Hi @robbo24 , NTL may have abandoned but sought to grab...

Hi @robbo24 ,

NTL may have abandoned but sought to grab back...and failed.

"They drew the permits around Rahu and ditched the rest (later taken up by Laneway who have found nothing yet)."

Really....!

RAHU UPDATE (22 Jan 2016):
New Talisman announced today that pursuant to the Heads of Agreement with Newcrest Mining Limited dated 19th May 2015, the parties are working together on options available to them following receipt by New Talisman of advice on 12 January 2016 that its application for an extension of land over Rahu had been declined by New Zealand Petroleum and Minerals.

Qtly to 31 Dec 2015 (released 29 Jan 2016):
On 12 January 2016, some 19 months after the Company lodged its application for an extension of land over the Rahu discovery area, the Company received advice its application had been declined. The Company does not accept that the reasons advanced by the licencing authority, NZ P & M, for declining the application are well founded. The company has taken a pragmatic and expedient approach to the licencing authority’s decision and as already advised the company is actively pursuing other alternatives under the Heads of Agreement signed with Newcrest.

16 May 2016:
New Talisman Gold Mines Limited (NTL) notes that an application for an exploration permit over the Rahu project area has been granted to a subsidiary of Newcrest Mining Limited (Newcrest) by New Zealand Petroleum and Minerals.

Newcrest and NTL signed a non-binding Heads of Agreement (HOA) in May 2015 pertaining to a proposed farm-in and joint venture over the Rahu project which remains in full force and effect.

The HOA contemplates Newcrest earning a controlling interest in the Rahu project by incurring exploration expenditure.

Having held the Rahu exploration permit for over 19 years NTL has always viewed Rahu to conceptually host a vein system at depth similar in nature to the vein system running through Talisman.

The parties are currently in discussions to negotiate a revised heads of agreement in respect of the Rahu project in light of the new circumstances and NTL will update shareholders in due course.

Matthew Hill CEO said “We look forward to working with one of the world’s leading gold mining companies in New Zealand’s most productive gold regions. We have always believed that a similar vein system to Talisman exists deep within the Rahu permit area and a detailed exploration program will test this view.”

"Abandoned" and "ditched" is rather an embellishment wouldn't you say.

More likely a disappointment.

Cheers,