parties to a jv, page-6

Asked a few q's prior to AGM & before considering asking about a plan B, got a reply this morning:

Thank you for your email.

Unfortunately the subject of your questions is very sensitive and the answers to your questions are limited by the duty of confidentiality.

I have provided you with very brief answers, based on the comments by Mr Anderson at the last AGM.

Kind regards,
Investor Relations
Admiralty Resources NL
Level 14, 200 Queen Street
Melbourne VIC 3000
P: +61 3 9642 8787

Dear Sir or Madam,

Can you please give any guidance as to the progress of JV negotiations.

I understand the commercial sensitivity of the issue & as such I dont expect you will be able to go into much detail or answer all my questions. However it would be good to know how things are progressing, and I would be very appreciative of any guidance you can give:

1) Has the company commenced any negotiations, post the due dilligance process by interested parties.

The Company is in talks with 4 parties who have been granted access to a data room that contains all the geological mapping, drilling, legal titles and financials of the company. However, negotiations as such on the terms on an agreement have not been touched as yet.


2) Can you give any timeline guidance on commencement / conclusion of any such talks

Preliminary talks started in last July / August and they have continued since then. Mr Anderson estimates that an agreement may be reached within the next 12 months.


3) How many interseted parties have now conducted due dilligance

15 parties are interested and they may have conducted their own due diligence; however, only four have signed confidentiality agreements and have been provided access to the company’s internal information.


4) Has the company received any firm offers / proposals for JV to date.

No

That's the state of play on the JV
From a technical point of view, we have moved accross out of a minor falling wedge caused by the RI, those 1.6c hopefuls will soon give up, so I see us grinding our way back to 2c in a consolidated manner, there has been a quite obvious accumulation at play, churning on 1.7 waiting for some loose holders of the RI, I dont see 3c by xmas without any developments, however, I hope to see a peak into the mid 2's 2.3-2.7 anyone's guess how high a P&D will be done, but the when will be obvious as it happens. Money to be made, Short term buy IMO, LT Buy if you believe they can get the show on the road, personally I have a foot in both camps. Good luck passangers & as always DYOR