I was 100% correct on EAG/NOT agreement The Major obsticle of uncertainty for EAG has now been exposed as false..
Per SEDAR FILINGS
Note the EAG/NOT option agreement includes a separate options to the pre feasibility it says/states "OR" that is EAG is to complete a pre feasibility study by April 2013 ..OR
give notice to the Optionor of its commitment to cause the Commencement of Commercial Production from the Property (which notice shall specify the number of tons of proven and probable ore reserves on the property at the time estimated by the Company and the anticipated annual rate of production)
So an internal scoping study giving specifics on the numbers , which is already been delivered via instrument 43-101 which EAG is currently updating as they go...this would satisfy 100% of requirements for EAG to fully comply with said agreement, even without the full feasibility study...So EAG has in fact complied in full with all the requirements per said agreement, to deny any possibility of NOT reclaiming any claims from said NOT optioned claims...
And so I was absolutely 100% correct NOT will have 0% chance of reclaiming any said optioned claims...In my view this fabricated issue by NOT shareholders stating and posting that NOT still had the option to buy back all its optioned claims from EAG Was/Is a false statement to say the least...This was a Major reason why EAG was not reacting to the very good news put out and was unecessarily bashed and held down, for what it turns out was a fabricated/untrue statements..
In my opinion, this super negative uncertainty has in fact been totally disproven by Sedar filings, and my posts here to that effect...and so there is and should be now absolutely no uncertainties whatsoever, and EAG should be free to fly HIGH..
As to the remainder 25% INT in only said options claims, I did make a reference in my previous posts about the 10% additional Interest to be paid to EAG on all costs relating to these NOT optioned claims, should NOT decide to keep said 25% working that is a very high amount of interest indeed to pay, as current rates are so low....
EAG is clearly the BIG winner here, and the remaining 25% NOT Int which could/should be converted to a 2% royalty payment from production of Gold from said NOT optioned claims, having EAG asked to finance this NOT participation IMCO, does not speak well for NOT and it’s ability or in this case it’s non ability to raise funds$ on their own...just to show how far they have fallen...My advice( if it is worth anything at all..lol..) to NOT would be to take the 2% royalty and avoid all the costs including the high interests cost of EAG financing...In the end, these 2 might be almost equal, in $ terms...SO the BIG so called alleged uncertainties have now disappeared...
SO it makes very little or NO difference/effect to EAG, one way or another they will need to honor this part of the 25% NOT Int in their claims, in said agreement...I was an NOT shareholder, and gave it all up at the ROF, after the arrival of Cliffs, which in my view practically took many of these rich Chromite deposits for penuts...
SO IF I were to give my advice to current NOT shareholders, I would say your best option now, is to sell 1/2/ of your NOT shares and BUY EAG shares...EAG IMCO will be moving up first, while NOT may at some point in the future, return to some semblance of its former glory, this process will take quite a period of time, especially with base metals prices... BUT as I always say...In the end it’s your money, and you can do as you please...
Mellow