fleet footed vendors

consider the following announcment, from the company, that sold the tenements to KMA (ie the vendors, of the kalgorlie north tenements

10 August 2009

COMPLETION OF SALE OF BARDOC GOLD PROJECT
xxxxxx Limited (ASX:xxx) is pleased to announce that it has completed the sale of its 100% interest in the Bardoc Gold Project to Kalgoorlie Mining Associates Pty Ltd, for the consideration of $1.5 million cash and the replacement of existing DMP performance bonds amounting to $157,600.
The Bardoc Gold Project comprises all non-nickel rights to the extensive Bardoc tenements located near Kalgoorlie, Western Australia. Minara Resources Limited has retained the nickel rights over the majority of this package of Bardoc tenements.
.
.

the next announcement regarding the tenements was as follows

22 July 2009

KALGOORLIE NORTH GOLD PROJECT ACQUISITION

The directors of Atom Energy Limited (Atom) are pleased to announce the signing of a terms sheet
agreement to acquire up to 100% of the interest held by Kalgoorlie Mining Associates Pty Ltd (KMA) in
the Kalgoorlie North Gold Project located in the Bardoc Tectonic Zone, 45km north of Kalgoorlie in
Western Australia.

Highlights:

Extensive package of 98 km2 of granted mining and prospecting leases covering 25km of strike
over the well mineralized Bardoc Tectonic Zone extending north from Broad Arrow

Historical gold mining centre with 220,000 ozs past production

Centered in a major gold producing region with excellent infrastructure and proximity to existing
processing facilities

Current JORC Inferred Resource of 4.6Mt @ 1.8 g/t for 267,000oz Au, with additional
mineralisation identified in over 50 prospects and on depth extensions to existing resources

Potential for significant expansion of resources through evaluation of existing;
o 9,784 drill hole data base;
o soil geochemistry test results;
o detailed air magnetics; and
o geological mapping

blah blah blah

notice the dates

12 days after finalizing the purchase, the vendors (KMA), have done a deal with axy - - and what a deal for the vendors. for whatever reason, the previous tenement holders (who had the ground for 6 years), never mentioned any prospect of any ore being available at the Zoroastrian or Excelsior Pits .

the previous tenement holders, mentioned that the ground had previously been held by "goldfields" - yes, the owners of the paddington mill. one thing for certain, is that ore from the tenements that axy have acquired, would be closer, than a lot of ore, that is presently being treated through the paddington mill. in other words, "goldfields" had the ground, and dropped it, the previous tenement holders had the ground for 6 years, did a lot of drilling, even bought a plant with the intention to start mining - and dropped it. amazingly, 12 days after the sale (by the previous tenement holders), axy manage to release a report, which looks so promising - which was never reflected in any reports by the previous tenement holders

a previous poster on these threads has mentioned that the mining at the Excelsior pit, was completed (the rest was probably in the wrong place, or uneconomic??). from what watso can see, the previous tenement holders, never even considered any ore at Excelsior (yet they would have had all the data). "goldfields" would have had all the data, - and they had the mill - for crying out aloud - "goldfields" had the mill at paddington, and were not interested in the ore that was still at Excelsior

for those posters, who were doing high five's when axy did a new deal with the vendors report 29 March 2010 - but the vendors are laughing all the way to the bank

what watso has posted, is to the best of his knowledge, and he is more than happy to be corrected (frankly, watso has no shares, and could not care less).

from what watso can see (and the market as well, it seems) - this is a tired old prospect, it has already been extensively explored - and axy are drilling the dregs of the prospect. of course, there is always the "chance"

frankly, this prospect is no where near as exciting, as what the axy reports, make it out to be. watso used to be neutral on the stock - but this is a big SELL