re: + march 31 quarterly report + Cash: $7.6 mill. Operaing CAshflow: -$0.269 mill-a period of consolidation.
Summary
Michelago made excellent progress during the quarter in achieving its goal of becoming a major gold producer, explorer and mine operator in China. In particular, the Company has completed complex negotiations to purchase an 82% interest in the BioGold Facility, Shandong Province, which is now the subject of a shareholder’s meeting on 5 May 2004.
• Proposed terms for the purchase of an 82% interest in the BioGold Facility have been finalised and were released to the market on 5 April 2004. Subject to shareholder approval and other conditions, completion of the transaction, which is anticipated to occur in July quarter 2004, will result in Michelago achieving positive cash flows from that time and a robust base to increase its expansion into China.
• Sino Foreign Joint Venture (SFJV) registration has been completed for the Guangxi Exploration Project (Michelago 90% interest). Initial exploration undertaken on the project during the quarter included geophysics and regional geochemistry and has highlighted a number of exploration targets within the Jinya ML and the surrounding EL’s.
• SFJV registration for the Jinya Gold Project, which contains an inferred resource of approximately 650,000 oz gold, has been delayed as Michelago negotiates to increase its interest in the project to approximately 80%.
• The Xinjiang Province Wholly Foreign Owned Enterprise (WFOE) contract has been executed. Michelago holds a 100% interest in this 2,700 square km project. Initial re-evaluation of existing data undertaken on the project during the quarter has focussed the Company’s interest on three target areas.
• A diamond drill rig will mobilise to the Jinya site on 26 April and a comprehensive exploration drilling programme will commence on the Company’s projects in May 2004.
Gold Exploration, Mining and Development – People’s Republic of China:
The March 2004 Quarter was a period of consolidation for the Company with a particular focus on advancement of the due diligence process and complex negotiations to purchase an 82 % interest in the BioGold Facility, Shandong Province.
The Directors are delighted to have progressed the transaction significantly during this period and negotiated terms for the acquisition which are detailed in the Notice of General Meeting released on 5 April 2004.
The Company is continuing its aggressive programme of identifying other projects in China which are consistent with the Company’s existing projects and broader objectives, with a number of potential investments under consideration".
Info on MIC:
http://www.hotcopper.com.au/post_thread.asp?fid=1&tid=75301#199085
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michelago limited
re: + march 31 quarterly report + Cash: $7.6 mill. Operaing...
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