Interesting article in the West Australian today, regarding RED and CIO and mentioning Andrew Paterson, the chief geologist for KSN.
CIO and Paterson have been in and out of the courts for 3 years, regarding the ownership of a gold property lease near RED's Darlot gold mine in Western Australia.
If I can read between the lines, CIO was of the opinion they were granted the lease, and as such, (may) have had talks with RED about monetising the tenement. RED certainly reported via the ASX, the CIO announcements relating to the gold tenement, and were very interested in acquiring it, which probably suited CIO (who need the cash for the information technology business).
However, recently the supreme court awarded the tenement to Paterson, and CIO also had to pay Paterson's costs.
It is a very prospective piece of ground for gold. The question now of course, is what Paterson might want to do with it. Will KSN make an offer to Paterson to acquire the tenement? Will he see it as his own side project and go it alone. It would certainly be interesting to know what he is thinking at the moment regarding this tenement, because it would make a very nice addition for KSN.
Gw
KSN Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
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