HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Re: John Kaiser on McFaulds
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Feb 21, 2008 11:07AM
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PM
Feb 21, 2008 11:43AM

Actually PM that is not quite right. 

Prior to the JV with NOront, Probe had been trying to acquire the COndor Greenstone claims - there was a legal dispute involving the former owners, so Probe was unable to acquire it.   They did however, stake claims around Condor Greenstone or DE as it is now known, which are the small but very key McFaulds Lake West claims.  When the JV commenced, Noront told Probe that they would continue to negotiate for the Condor Greenstone claims on Probe's behalf.  Unfortunately for Probe, it was shortly thereafter, as you say, that they did not find the type of discovery that they were looking for (the drilling did not occur anywhere close to the discovery zone), and as the terms on th JV called for Probe to put another $2million into the project, they felt that it was better to drop the joint venture.  I am not sure exactly when NOront managed to acquire the COndor Greenstone claims, whether it was before or after the JV ended.


PM
Feb 21, 2008 12:40PM
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