Eco Oro Minerals Corp C.EOM

Concession 3452

[sailor8]

Quote:
On April 1, 2019, the Company notified Colombia of its intention to renounce Concession 3452. The ANM has 30 business days to comment on Eco Oro’s decision to renounce the title. If it fails to do so, the renunciation will automatically be deemed to have been accepted. Eco Oro will be required in due course to submit a plan for the closure of Concession 3452 to the local environmental authority, the CDMB. 

source page 9: https://sedar-filings-primary.thecse.com/00003568/1904261804039298.pdf

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Quote:

On April 1, 2019, the Company notified Colombia of its intention to renounce Concession 3452 to mitigate its losses. On May 13, 2019, by Resolution VSC No. 000365, the ANM accepted the renunciation of Concession 3452. The ANM is expected to continue with the administrative procedure of renunciation of Concession 3452 in accordance with Law 685 of 2001. On July 5, 2019, the Company submitted the closure plan related to the Concession 3452 to the

local environmental authority, the Autonomous Corporation for the Defense of the Bucaramanga Plateau (in Spanish, Corporacin Autnoma para la Defensa de la Meseta de Bucaramanga or CDMB) for approval.

source page 9 from:

https://sedar-filings-primary.thecse.com/00003568/1908231655529280.pdf

This MD&A (For the six months ended June 30, 2019) contains a lot more text about the licence starting at page 7. I only quoted here the last part.
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Conclusion: I think the Eco Oro board has the duty to explain several things to the shareholders... !!!

We lost not only roughly 500 million US $ market cap, but also do not know now what happened finallly with all our licences. Licences were once valid for nearly the whole gold district there in Colombia until 2027 with a prolongation option.

[TiredofWating]

That doesnt bode well.    Looks like Eco Oro no longer has the title on these concessions. And, appeal of the tribunal decision will go nowhere.

[sailor8]

But interesting that Minesa / Mubadalla plans its main activities for the Soto Norte project to start in 2017. The year when our original  licenses end (if not our 30 years prolongation option is triggered). Have not given up some hopes completely though it does not look nice. And Anna seems to had filleted already some of our super licenses in favour for the Arabs (and herself?). Without

[zubry]

It's become clear the board has no intention or neve had any to keep shareholders notified. It's highly likely Anna and her cronies bent us over and likely got bent over for and by the same people...why else would you give up the onlyvleverage you had in the event of an unfavorable outcome. I would love some clarity on what happened and what will happen next but not holding my breath. 

[sailor8]

If I understood it right, the Anna filleted concession (apart from the main Angostura licence) are clearly outside of the Paramo boarders. And they are clearly needed by Mubadalla (plus now Aris) to realise their Soto Norte project....

[TiredofWating]

This needs to be made clear by Eco Oro in a news release.

[oldtimer42]

There is no Paramo Boundary....that is the issue with the government. The Supreme court has ordered them many times over the past several years to establish that elevation. They are unable or unwilling to comply.

[sailor8]

Correct Oldtimer. I should have said that these probably lost additional satellite licenses are "outside any thinkable boundries as they are still in discusssions" or something like that. I made '''Alarm" on Stockhouse at that time. Including the question, what would happen to any gold find if they dig these very long tunnels through "our" prolific mountains

[oldtimer42]

Most South American countries with Paramo have set the elevation for mining at 3500 meters. EOM only needed an elevation of  3100 meters to mine. Higher would have been much better, but that level made it viable but the government would not even set it at 3100 meters.