quarterly activities, page-38

Manny ... sorry to be the devils advocate here but it does say in the LCY announcement as pointed out by cal50 that LCY is fully expecting to be reimbursed 40% of the overspend after their required $3.5m ...... Which actually looks like they have spent $5.3m total ... so $1.8m above their requirement and HAW's "responsibility" is 40% = $720k
This had not been "validated" (probably because LCY spent it without consulting HAW first ... which is very disrespectful thing to do)

I would love to be able to read the actual terms of the JV as the wording from most of the announcements we've been able to read says "a minimum of $3.5m to pre-feasibility status" .....

Now this arguement/debate was held between LCY and HAW many moons ago as to whether this means to pre-feasibility or only $3.5m and HAW sharing 40% of costs of anything over this amount.... LCY seem to think the latter ... so I'm inclined to believe it as true as it has been announced to market and their could be legal ramifications if they are lying.... and it doesnt sound like Board of any company would ever lie right ? (lol)

All jokes aside ... Send us a bloody invoice already and then we will pay it and you can release Phase 3 results.

I still stand by my statements that HAW have NOT agreed on a "mutual" delay of Phase 3 .....

LCY is definitely playing funny buggers as is evident by them voting NO against all resolutions at our recent AGM...thing is HAW now have a much bigger stick to fight back with.

BTW something I left out ... when discussing the recent steering committee meetings with the exploration managers from HAW ... They did not seem to happy at all with the way the show was being run - by LCY as Managers of the JV.... Emotions definitely came out contrary to Uygur's illegible quotes of wisdom ...

To be perfectly honest I think both companies are F****D LOL but what the hell - I've waited a few years already so I'm along for the ride anyway