RE: RE: RE: RE: Been away "The more pertinent question that has never been answered is how did the past owners get Wellgreen so very wrong (in valuation)??"
On NKL's website, there is a very good history of the Wellgreen property presented. To answer the question of how past owners got Wellgreen so wrong - they didn't. Instead, and as the history of Wellgreen suggests, no one ever had the resources to do much of anything with the property.
Take Coronation Minerals as an example. They agreed to buy Wellgreen back in 2005 and three years later, backed out of the deal citing "market conditions". Remember 2008? Everything was selling off and no one was able to get financing. Meanwhile, Wellgreen just sat there on the books of Northern Platinum with no takers whatsoever due to market conditions and the inability for just about everyone to arrive at financing. That is, not until Mr. Lee came along and bought Wellgreen on September 21, 2010 via Prophecy Resources (now Prophecy Coal). As for why Mr. Lee started Prophecy Resources, to buy properties at a steep discount to actually do something with the same.
Sometimes, properties just get over looked.
source: Norhern Platinum MDA
"On July 20, 2005, Coronation Minerals Inc. and Northern Platinum Ltd. entered into an
agreement which gives Coronation the right to purchase a 100% interest in the Wellgreen Cu-NiPGM property for CDN $25 million within three years. On producing, the property will be
subject to a 3% net smelter royalty in favour of Northe rn Platinum for two years after which the
NSR will be 5%. Coronation may purchase 1.5% of this royalty at any time for CDN $7.5
million.
During 2006/07 Coronation Minerals twinned drill holes to advance this previously drilled
deposit towards 43-101 standards.
On October 31, 2008 Coronation Minerals announced, that due to market conditions Coronation
is not proceeding with the acquisition of the Wellgreen Project from Northern Platinum."