PLV pluton resources limited

this year and pre-payments, page-9

  1. 9,445 Posts.
    Aka
    I agree totally with Humble's comments that we do not need to prove anything to you and do not give a stuff that you are misinformed .. however .... sometimes I like to prove you wrong to show just how misinformed and out of touch you are.

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    SHAREHOLDER UPDATE – COCKATOO ISLAND PROJECT
    30th August, 2012, Melbourne:
    On the 2nd July 2012, Pluton went into a voluntary suspension as a result of the Company receiving
    communication from SS&T Group that it was no longer willing to continue with its arrangement with Timeone Holdings Limited regarding the proposed joint venture transaction in respect of the mining operations on Cockatoo Island (“Cockatoo Island Project”), without receiving further significantconcessions.

    As a result of the above events, Pluton is currently unwinding its previous arrangements in regards to the Cockatoo Island joint venture transaction with each of Timeone, SS&T Group and the Australian entity
    and negotiating an alternate arrangement in respect of the Cockatoo Island Project.

    Proposed Joint Venture with Wise Energy Group Company Limited (“WEG”)
    Pluton announces that a binding term sheet has been agreed and executed for a proposed 50/50
    unincorporated joint venture with WEG over the mining operations on Cockatoo Island.

    Other key terms of the binding term sheet include the following:
    Please note use above of word "OTHER"!!!!

    Each party must use their best endeavours to assist with the financing of all joint venture costs and shall have the right to pre-sell iron ore produced from the Cockatoo Island Project to raisefunds on behalf of the joint venture.
    • WEG is entitled to market the iron ore produced from the Cockatoo Island Project and to receive a 3% marketing fee (based on gross sales revenue from its sales of iron ore).
 
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