Hairy, for the life of me what was the logic in buying VAN MAG...

Hairy, for the life of me what was the logic in buying VAN MAG in the first place?

CCC's AR 2009 http://www.asx.com.au/asxpdf/20091001/pdf/31l2cl4r7vg6xg.pdf


Re Iron Eagle Group Inc. FORM 10-K Oct'13 2010 -
Sale of Subsidiary
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We owned 66.7% of Vanadium and Magnetite Exploration and Development, Ltd., a South African Corporation. In December 2006, we entered into a share sale agreement with an Australian mining house to sell our 67.7% interest in VanMag. We received $3.4 million in 2007, $845,200 in 2008 and expected a final installment payment of $3.75 million in February 2009. A variety of problems arose which threatened and jeopardized the mining license and as a result, and in lieu of litigation, we elected to accept a final cash payment of $1 million and a production royalty of fifty cents per ton capped at $3 million. We do not expect to receive any royalty payments. Source http://www.faqs.org/sec-filings/101013/PINNACLE-RESOURCES-INC_10-K/ ... search for VanMag within.