"PROPOSED TRANSACTIONDuring the year ended December 31, 2007, the Company acquired an option, subsequently amended, for the acquisition of up to a 49% interest in a company which holds a coal license located in Mongolia.
To acquire the interest, the Company is required to:
1. pay US$300,000 upon execution of the agreement(paid).
2. pay US$700,000 and issue 5,981,622 common shares for 29% interest upon approval by the TSX-V.
3. pay 5,067,546 Euros or the equivalent of US$7,753,345 on or before April 15, 2008 (not paid) for an
additional 20% interest.
The Company has been seeking but has not received an extension to the agreement and, as a result, has written-off the mineral property and related deferred exploration costs.
As of March 31, 2008 the Company had not received an extension to the agreement and, as a result, has written-off the mineral property and related deferred exploration costs for the period, totaling $332,461.
This transaction is subject to regulatory approval."
Are there any caveats for JAU shareholders? Can't say for sure. It had a good run last year, but management hasn't been very impressive. The secretive types either do well or they don't. Caveat emptor.