queensland uranium tenements, page-3

I think your right Mick. I think J.R. has a pretty good idea of what they have got and when they have to acheive it.

Encouraging reading to say the least(here is a part of the deferred purchase acquisition cost);

The acquisition of San Saba Pty Ltd and Springfield Minerals Pty Ltd included as part of the consideration the issue of 17,500,000 covertible performance shares.

The convertible performance shares will convert on the basis that 1 convertible performance share converts into 1 ordinary share within 24 months from settlement of the acquisition (28 September 2007) only upon satisfaction of the following performance hurdles:

(a) an inferred resource of a minimum of 3,500 tonnes of U3O8 equivalent including molybdenum and vanadium credits counting as U3O8 equivalents at the spot prices for these commodities as at 15 May 2007 must be delineated in respect of the Tenements;


I would be very happy if these performance shares get converted. !!!Thats a lot of uranium!!!

The way I read it and I could be wrong, but they have got until 28 September 2009 to meet this hurdle. You would think though that the vendors of San Saba Pty Ltd and Springfield Minerals Pty Ltd would not have agreed to this hurdle unless they were confident of getting there 17,500,000 performance shares, which at the time of the deal, converts into quite a bit of money.

The good thing is, is that RMG own their own drill rigs, so acheiving that hurdle before the desired date you would think is very much on the cards. Lets hope so.

Cheers NK