Could someone please clarify this on a few previous annoucements...

Could someone please clarify this on a few previous annoucements (8/12/11 and others). See extract below on note 5 and 6 of the resource table:


5. Under the terms of the earn in agreement, Universal Coal is earning up to 50% in the Berenice and Somerville Projects via the completion of certain milestones (refer to Section 11 of the Replacement Prospectus). Upon completion of these various milestones, Universal Coal’s attributable interest increases and when all of the milestones are completed, Universal Coal will have an attributable interest of 50% in these coal resources (with the option to acquire up to a 74% interest). UCEHSA currently holds a 22% interest in UCD II. Ministerial consent to the transfer of 342/2009PR is still pending.

6. Under the terms of the earn in agreement, Universal Coal is earning up to 50% in the Cygnus Project via the completion of certain milestones. Upon completion of these various milestones, Universal Coal’s attributable interest increases and when all of the milestones are completed, Universal Coal will have an attributable interest of 50% in this project (with the option to acquire up to a 74% interest). UCEHSA currently holds a 10% interest in UCD V(the Cygnus joint venture company). Ministerial consent to the transfer of 227/2008PR is still pending.


What interest me is the last sentence regarding Ministerial consent. Could someone enlighten me if this is related to the tenement approval or something else?

If UNV has this sort of resource (albeit 1.75B coking is the target), this stock would be > $100M market cap. Although UNV is only earning 50% interest with option to 74%.

Appreciate your thoughts.