Yep, from them ...or Anglo, or one of the two other trading...

Yep, from them ...or Anglo, or one of the two other trading companies now taking a forensic look:


Q. Were you expecting a binding off-take agreement to take a few months to secure? Are Magnum any closer to securing a mining off-take agreement right now?


A. Yeah we were expecting this to take only a few months, and we targeted the end of last year for the first offer. We received indications that we would, but unfortunately we didn't.

However, both Mitsubishi and Anglo continue to work with us, and they’ve both indicated they are working on offers to us.

In addition, we've been approached by two other trading companies in the last few months, and they wish to offer off-take agreements. So they now are performing due diligence on Magnum as we speak.

So these offers are obviously very important for small companies like Magnum, but we're not high priority to these large companies. So we are just going to have to wait for them to go through their due diligence, through their internal systems, get their approvals, and then get an offer to us.

So their due diligence has been pretty thorough. For example, last month one of the trading companies wanted to confirm the port and mine visually and they sent three Engineers from overseas to the US for a week. Another trader has just asked for 100 kilos of concentrate to be sent to them for testing, and so we had to send our team in Nevada in Winter up to the mine, dig and crush several hundred kilos of ore by hand and then be sent to a lab for grinding and magnetic separation testing.

So it's ongoing …and in conclusion, we've got four trading companies looking at it. We expect offers soon. But I can’t confirm when they’ll be received, unfortunately.