Wigu Hill - some background.Montero previously held the lease...

Wigu Hill - some background.

Montero previously held the lease for this project. Montero did not sell the rights to the lease, or promise to transfer title over the project to VML, or Cheetah Resources. Montero did enter into an agreement with Geoff Atkins to sell Montero's intellectual property and data relevant to the lease to VML, in the event that VML obtained a licence or lease over the Wigu Hill deposits. That has not happened yet.

At about that time the Tanzanian Government cancelled Montero's rights to the lease and has not announced what it is going to do with the lease area. This meant that Montero could not enter into an agreement to transfer the lease to VML because Montero no longer had control of the project.

I am not clear what exactly, if anything, VML has done to secure the lease, apart from visiting and meeting with the Tanzanian Government, over the years.

Montero has launched a claim against the Tanzanian Government for losses caused to Montero by the actions of the Tanzanian Government. I doubt the Government will make any decision or take any action to grant anybody rights to this project while the Montero action is on foot. The timing for resolution of this case is unknown. I don't expect anything favourable to VML to come out of Wigu Hill for some considerable time, if ever.

Please research the regular reports Montero had to submit to the Canadian stock exchanges, when Cheetah Resources, later acquired by VML, was esatblished and began discussions with Montero, for more information. The reports were accessed on the Montero website, archives.