From memory the deal was for Sumitomo to provide US$40M to gain...

From memory the deal was for Sumitomo to provide US$40M to gain 40% of the Novo leases. As this was after the Novo/PIO deal. PIO had to agree to amendments to their deal, but retained all benefits of that deal. PIO have free carried interest to "decision to mine". Sumitomo has no such deal and will probably finance any mining development. This is not Sumitomo Mining, it is the finance arm. If Novo can get their act together, it looks pretty promising to me. They have a thirty man exploration camp. That is a pretty large exploration effort.





















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