GREY:ADEXF - Post by User
Comment by
Greenandgold.on Feb 14, 2012 1:43pm
202 Views
Post# 19532469
RE: G&G re; lies....
RE: G&G re; lies.... Of course the debenture is related to the feasibility study payment. XinXing didn't come through with the $20 million to fund the feasibility study. But the feasibility study is ongoing and someone's got to pay the consultants (AXI can't because it is dead broke). Therefore, XinXing offers the temporary solution of a $5 million debenture to pay for the study.
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But this remedial measure doesn't change the fact that XinXing has already broken its commitment to pay $20 million towards the feasibility study. AXI planned to fund 15,000 meters of drilling at Roche Bay with the $20 million, and planned to prove at least 750 million tonnes indicated at Roche Bay's C-Zone. These things didn't happen in 2011 because of XinXing's broken promise.
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Could XinXing have a change of heart and decide to send $20 million to AXI tomorrow? Sure. But it doesn't change the fact of what they've already done.