Peak executed a share purchase agreement to purchase the issued...

Peak executed a share purchase agreement to purchase the issued capital of Zari on the 23rd August 2011.

According to the General Meeting on the 21st Novemebr,2011 whereby the purchase was agreed upon by shareholders there was 150 days from date of execution for the conditions of purchase outlined to be satisfied or waived and then if not the agreement shall terminate and both parties will be released from their obligations.

According to my calculations we are past the 150 days.

This is an important transaction and shareholders should be updated about the current status of this agreement.

The only hiccup I can see if both parties are willing which I assume they are is the approval from the relevant Tanzanian authorities. I can't see how this condition can be waived.

Back on the 7th April 2010 to much fanfare Peak announced the purchase of 75% of the Igurubi Gold Project from African Eagle who were divesting their non core assets at the time. From what I was told earlier last year was that this deal had not yet proceeded due to the Tanzanian authorities not yet approving. It still hasn't happened and Peak has provided no updates on this transaction.

Interesting !