What's on the agenda today? Sensible ER discussion? Egotistical arguments? Provocative comments solely posted with the intention of causing maximum disruption and argument (As my loving wife always says "If your going to be a dick, you may as well be a big one")? Personal insult trading? Dialogue for the mutual benefit of those already invested? Dialogue for the benefit of people trying to get a lower buy in? All in all whatever we get it will certainly be entertaining and have absolutely no effect on the SP whatsoever. Have a pleasant day and respect yourself even if you cant respect anyone else.
And for the record. Warrant's mean Jack s *** unless they are exercised. Nobody will buy into 'jam tomorrow' unless there is a good cause to do so at which point, they will not be available to the market as its giving money away.
You are missing the point. ECR only get a 50% interest IF they have a mining licence. If they don't, then they cannot have a 50% interest, and should a buyer come along, then they will only get relative to what they hold which is a max of 25% WITHOUT a mining licence in place plus the 75% value that they have in TGR (and their own 25% they will have with ECR) with the shares they hold there. Also, if I am so short sighted, then please offer your thoughts on that if ECR continue to issue more shares via the drawdown they have in place (whilst TGR stay with just over 9million shares) just who becomes the better value for money ???
The Agreement is subject to due diligence by ECR and, if required, to approval by the TSX Venture Exchange. However even if TSX Venture Exchange approval is required, Tiger may elect to proceed in its absence. ECR will complete its due diligence within 60 days of the date of the Agreement.
The period during which ECR may exercise its right to earn a 50% interest in the Itogon project (the “Earn-in Period”) will run for 5 years commencing on (the “Commencement Date”) the later of: the date on which Cordillera Tiger receives absolute confirmation that the EP has been extended for a further two years from February 15 2011; the date on which ECR notifies Tiger that ECR has completed due diligence to its satisfaction; and the date on which, if required, TSX Venture Exchange approval of the Agreement is received by Tiger or Tiger elects to proceed without such approval.
ECR’s 50% interest in the Itogon project, once earned, will be satisfied by means of a 50% beneficial shareholding in Cordillera Tiger, although in some circumstances other mechanisms may be employed to vest fully in ECR its 50% interest.
Exercise of the Earn-in Option
ECR may exercise the Earn-in Option in the following manner: • by ensuring the completion of such work and the making of such expenditures as may be necessary to obtain for Cordillera Tiger a mining licence in respect of the Itogon property on or before the fifth anniversary of the Commencement Date (subject to force majeure provisions);
and by making payments to Tiger as follows: • on the Commencement Date ECR shall pay to Tiger USD 100,000 in cash; • on completion by ECR, for Cordillera Tiger, of a mineral resource estimate or estimates in respect of the Itogon project exceeding 200,000 ounces contained gold equivalent and compliant with CIM (Canadian Institute of Mining, Metallurgy & Petroleum) standards, ECR shall pay to Tiger USD 300,000 in cash; • on a mining licence being obtained by ECR, for Cordillera Tiger, in respect of the Itogon project, ECR shall pay to Tiger USD 500,000 in cash; • on commencement of commercial production at the Itogon project, ECR shall pay to Tiger USD 500,000 in cash
No Howard. The terms are subject to ECR getting the licence, and should there be a deal on the table before this happens, then ECR can only have a 25% say. If there is a resource of 200K ozs plus, then ECR have to pay TGR $300K for 25% earn in and for the other 25% then they have to provide a mining licence before they qualify for a full 50%. Believe me, I am not trying to stand on your toes, but there has been a smokescreen with SLM and MGA clouding the opportunities that Itogon represents.
ECR has the exclusive right and option to earn a 50% interest in Cordillera Tiger and thereby in the Itogon project by obtaining, for Cordillera Tiger, a mining licence in respect of the project within 5 years of the commencement of the earn-in and by making certain staged payments to Cordillera Tiger’s parent company Tiger International Resources Inc. (“Tiger”).
Under the terms of the earn-in, ECR will fund all expenditure required for Cordillera Tiger to obtain a mining licence, and through Cordillera Tiger, ECR will be the operator of the Itogon project during the earn-in. After a mining licence is obtained ECR and Tiger would fund development of the project pro rata, or the non-funding partner would be diluted.
Stephen Clayson, Chief Executive Office of ECR, has been appointed President & Chief Executive Officer of Cordillera Tiger in order to facilitate operations at the Itogon project following the commencement of the earn-in.
The Itogon exploration target
The exploration target in the Itogon project area is a steeply dipping wide epithermal style gold-silver system. At least five gold and silver bearing quartz veins have been mapped and are indicated to be continuous (especially the main vein) or semi continuous and steeply dipping (near vertical). The five sub parallel vein sets are recognised as occurring within a zone up to 250m wide and up to 600m long.
There is an extensive database of previous work on the deposit, including the results of drilling, metallurgical testwork and surface sampling. The Philippines is a low cost operating environment with skilled labour and mining services readily available.
A technical report on the Itogon project filed by Tiger, dated 28 May 2011 and downloadable from the Canadian securities database SEDAR.com stated an overall resource target for the project “of the order of 0.5 to 1 million ounces of gold”. However, this is a statement of opinion rather than a resource estimate and should be considered highly speculative and subject to the results of future exploration.
A more detailed summary of the attributes of the Itogon project and ECR’s rights in relation thereto is provided in the Company’s announcement dated 29 April 2013
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