Orogen Gold (“Orogen”) signed an initial Memorandum of Understanding with Georaid CJSC (“Georaid”), an Armenian registered company, covering the Mutsk gold project in southern Armenia in January 2013. This was superceded by a Joint Venture Agreement (“JV Agreement”) signed in February 2014.
The JV Agreement signed with Georaid covers the following main points:
Orogen has the right to earn an 80% interest in the Mutsk project by spending US$2.5m on exploration by 31st August 2016. If Orogen continues with the exploration programme beyond 31st December 2014, then it will issue Ordinary Shares in Orogen to the Georaid principals to the value of US$100,000. Once Orogen vests its 80% interest then both parties shall contribute pro-rata to further costs or dilute their interest. If Georaid’s interest falls to 5%, then Orogen will carry Georaid’s costs through to mine production, if/when this is achieved. Orogen will recover the costs of this carried interest from Georaid’s share of production from a mining operation. 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
glr m8y,i get them two mixed up,old age an all that? grl?its multi bagged,so that ones a no no atm,dont wanna get spiked.lol. colis tough az old boots and hard az nails,sas trained ya know,a killing machine,just incase ya didnt already know.
That deal just seems like one of convenience to me. Can't see how it will really benefit us here. We should have cracked on with Mutsk first. Unless it is crap of course, which it doesn't seem to be. I'm amazed that we haven't done much at all on it though for the last couple of years.
Hope Coli is doing ok. His back would have been put through its paces with his last job, so maybe a good thing to have a change for him. You can't put a price on health and wellbeing.
Best of luck with that other share you mentioned. I'll be watching through my binoculars, away from any 'buy' buttons. Ha ha.
tbh,the problem with ore,is that its just going into a deal that needs funding and ore has no money to do that?so it loooks like we're stuck in here for a while...great news for grl though,lol.(birdy) colis jacked his job in,but dunno why he isnt posting,not seen him on scotgold much either? nite m8y.
Not heard from Coli on here for a while. Hope he's ok. Of course, he may have sold, or just chilling out while Birdy installs nitrous oxide onto his bath chair. Mega!
Not great in ORE at the mo. No real news of note, sp slowly rotting. Like one of our Serbian kebabs. Still in the kebab hut window, been there ages and not looking too clever, not dead yet though, just waiting for the right punter with an iron constitution to come along and take it on. Lol.
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