Jales Property OptionMy interpretation of the option agreement based on the new releases and financial statement disclosures is that SLI has three years to pay $50,000 cash ($10,000 paid to date), issue 500,000 shares (100,000 issued to date) and spend $1,500,000 on exploration ($301,000 spent as of Feb-03). SLI states they have to June 2005 however the agreement was signed in Feb-02.
The Company's biggest challenge will be to raise the money for the exploration work not the additional $40,000 cash payment required. It also appears SLI owes Kernow money for exploration work done on SLI's behalf.