RE: Respectfully Disagree"..if IVN did not live up to the exploration portion , I doubt they would still have the opportunity to particpate in future placements"
I think this is correct as this failure would nullify the basic agreement.
The other issue merely addressed a negotiated guarantee, or right of first refusal, relating to a right granted by ETG to IVN to maintain a minmum equity participation ratio in ETG shares.
Although I think this is independent of IVN's earn-in reagrding the JV ore, it was a valuable exercise to closely review the JV agreement.
I am sure we will be focused on that document several times before the smoke clears on this one.