indicative doca proposal. - hnc, page-14

BT you are absolutely right and we have not had any answers on this subject from FH as yet which we have pursued with them over the past weeks. I think in this case a non reply is significant. You also may have noticed the inadequate valuation of the mining tenements in the minutes of the second creditors meeting and the fact that HNC have the first right of refusal. Everything is starting to heat up and it should be very interesting from here. FH look like spending a lot of money of getting new valuations for the tenements.

The reason why I want that JV agreement is to see whether HNC overstepped the mark in appointing the R/M. I suspect their action could be subject to a long and tedious legal battle which may or may not have a positive outcome for us.No doubt FH will have to make some comment on this matter.