Despite the change in name, the same old tricks are being played at Leopard Resources.
Lithium Project - Argentina "the Company remains confident that it will proceed with the project..." (Notice of General Meeting 13/9/12 page 4).
"The Company was unable to satisfy its due diligence requirements on the Lithium Project in North Western Argentina. Therefore the board has decided not to proceed with the proposed Lithium Project. Accordingly, $16,647 of exploration expenditure has been written off" (Half yearly report - 31/12/12 page 4).
What happened to the $250,000 non refundable deposit? (ASX announcement 20/3/12). If the company no longer operates in Argentina, why is $310,887 in deferred exploration expenditure for the Argentina Project (2012 Annual Report page 41) still included in the Half Yearly report (page 11)?
Why does it cost $80,000 for company representatives to visit the Project site in Argentina? (Notice of General Meeting 13/9/12 page 7). I guess flying business class, staying in five star hotels and eating three course meals with fine wine isn't cheap...
Related party transactions and board composition The company continues to lend money to related parties, who have no hope of ever repaying. An outstanding amount of $51,292 is still owing from Arturus Capital (2012 Annual Report note 19(d), page 42). The latest public information on Arturus Capital reveal a company struggling to even pay its own directors:
LRR Price at posting:
0.3¢ Sentiment: Sell Disclosure: Not Held
