Re: PP
in response to
by
posted on
Dec 16, 2008 04:28PM
The Company's Eagle Gold Project in Yukon Canada hosts a National Instrument 43-101 compliant Reserve of 2.3 million ounces of gold.
My understanding is that NEM can back-in anytime they want; however, once we complete a feasability study that shows we have "X" amount of gold, we can force them to make a decision whether or not to back in. If they chose not to back in, I believe that they will be entitled to a royalty income form VIT. I don't remember the exact details, but this is my general understanding. For any of you who followed the Bema Gold/Kupol property, no one really became interested until a feasibility study was either late in the process or was actually completed. It is questionable if NEM will back in unless we have at least identified 2 million ounces, and as of today, we do not have the proof that Cove McCoy, at this early state, has in fact, 2 million ounces of gold or more. Again, I am not giving exact details, but this is my recollection.