf2624.pdf

    Drake to advance Oz Minerals' Alliance Projects
    22 October 2008

    "As a result of a recently completed strategic review of its global portfolio, Oz Minerals has agreed to transfer all of its rights, titles and interests in the properties to Drake at no cost to Drake to fulfil its outstanding commitments."

    At the time OZL was granted a preferred partner status with first right of refusal should Drake wish to introduce a partner. I'm not sure what went on behind the scenes between then and the Royal Falcon ann in April 2009, but it my guess is OZL simply had too much on their plate to worry about and passed on their option, allowing RF in the door.

    Then came the JV ann between DRK and Royal Falcon ann on 7 April 2009"

    http://www.asx.com.au/asxpdf/20090407/pdf/31gz4zlqg2m1m6.pdf

    It states:

    "Previously the projects were subject to an alliance agreement between Drake and Oz Minerals. Oz Minerals spent around A$2 million in Sweden on exploration and project generation through the alliance. The involvement of Oz Minerals was critical in the partners securing the much sought after Falun project. Despite advanced plans for a major exploration campaign, Oz Minerals recently withdrew from the alliance agreement with Drake owing to a change in strategic direction. As part of a termination agreement with Drake, Oz Minerals retain no on-going right in relation to the Falun and Bersbo projects."

    Cheers
 
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