RE:RE:RE:RE:Erin Ventures finalizes work program for Piskanja
Hi Stradeski,
You summarized the news release very well.
A lot of work is still required on the ground, including drilling. Only 4 holes on a 25 x 25 meter grid are planned in the drill program. This will raise the tonnage, in that area, to measured but this is a fraction of the drilled area and not sufficient for the Feasibility Study.
With respect to the license extension beyond September 2020, Tim's comments during the conference call regarding the September 2018 license renewal indicated that they would have 24 months to get the work done or risk forfeiture of the exploration license.
It is clearly stated in the 2014 PEA, the 2016 MRE and the 2019 MRE that there is one 3 year term with two 2 year extensions of the exploration license. After the last 2 year term, the company has 3 years to prepare the necessary documentation, studies and reports to apply for the exploitation license.
Tim's comments left me and others with the impression that the 2018 extension had a finite 24 month term with no extension for more drilling after that.
The new mining law does have the provision to offer a third 2 year extension for strategic minerals and boron is one of those strategic minerals.
Tim's comments during the conference were made before the license was renewed in September 2018. Perhaps the additional 2 year extension was included in this renewal.
I have not been able to speak with Blake since the April news release and I have not been able to find out why there is now an option for another 2 years when there wasn't one previously.
I hope that this third 2 year extension to the exploration license is valid.
I prefer that the new potential partner will sign a deal similar to the one with InvestCo so that this project can finally achieve it's full potential.
Cheers,
VB