AngloGold Clawback Rights The Company is in on-going negotiations with AngloGold relating to the Clawback Option AngloGold holds over the Rover Project tenements and in particular the Rover 1 deposit. The two main issues of dispute are: The timing of AngloGolds final election date on the Rover 1 Area of Interest The inclusion of EL24989 within AngloGolds Area of Interest notification. In the meantime, Westgold would like to re-confirm that to date AngloGold has not chosen to exercise the Clawback Option on the Rover 1 - Area of Interest, however the Option still remains open to AngloGold. Additionally, all drilling and Scoping/Pre-feasibility study programmes are advancing as planned in the knowledge that should AngloGold elect to clawback then all this expenditure is included in the 3 times payment required to enter the option and be free carried (25%) to the completion of a feasibility study. Should AngloGold not make the election then Westgold is well positioned to advance the development of the Rover 1 deposit retaining 100% ownership.
From a recent Speech by MD I was of the opinion the $ spent were in the vicinity of 36-60mill X3. If not correct, you are welcome to correct me. viz. $120 to >$150 million
DYor GL.
WGR Price at posting:
28.0¢ Sentiment: ST Buy Disclosure: Held
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