RE: RE: AURIZON ENTERS INTO DEFINITIVE AGREEMENT W ARZ being bought is really good for the company. The JV has lost some time to perform and now has a short fuse as September is coming up. So either Heckla stays in the JV (see payments due below) or NOX gets 100% of the deposit back. Both are excellent options for NOX.
- The resource payment is due 60 days after NOX delivers final 43-101. If the year 2 43-101 is the final one (due in April) then I believe the resource payment of approx $50,000,000 and year 3 payment of $9,000,000 for exploration would be due in early September. (Date tied to first agreed budget – I think Sept 7)
Part of the JV agreement is that ARZ/Heckla cannot make hostile takeover until 6 months after JV ends, unless there is a bid from someone else. Something will probably happen this year, there is too much gold in the ground/engineering for building a mine for NOX to sit for this cheap for long. GLTA