Jibber Just checked some figures. The 80% earn-in is $2.5m exploration expenditure by Aug 2016. By year end 31st Dec 2015 they had achieved 89% of the expenditure, namely $2.225m. Do not know if this includes any costs for the infamous 3D modelling. With $300k now linked to a bankable feasibility study this would make up, near enough, the $2.5m earn-in sum?. Taking a different slant on it, accepting that they have failed to disclose info, could this mean that they have/will achieved the earn-in and a "bankable" study is being developed before the Aug deadline?.......or am I being too optimistic, with this lot that's probably a big fat yes!.
Jibber, same as yourself, all I could find with reference to a feasibility study was from the RNS 3rd March (which you have posted) and also the same was included in the final results for the year 31st Dec 14 (RNS 7024M, 11the May): "In February 2014 Orogen signed a comprehensive Joint Venture Agreement (the "JV Agreement") with Georaid covering the Mutsk property. The JV Agreement incorporates the terms of the previous Memorandum of Understanding and sets out detailed terms for all work on the property, up to and including a Feasibility Study, if warranted."
This is all I could find, nothing disclosed about "If a positive Bankable Feasibility Study is obtained on the project, then Orogen will issue further Ordinary Shares in the Company to the Georaid principals to a value of US$300,000" I will contact the FSA on Monday
Mon, 3rd Mar 2014 07:00 RNS Number : 2502B Orogen Gold PLC 03 March 2014 Full Joint Venture Agreement signed with Armenian partners, Orogen also signed a comprehensive Joint Venture Agreement with its Armenian partner, Georaid CJSC, covering the Mutsk property which incorporates the terms of the previously reported Memorandum of Understanding. The JV Agreement sets out detailed terms for all work on the property, up to and including Feasibility Study, if warranted.
RNS Number : 2719F Orogen Gold PLC 22 April 2014 Mutsk gold project Armenia
· Agreed a Memorandum of Understanding ("MOU") with Georaid CJSC covering the Mutsk gold project in southern Armenia o $2.5 million / 80% earn-in option on Mutsk gold property to be completed by the end of August 2016 o After year-end signed a full joint venture agreement to implement the terms of the MOU February 2014 the Company, through its wholly owned subsidiary Orogen Gold (Armenia) Limited, signed a Joint Venture Agreement with Georaid CJSC ("Georaid"), an Armenian registered company and holder of Exploration Licence EHTV 29/066 ("Mutsk gold project"), granting the Company an exclusive option to earn-in to the Mutsk gold project in southern Armenia. Under the Joint Venture Agreement the Company has the option to acquire an 80% undivided interest in Georaid by incurring exploration expenditures of US$2.5 million by 31 August 2016.
Yep, key important information not contained in the RNS. I think due to the horrific performance of the SP and wanting to keep people on side they have gone back and sweetened the deal and neglected to tell the market. Which to my knowledge is illegal and must be reported.
Not much point until August passes, then see how the land lies I reckon. See if ORE does stump up the cash for the additional earn-in on Mutsk. My feeling is, if we don't stump up, then maybe the 3D model has revealed a hologrammatic turd. Lol.
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