info, page-6

Finally caught up with IK via phone last night.Firts thing I will say is that I will not be able to quote word for word and didnt pry too hard as when putting this on the net it can lead to severe penalties.Everything was positive so no need to get alarmed however on the specific question of Mt Mulligan again everything is positive but he thinks it will be another 6 weeks or so(He is personally doing the negotiations which after talking to him I see as a positive.)In the grand scheme of things this isnt too long to wait.The vendors who sold the tenements to MNM took 5 years to get to anywhere near but the indigenous people that they were dealing with are split into 3 groups and it seems there was disagreement between these 3 groups.IK has got negotiations where all 3 groups are united so that is a big positive but its still going to take a few weeks longer.On current lack of communication expect an ann soon basically reassuring shareholders.On the issue of whether the options will be in the money IK says that he is confident and that it is a long time till expiry and that there should be several ann before expiry which will hopefully help(market permitting).I also asked whether there is a facility to extend the expiry date of the options and he said that there is an option to let them lapse but issue more(presumably at some cost to option holder)This will be looked at closer to the time.As has been sated by the company before all big tickets items have been cut as far as possible so that the current balance sheet can see them well into next year.With regards to phosphate it a case of lets find something first and the look at maybe a JV or some other facility to help with infrastructure.On their U tenements(forgot about these!!!!) obviously at the moment there is no mining in QLD so its a case of wait and see-would be nice if some interested p[arty came in and made an offer(my thought not his).Apologies but forgot to ask about the Gold!!!!!!If anyone else wants to try I will pass on his number via email rather than put it up here. [email protected]