PulpCutter the tenements Superior want to strip out of Vango first are ones where Vango made huge investment in over last 7 years in exploratory drilling K2, Trident, Triple P for example so I can't see Superior getting 50% of these tenements for less than $3mm each. Over the years Vango raised tens of millions in equity and has put that money to use in very highly successful exploratory drilling campaigns on the tenements Superior will now strip out for $3mm CAPEX a pop, super cheap deal for SGI. At K2 aside from exploratory drilling Vango paid big bucks to consultants to design and fully permit dewatering plan for k2 open pit and underground. Dewatering take about 60 days then you got to remove overburden on the 4 open pits at PHB permitted by Barrick in 2005...K2 open pit and PHB could potentially produce ore within 6 months of project start imo.
VAN Price at posting:
3.4¢ Sentiment: None Disclosure: Not Held
