Games Being Played
Word play...to who's benefit?
From yesterday's Noront NR:
"Furthermore, Eagle Hill stated in the December 17th press release that "Upon Eagle Hill delivering the Notice, the Optionor will then have 180 days to notify Eagle Hill if it wishes either to continue as a 25% joint venture partner (currently it is a carried partner), or to transfer 100% of the Property to Eagle Hill in exchange for a 2% NSR.
In accordance with the Option Agreement, the aforementioned 180-day period is only initiated upon the delivery of a BFS and not upon receipt of the Notice committing to the commencement of commercial production."
From yesterdays Noront MD&A
The Company retains a 25% carried interest up until the earlier of the completion of a bankable feasibility study (the “BFS”) or Eagle Hill gives notice of its commitment to cause the commencement of commercial production from the Property, with such notice specifying the tons of proven and probable reserves and the anticipated annual rate of production; after which the Company will have the option to convert all of its interest to a 2% net smelter royalty or retain its 25% interest in the property and be responsible for its working interest of development expenditures.
TW