Would this not be the "12 months of geological due diligence conducted by AngloGold over Orinoco's Faina Goldfields project" as announced January 2017?
And correct me if im wrong regarding the Anglo molehill, but worst case scenario they get 70% in line with the original announcement which has yet to be executed/finalised. Or management negotiate a better deal for shareholders in the ongoing discussions.
Below is a brief timeline...
From 7th Feb 2017 announcement "Anglo may earn up to a 70% interest in the Faina Goldfields project by spending US$9.5m in exploration over 3 years"
From 6th Sept 2017 announcement "Anglo has made a A$3m pre-payment to Orinoco under an amendment to the terms of the previously announced strategic partnership MOU"
"Final documentation for the AngloGold Earn-In Agreement is expected to be completed by the end of September"
From 31st Oct 2017 announcement "Finalisation of documentation for the AngloGold Earn-in Agreement is ongoing"
So from the above extracts I get Anglo/OGX announcing an MOU last January.
Anglo paying a $3m pre-payment for OGX to spend on exploration activities last September.
Discussions to finalise the proposed JV agreement still ongoing
In the mean time OGX are conducting exploration activities.
Whats all the fuss about? It seems to me only 1 person has an issue and he refuses to speak to management by phone instead of ranting on an internet forum.
OGX Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
