Pasquia hills milestoneRather than rely entirely on the very incisive posts found here (no, there is no sarcasm in my comments... really there isn't), I decided to raise my single largest concern about GNZ to Marc. Namely, how do they meet the Oct 1 payment on Pasquia hills which I am sure is weighing on the minds of other investors. I was pleased to get a detailed reply and realistic plan. It came on Sunday afternoon which shows the effort Marc is putting in to keep investors informed.
I think you will find that if you take the time to write to the company, you will see them make a real effort to answer your concerns.
I would also suggest that some of the posters on here trying running their own company sometime. It can be a learning experience if you've not done it.
Anyway... reply as follows:
Mark, in answer to yourquestions our plan is to complete the private placement by October 30, 2009 atthe latest and the way the private financing has been structured the companywill be closing on any amounts as the funds come in. The company will not meetthe $1,000,000 required for the October deadline but we have been in discussionswith the other farm-in partners whom we are very close to and they understandthe challenges that Goldnev has faced during the cease trade order and thecurrent financial markets and will give us the necessary time required to makethe required farm-in commitments.
What we have agreed tois that $500,000 will be paid once this private placement financing has beencompleted and a further $500,000 will be paid at the end of this year or earlynext year. At this moment I don’t foresee any problems with defaulting under theagreement at this time as we will receive the necessary extensions and as longas funds are funneled towards the program everyone will be pleased. Rememberthat at this time we have earned a 33.33% working interest and that cannot beforfeited.
Should you have anyfurther questions, please let me know.
MarcDame
President &CEO
Goldnev ResourcesInc.
Ste.485, 708 - 11 AvenueS.W.
Calgary, Alberta, T2R0E4