OTCQX:RPMGD - Post by User
Comment by
pipefit2on Aug 02, 2013 4:21pm
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Post# 21647402
RE:GOOFY
RE:GOOFYI can't speak for those other guys, but my take (or at least hope) is that they are trying to renegotiate the Wilco deal with Newmont. In that case, their spending plans would be on hold until they had an answer, one way or the other.
To refresh your memory, if Newmont backs into Wilco, they get 70% of the mine, but they have to spend $20 million on infill drilling, step out drilling, and doing a PEA. I would propose to Newmont that we kick in $3 million, and they put in $7 million, with the idea that we would prove up another 2 to 3 million ounces.
If that were to happen, that might be enough to get NEM to back in and spend the next $20 million.
Or they could be negotiating with someone else, and our purse strings are somewhat tied until they get an answer, one way or the other.