Let me get this right, people are whinging that GPN or another company that GPN has a 40% interest in are upset that they paid $650 for this tenement - Mann in the West Arnhem Land, NT.
The 40% interest that GPN has in this company was approved by shareholders at the last EGM on July 18.
To clarify things, a tenement is granted to a company for explore for a period of time, in this case 6 years and after those six years it lapses and it can be granted to another company, if that company does not comply with the mining act or deal with the aboriginal people in the right manner (hint hint), they lose it.
During that six year period, the previous holder, in this case I believe Cameco (the largest Canadian uranium company) have spend millions on preparing the ground for uranium, however I believe they were not granted permission to drill.
The company that GPN had a 40% interest paid the $650 and added the tenement with the other two.
In my opinion, what are great steal for GPN to get their hands on this great tenement in the right area of West Arnhem Land. It wouldn't surprise me that they pick more tenements up in this area.
Watch out Cameco.
May be GPN should of paid a million dollars for Mann, but they didn't they got it very cheap for $650.
Good work GPN.
GPN
greater pacific gold limited
