We have been awaiting news on whether the Madagascar joint venture would proceed. The partner was to provide certain documentation in regard to the property by Oct. 31. The following has been taken from the company website and it says that the deadline has been extended to January 15, 2012.

On April 12, 2011 Silvore Fox signed a Letter of Intent (LOI) with Gaea Mining Co Ltd. Sarl ("GAEA") to negotiate a Joint Venture agreement on two potentially high grade Copper properties in the Maindelanu region of western Madagascar. The joint venture company would hold 100% interest in the mineral rights of both properties, with no NSR.

The two claim areas the Corporation is considering acquiring consist of the Copper Meteor property in Maintnaro area ("Southern Properties"), which covers an area of 206.25 km², and the Copper Volcano property in Tambohorano area ("Northern Properties") with an approximate area of 1,500 km².

In recent years local communities have reportedly exported 3000 -- 5000 tons of rich ore with an average grade of 35% Cu. (Exploration Project Brief, Madaca Resources Inc. courtesy Madagascar Ministry of Mines, 2010)

Grab samples from the area of the Southern Properties have reportedly shown grades as high as 50+% Copper, including native copper. We recognize that grab samples are selective by nature and unlikely to represent average grades on the property so we are anxious to get in there and confirm grades for ourselves.

Silvore Fox VP Exploration, Zhenquan Gao, PhD., was in Madagascar for many weeks after the LOI was signed and an eight person Geological Team from Beijing Donia, the largest single shareholder of Silvore Fox, was assigned to assist Mr. Gao with geological due diligence on the property. “The team’s primary objective,” Mr. Gao said, “was to map and determine the drill readiness of the mineral claims and their overall potential prior to signing a JV Agreement.” Silvore Fox has concluded its geological due diligence in Madagascar and awaits the delivery of key property documentation prior to finalizing the JV agreement with GAEA.

Silvore Fox has agreed to provide GAEA with additional time to deliver the required documentation and has signed an extension agreement through to January 15, 2012.