RE: RE: RE: ? Great NewsManagement did not default on 40,000, the Koreans are being given 30 days to come up with monies 250,000 (Their share) owed to Canada Moly(the joint venture company)
The default notice states, in part, that the property optionors were to receive an $80,000 payment by Jan. 31, 2010. It acknowledges that $40,000 was received from Nanika Resources and further states that Canada Molybdenum has 30 days in which to pay the remaining $40,000, failing which the option, as that term is defined in the Lucky Ship option agreement, will terminate.
April 28, 2009 - Nanika Resources Inc. (TSX-V:NKA and FSE: C7X) announces that the "Canada Molybdenum Corp." has been incorporated as a subsidiary pursuant to the recently signed Joint Venture Agreement with Palm Clean Energy Inc. and Daewon Chemical Co. Ltd. of South Korea
Pursuant to the Nanika Molybdenum Joint Venture Agreement (JVA) the Korean partners will be issued 40% of the new joint venture company shares and Nanika will hold 60%. The terms of the new joint venture are consistent with the Memorandum of Understanding previously announced on November 27, 2008 between the parties, except that given the continuing financial crisis the signing payment of $500,000 is to be divided into two payments, with the second half payable in 6 months time, with payments subject to Korean government approval
the Korean parties agreed to provide a loan of $500,000 to CMC, of which $250,000 was paid on April 27, 2009 (and, in turn, then loaned to Nanika pursuant to the terms of the Joint Venture Agreement) and a further $250,000 was due on October 27, 2009 (not completed).
The are being given 30 days notice for something that was due Oct 27.
This puts the Lucky Ship property at risk.
IT'S ABOUT TIME. If the Koreans go away someone else will step in
Moly is rising price.It is forecasted to average 20.00 in 2010.
Just a thought now.
Imperial Metals has a mining operation within 80k and its operational life is up 2011
'In June 2009 Huckleberry Mines Ltd. Approved an extension of Huckleberry's mine plan to include the Saddle Zone resource, which will provide for mill feed to extend milling operations from 2010 to the end of 2011'
"Production in 2008 totaled 6 million tones ore milled producing 37.2 million lbs copper and over 3,000 oz gold, 245,000 oz silver and 188,000 lbs molybdenum."
"Planned production for 2009 includes 40 million lbs copper, 2,400 oz gold and 195,000 oz silver."
No mention of Moly.
Nanika could supply if prices were acceptable.They have high grade with no impurities.