RE: RE: NEWS! (not great)My understanding is that Goldbrook want to ensure that the 2009 rebate actually gets spent on the Raglan project.
"At such time as the 2009 rebates are paid and Jilin Jien permits those funds to be used for expenditures under the joint ventureagreement, Jilin Jien will have acquired its interest in the jointventure in accordance with the joint venture agreement."
They probably feel that if the project was handed over to the chinese before the rebate is paid that they would scam their way out of forking up the cash. The Quebec rebate is 40%, so the 2009, 2010 rebate combined would be 40% of 32.5M... so $13M, enough to fund another year of exploration without having to raise funds and dilute further for GBK... so plenty to play for
Can't see GBK having to pay the $52M, but when Quebec Gov sends out the rebate I wouldn't expect that to be the end. JJ don't want to pump more money into the GBK ground when they already have a mine, which is smart, but unfortunately for them a breach of the JV agreement.
Relations continue to sour.. and I notice Earl Terris signed off on this one, not Dave Baker