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Camrova Resources Inc V.CAV.H

Alternate Symbol(s):  BAJFF

Camrova Resources Inc. is a Canada-based mining company. The Company operates in one business segment, being the acquisition, exploration and development of resource properties. It has a minority investment in the El Boleo copper-cobalt-zinc-manganese deposit located near Santa Rosalia, Baja California Sur, Mexico. In addition, the Company intends to investigate and potentially pursue alternative project opportunities.


TSXV:CAV.H - Post by User

Bullboard Posts
Comment by geezer321on Feb 02, 2013 12:20am
168 Views
Post# 20928071

RE: RE: RE: RE: RE: RE: Acesover

RE: RE: RE: RE: RE: RE: Acesover

What we have had so far on cost overruns is that Baja shareholders put up $90,000,000.00 and Kores made loans of $144,000,000.00.  In total that is $234,000,000.00 put forward to cover cost overruns and the $50,000,000.00 cost over run facility was cancelled.

 

Stage One

Baja gave up  21% of Boleo in order to inject $90,000,000.00 into the project.   In short, it was Baja shareholders who injected $90,000,000.00 into MMB and not the Korean Consortium because in essence the consortium simply exchanged one asset $90,000,000.00 for another asset, 21% of Boleo.  The $90,000,000.00 when to MMB and not Baja.  Baja shareholders got nothing for their 21% of Boleo.

That 21% the Korean Consortium received has increased in value because the NPV of Boleo has increased since the March 2010 economic assessement of Boleo was done.   See my prior post.

Stage Two

Cost overrun funding was not done through equity raising as envisioned but through loans of $144,000,000.00 from Kores.  See the 5 December 2012 news release.

 

Kores has taken over the $419 million project financing of which $115 million was recently advanced.

 

It was Mount Kellett who mwade the unrealistic prediction the SRK report would be issued within months by September 2012 and it was Mount Kellett who inflated how much the cost overrun would be when they got control of Baja.  It was Mount Kellett who gave up 21% of Boleo to raise the $90,000,000.00 to inject into MMB.

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