RE: cousin gert?S1...for sure MOA has struck a binding deal to earn 100% of the whole VL property from RIC. In short, it requires $3MM in property exploration(over about a 3 years period I believe). Then there is a $3MM cash payment to RIC at the end. This along with 2.5MM shares that MOA has already given RIC were all the terms required for 100% interest. That is the history.
On a go forward basis. MOA has now struck a deal(sub-option agreement) with MAR where they can earn 50% of VL. MAR has to spend the $3MM in exploration and make the $3MM cash payment and they have to do this a bit quicker than MOA's original timeline that was set with RIC.
Looking at the current situation, it appears to me that this is all going to happen about 2 years ahead of schedule. MAR will likely have spent the $3MM in explanation by the end of 2010 and then at any time the $3MM cash payment can be made to RIC and the deals are concluded...MOA and MAR will each have 50% and they will formally set up their JV.
There is another nice addition I have noticed as well on the claims map...MAR/MOA have recently added a bunch of new property attached to the original VL claims...very interesting...C.Gert