RE:Question is lawsuit finished with and closedHI SHOCKEM64,
After the Court Arbitration was completed in 2009 our Mgmt team requested from the new Minister i/c to return Piskanja to Erin Ventures. As well, the new Minister had asked our Mgmt for a short list of mineral properties in Serbia that interested Erin Ventures ie.would be interested in obtaining.
Our Mgmt team submitted to the new Minister a short list as requested.
On Nov 30/09 the Ministry issued an exploration license to Erin Ventures for an alluvial gold property east of Belgrade. This property was referred to as the VK gold property - refer to News Release details. ie. this must have been one property that was on our short list submitted.
In Serbia private landowners control the land surface, so the Licensee has to negotiate with the landowner a value for disturbance costs created to the land base. Some of the landowners were reasonable to deal with regards to disturbance costs, while others weren't.
Eventually, Mgmt decided to return the property back to the Ministry, due to some landowners not wanting exploration on their landbase ie. no entry, and others wanting excessive monies to enter their lands.
On Jan 8/13 the Ministry issued an exploration license to Erin Ventures to drill the Jarandol basin for a 3 year term - refer to News Release details.ie. I assume at the time this property replaced the VK gold property returned, but nowhere in the News Release is it mentioned.
During the 3 year term of the license 8 holes were drilled in the basin, in a line from the old mine Pobrdje to our existing property Piskanja. FYI, all holes drilled contained boron in the core samples, and 1 hole drilled is referred to as a "super hole".
Moving forward, at our last townhall meeting our President -TD had stated News will be forth coming on the Jarandol basin and BONE is waiting for News on an outcome for the old Pobrdje mine.
On Feb 28/17 Balkan Gold our subsidiary Company, submitted a proposal to the Ministry to revive the old Pobrdje mine - refer to News Release details.
IMO, an outcome on the Jarandol basin and the old Pobrdje mine will be addressed in Q2-24.
IMO, there has been no arbitration court settlement paid to Erin Ventures, and as well, our law firm representing us has not been paid to date, or at least that is what has been reflected in our Financials.
Back in 2009 when the arbitration court hearings were completed Serbia was in no postion to pay a $15M lawsuit, as they were a poor nation relying heavily on the World Bank to carry their expenses. Their GDP in 2009 was $45.2B with a GDP per capita of $6,169. At the time there was high unemployment in Serbia and allot of workers were moving out of the country seeking employment.
Finally, you ask the question -
"Is it possible all of these delays could have something to do with the Erin Ventuires lawsuit" ?
IMO, I would say No, not at all.
I was advised by Mgmt and long term investors from the start of this investment, it would take 20+yrs to evolve a mining project from drilling to obtaining a mining license, but that didn't scare me off!
Throw in the challenges shareholders had to deal with, corruption with a work stopage, the Balkan conflict(war) with project shutdown, covid closure,15-Mining Ministers delaying matters sometimes & whatever other delays I may of missed = 26 years I've been invested.
Have no fear, as the end is near.
Sincerely.
(bb-99)