RE: gone fishingI am expecting this to be a big week for FRP...the Dec.6 deadline is fast approaching.If we can see the Perama Hill permit approved by the Greek Council of Ministers for transfer to FRP, this will represent a significant material change in the valuation of FRP, which will trigger a much higher share price.
Recent accumulation of FRP stock by investors is suggestive of many individuals betting on a positive outcome.
Word on the Ovacik permit should also come any day now.Recent press release by FRP indicates that everything appears to be acceptable to the Turkish government..
Ovacik Gold Mine - Turkey
-------------------------
As discussed in Newmont's news release of August 20, 2004 and Frontier Pacific's news release of August 27, 2004, the Ovacik mine was required to cease operating in late August, 2004 to comply with a court order arising out of ongoing litigation. Since it commenced operating in 2001 the mine has operated in compliance with applicable laws and without incident.
In order to reopen the mine Normandy Madencilik AS ("NMAS"), Newmont's subsidiary that owns the mine, was required to file an updated environmental impact assessment report ("EIA") and supporting documentation for a Continuous Operating Permit. The EIA was filed in early August 2004 and the documentation for the Continuous Operating Permit has also been filed. The Ministry of Environment and Forestry ("MEF") issued a Notice informing NMAS that the EIA has been fully vetted and accepted, and that NMAS is in compliance with applicable environmental legislation. All relevant Government Agencies have been informed of the acceptance of the EIA by the MEF.
NMAS management expects that it will take several more weeks before operations at Ovacik can recommence.
Frontier Pacific has recently completed full due diligence, detailed mine planning and a resource audit of the Ovacik Gold Mine assisted by Roscoe Postle Associates with the objective of completing the acquisition soon after the Permit has been issued.