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It appears that Andrew Prelea and Roy Tucker have tried to fool shareholders once again.
If you take another look at today's announcement, you will notice that the directors have agreed to extend the lock-up period for their shares for a further 12 months.
Andrew Prelea - 15,000,019 shares
Roy Tucker - 2,250,057 shares
On the surface this action shows that the directors have confidence in the Baita Plai Asset........or does it?
If you compare this to the number of Shares they recieved back in November 2020, you will then realise that the directors have only extended the lock-in period for 10% of their original holdings.
(RNS Dated 06.11.2020)
Andrew Prelea - 1,500,001,930 Shares
Roy Tucker - 225,005,790 Shares
Is this a true measure of how much confidence the directors really have in the Baita Plai asset?
As I said before, this is all about him, it always has been.
Mine Plan 2 has clearly failed, this latest announcement is nothing more than justifications and further excuses to try to hide that failure.
It appears to me that Baita Plai isn't the fantastic asset that Andrew Prelea has always convinced shareholders it would be.
Personally, I think Andrew Prelea has known this all along, but needed to mis-sell the asset to shareholders in order to dump it on them later.
Unfortunately for Andrew Prelea, the shares that he pledged to Atlas will not be released until a Full and Final payment has been made.
This latest announcement of a failed 2nd Mine Plan Is clearly going to jeopordise the release of Andrew Prelea's shares, which is probably the reason why he is desperately trying to convince you that Baita Plai can still work......Mine Plan 3.
Every opportunity that Baita Plai has been given to prove Andrew Prelea's point has failed miserably. Clearly, the asset wasn't 'as described'.
If the Baita Plai Mine isn't worth it, and can't generate the cash required to cover its operating costs, then it would seem logical to give away this non profitable mine to Atlas by defaulting on the debt. Given the number of defaults already, I'm sure one more default won't harm.
However, rather than clearing the debts by dumping the poor asset onto Atlas, Andrew Prelea is seemingly going to keep hold of the non profitable asset, and dilute shareholders instead to repay them??.
This doesn't sound like a CEO who is looking out for the interest of the company, but rather his own interests. Andrew Prelea clearly wants his shares released, and it appears that shareholders are going to pay the price for it.
As a solution to this conflict of interest, if Andrew Prelea is truly confident in what he has preached to shareholders, than he will happily agree to an extended lock-in period for his shares (along with Roy) that will apply until the second set of quarterly production figures are released........to reassure HIS shareholders.
Of course, I don't believe that Andrew Prelea has that confidence in Baita Plai, and therefore i dont believe he will agree to this extension. This is all about him, it always has been.
I will have to look into the story later, but for anyone who is interested now, here is another case involving our subsidiary.
File Number - 1566/100/2019
Court - Cluj Court of Appeal
Registration Date - 07.12.2020
Subject matter - Bankruptcy
Subject - opening of proceedings at the creditor's request
Procedural status: appeal
Appellant - SC Profesionala De Avocati Dumitrascu & Asociatii
Debtor - Vast Baita Plai SA
Respondent - Orc De Peanga Tribunalul Maramures
RELEVANT COURT SESSIONS
15.06.2021
Summary: Admit the appeal filed by Appellant S.C.P.A.D.& A. against Civil Judgment No. 1112 rendered on 16.10.2020 in Case No. 1566/100/2019 of the Maramure? pe care o anuleaza în tot în sens ca: Orders that the case be referred to the syndic judge for the opening of insolvency proceedings against the debtor SC V.B.P.SA. Dismisses the cross-appeal lodged by SC V.B.P. SA against that judgment and the civil judgment of 16.07.2020 delivered in case no. 1566/100/2019. Orders the respondent to pay to the appellant S.C.P.A.D.& A. the sum of 2,737 lei by way of costs on appeal. The decision is final and enforceable. Pronounced on 15.06.2021 by making the decision available to the parties by the court registry.
12.10.2021
Summary solution: Dismisses the application for supplementing and clarifying the civil decision no. 329/15.06.2021 rendered by the Court of Appeal Cluj in case no. 1566/100/2019 filed by V.B.P. SA and the application for supplementing the same decision filed by S.C.P.A.D.A. The decision is final and enforceable. Delivered in open court on 12.10.2021
https://portal-justitie.ro/dosar/?dosar=1566/100/2019&institutie=CurteadeApelCLUJ
Whilst I gather all the relevant information needed to fully understand the story behind the New Mineral Procesing case, there is another legal case that was concluded on 06.10.2021, which is final and enforceable.
File Number - 438/86/2020
Tribunal - Bucuresti
Registration date - 28.05.2020
Subject - Payment Order
Procedural status - Merits
Creditor - SC Vaidaco Minerit Logistic SRL
Debtor - Sinarom Mining Group SRL
Hearing Date - 10.07.202
Summary - Dismisses as unfounded the plea of inadmissibility raised by the debtor. Dismisses as unfounded the plea of lack of interest raised by the debtor. Partly upholds the application for a payment order. Orders the debtor to pay to the creditor, within 20 days from the communication of the present judgment, the amount of 1,199,718.97 lei, representing the value of ore transport services, to pay the amount of 48,608 lei, representing late payment penalties calculated from the due date of the invoices until 30.01.2020, as well as to pay, in continuation, the late payment penalties of 0.01% per day of delay related to the principal debt, until the date of its full payment. Orders the debtor to pay to the creditor the sum of 200 lei by way of costs. Enforceable. With the right to apply for annulment within 10 days of notification. The application for annulment shall be submitted to the Bucharest Court - Civil Section VI. Pronounced today, 10.07.2020, by making the solution available to the parties by the court registry.
https://portal-justitie.ro/dosar/?dosar=438/86/2020&institutie=TribunalulBUCURESTI
05.11.2020
Sinarom Mining Group SRL lodges an application into the Bucharest Court for the annulment of the above case.
06.10.2021
The application for annulment was then dismissed, in a final judgment delivered by the Court.
There is clearly some other outstanding issues remaining between the two parties in question.
01.10.2021
In case number 3291/299/2021, the Court dismissed the appeal lodged by Sinarom mining group srl against the execution of Enforcement Case 978/2020.
The dismissal of the appeal by the courts, suggests that the Office of the Court Bailiff (BEJ) have been given the 'go-ahead' to proceed with the execution of case 978/2020.
08.10.2021
A pre-drawn payment Agreement was concluded between Sinarom Mining Group SRL and New Mineral Procesing SRL whereby Sinarom "undertakes to pay in three instalments the total debt of 406,479.80 lei".
(Payment Agreement no.26/27.04.2021)
If Sinarom Mining Group has settled all their outstanding debts to New Mineral Procesing SRL, then why has the case not been closed? Why are the Courts allowing the Enforcement to continue? and ultimately, why was a payment agreement even required?
THE ARTICLE : PART 3 OF 3
The Iacobeni plant was built in 2008-2009. Initial costs were estimated at €4.07 million, but in the end the state investment was €5.43 million. The copper concentrate resulting from the processing was exported and the manganese ore went to Mittal Steel Galati. After the bankruptcy of MinBucovina, the Manaila copper quarry and the Iacobeni platform were put up for sale and bought in 2011 for €3.63 million (excluding VAT) by a wholly Chinese-owned company, SC SINB International Grup SRL Bucharest (now Sinarom Mining Group SRL). According to the contract, the Chinese paid 7.38 million lei (excluding VAT) for the exploitation and valorisation of polymetallic ore from Manaila and Iacobeni Platform and another 7.98 million lei (excluding VAT) for the purchase of movable goods.
The mining licence from the National Agency for Mineral Resources (ANRM) in Bucharest commits the company to extract, process and exploit the Manaila copper deposit until the reserve is exhausted. The actual handover of the 7 hectares of mountain with copper deposits and the Iacobeni plant took place on 1 November 2011. Until yesterday, 110 people worked here, mostly from Iacobeni.
https://m.monitorulsv.ro/Local/2015-03-24/Uzina-de-prelucrare-a-cuprului-Iacobeni-vandalizata-sub-pretextul-unei-executari-silite
POST ARTICLE COURT DECISIONS
The Court Decision of 03.03.2016
Court of Appeal - Constanta
Subject - Bankrupcy (Insolvency proceedings)
Summary - The company holds receivables in the amount of 3,000,000 USD from S.C , "Sinarom Mining Group" SRL Bucharest where an action is pending in court to recover this debt.
The Court Decision of 21.04.2016
Subject - Civil Enforcement of Execution
Court - Bucharest
Summary - claims in the amount of USD 1,979,239.58 and its accessories, through the method of pursuit of intangible movable assets represented by 255,220 shares held by Sinarom Mining Group SRL, with a nominal value of 10 lei each and a total value of 2,552,200 lei.
The Court Decision of 23.11.16
Subject - Declaration of Enforcibility
Tribunal - Bucuresti
Summary - mortgagee consented to constitute in favour of the mortgagee a movable mortgage of R___ I for the amount of 2,500,000 USD on 255,220 shares issued by the company SINAROM MINING GROUP SRL, representing 100% of the share capital of the company.
THE ARTICLE : PART 2 OF 3
According to Sinarom's lawyer and workers, the team brought in by the executor cut the conveyor belt feeding a mill, destroyed a filter absolutely necessary in the production process, took out of operation at least 20 engines. The head of the plant, Ionel Varareanu, told us that the wires from the electrical panel were also ripped out, so if the plant were to restart, it would take several weeks, if not months, to repair the damage. "They have attacked at key points, the aim is to vandalise the plant and take it out of operation. We can't sit idly by, this is our bread and butter," the indignant man told us.
Another worker, Radu Iacoban Bodnar, had tears in his eyes when he told us that he has been working at the Dorna mine since 1976: "Why are they destroying? Why do they vandalize? It's our work, our life. They destroyed everything, this plant we had left, and it's going well. Why?"
The bailiff flatly refused to talk to us or the Sinarom workers. Beyond the chain of gendarmes, he asked those he had brought in to keep their eyes on their work and not to be impressed by the booing of the suddenly unemployed workers. At one point, a jeep, whose occupants were representatives of the creditors, arrived in the yard, we were told. Initially, they refused to talk to us, but eventually one of them, George Neac?u, told us that the execution was for a debt of $2.8 million owed by Sinarom Mining Group SRL to New Mineral Processing and that if there were any grievances, they should be settled in court. Asked why they are destroying the plant's assets, George Neac?u told us that they are mortgaged assets that can be taken and the creditor can do what he wants with them. He was unhappy with the attitude of the workers and complained that he was booed and cursed at, and even that one of the protesters had thrown a stone at his car. "Those people deserved to be handcuffed. The gendarmes turned a blind eye," he said.
Today both enforcement and protests resume
It was the gendarmes who protected them, however, from being beaten up by angry workers. The head of the Vatra Dornei Gendarmerie, Lt. Col. Bogdan Cruceanu, told us that, procedurally, the foreclosure was done with all the necessary documents. Which is not very difficult because, after the new Civil Code, the action is exclusively at the discretion of the executor, who no longer needs a court order for enforcement. "The executor has all the necessary documents. The responsibility for what happens belongs to him," said Lt Col Cruceanu.
As neither party showed any signs of giving in, the gendarmes called for a police team to come. The workers were not impressed and blocked with trucks the access of the car in which some of the goods were to be evacuated from the factory. The head of the Dorn gendarmerie noted that the execution was prevented and they will start again today.
THE ARTICLE : PART 1 OF 3
IACOBENI COPPER PROCESSING PLANT VANDALISED UNDER THE PRETEXT OF FORECLOSURE
The last bastion of copper mining in Suceava County is about to fall. The Iacobeni copper processing plant stopped its work yesterday morning after a group of people came to the factory and told the workers that the plant was being foreclosed and their services were no longer needed. The foreigners came accompanied by gendarmes and a team who started cutting cables and machinery, under the amazed eyes of the factory workers.
After they were taken out of the factory, the people went to the director Dumitru Iacoban to ask him what was going on. He went on to the Chinese shareholders of Sinarom Mining Group SRL, but no one knew anything. The mayor of Iacobeni, Angelica Fador, also came to find out why the plant was suddenly closing. "It's a foreclosure," was the only answer they got. The workers were not satisfied with this answer and, together with the Chinese owners, they stayed on outside the factory to see what the foreclosure actually means. The noises they heard inside convinced them that the executors were cutting the machinery and that the intention was not to continue work but to close the factory.
Towards midday, employees from the other shifts, drivers from the Manaila mine and the lawyer of Sinarom Mining Group SRL, Constantin Sanau?an, arrived in front of the plant. He told us that the foreclosure is illegal, that the company New Mineral Processing SRL, which is carrying out the foreclosure, has no right to do so. "They invoke an agreement that existed between us and them, whereby we were obliged to buy from them a quantity of gold pyrite and we were endorsing the contract with the company's goods, pyrite that they were supposed to buy from Remin Baia Mare. The pyrite was never bought and we have documents to this effect, and they made a false addendum, whereby we had mandated an associate from New Mineral Processing, Vasile Sorin, to represent us. Vasile Sorin was never mandated by us. They tried to block us once last year and the court ruled in our favour. Now they have come again and are taking this deeply illegal action," the lawyer from Sinarom Mining Group SRL told us, adding that he has filed a complaint with the Public Prosecutor's Office and the DIICOT.
Plant boss: "They attacked at key points, the aim is to vandalize the plant"
File Number - 3291/299/2021
Registration Date - 28.01.2021
Subject Matter - Litigation with Professionals
Subject - challenge to Enforcement (Of Execution Case Number 978/2020)
Procedural status: Merits
Appellant - Sinarom Mining Group SRL
Respondent - New Mineral Procesing SRL
Respondent - Jianu Georgeta (Judicial Liquidator)
Hearing Date - 01.10.2021
Summary: Dismisses the objection of lack of interest of the appellant with regard to the filing of the appeal against execution, raised at the trial date of 13.05.2021, as unfounded. Dismisses the appeal against enforcement as unfounded. Dismisses the respondent's request that the appellant be ordered to pay the costs as unfounded. On the basis of Article 717, para. 2 of the Civil Procedure Code, orders the defendant to pay to B.E.J. "Ulman Bogdan Vasile" the amount of 228.48 lei, representing the costs of transmitting the execution file no. 978/2020 to the court. Pursuant to Article 720(2) of the EC Treaty 4 C.pr.civ. this judgment will be communicated, ex officio, to B.E.J. "Ulman Bogdan Vasile", after it has become final. With appeal within 10 days of communication. The application shall be filed with the District Court of Sector 1 Bucharest. Pronounced today, 01.10.2021, by making the solution available to the parties through the court registry. Date of delivery: 01.10.2021
Document of the session: Judgment of 01.10.2021
https://portal-justitie.ro/dosar/?dosar=3291/299/2021&institutie=JudecatoriaSECTORUL1BUCURESTI
Sinarom Mining Group SRL have now had their appeal against the execution of Enforcement Case Number 978/2020 dismissed by the court.
This complex case, along with it's many other associated cases, have dragged on in the Courts for the past seven years (since 2014).
To help you get an understanding of how this case/argument first came about, I have translated and uploaded a really interesting article from March 2015 that was published in the 'Monitorul de Suceava' which should give you a rough idea.
The Article is fascinating, and definitely worth reading, even the last paragraph is interesting.
On the 19th of September 2018, an employee (Mr Romulus Moldovan) of Sinarom Mining Group SRL was seriously injured at the Iacobeni Treatment Plant, after being caught by a conveyor belt whilst carrying out checks on the crushing plant.
Mr Moldovan was then rushed to the Suceava County Hospital, where after medical treatment, he was diagnosed with "polyconcussion and cranio-cerebral trauma".
The Labour Inspector (Inspec?ia Muncii) was notified of the incident, and a criminal file was drawn up for the offences of culpable bodily injury and failure to comply with legal health and safety measures at work.
The link does not work when clicked - Copy and paste the link into the URL bar.
https://www.google.co.uk/amp/s/www.stiridinbucovina.ro/2018/09/20/accident-de-munca-un-barbat-din-iacobeni-prins-la-o-banda-transportoare/amp
A couple of articles to read if anybody is interested, I can't remember hearing anything mentioned about these stories at the time, so......you maybe interested?
On the 31st of May 2017, wastewater from the Iacobeni treatment plant was discharged into the river Bistrita, the same happened again two days later (2nd June). In both cases, the company "forgot" to report the incident.
When the source of the pollution became apparent, the administrator of Sinarom Mining Group SRL (Gabriela Dobrota) claimed that it "could be the result of an intentional action by an employee".??.
Sinarom Mining Group SRL was issued both a sanction from the Enviromental Guard (Garda de Mediu) and a 35,000 Lei fine by the Suceava water management system (Sistemul de Gospodarire a Apelor (SGA)).
The link does not work when clicked - Copy and paste the link into the URL bar.
https://m.monitorulsv.ro/Local/2017-06-13/Raul-Bistrita-poluat-in-doua-zile-de-firma-care-exploateaza-cuprul-de-la-Manaila-Iacobeni
File Number - 1224/86/2020*
Tribunal - Suceava
Registration Date - 18.06.2021
Subject - Bankrupcy (Insolvency proceedings)
Creditor - Transamine Trading SA
Debitor - Sinarom Mining Group SRL
Hearing Date - 21.09.2021
Solution - Insolvency Act 85/2006
Summary Ruling - Rejects as unfounded the objection of lack of general jurisdiction of the Romanian courts, both with regard to the application for the opening of insolvency proceedings and with regard to the status of creditor of TRANSAMINE TRADING SA, submitted by the debtor SINAROM MINING GROUP SRL. Grants a deadline of 2 November 2021 for the continuation of the proceedings. The parties will be summoned for the next term in accordance with the Code of Civil Procedure. With right of appeal together with the merits. Pronounced in open court today, 21 September 2021.
https://portal-justitie.ro/dosar/?dosar=1224/86/2020*&institutie=TribunalulSUCEAVA
Hi Pecten11
"the underground drive could just be part of the connection which would be more direct under, rather than over/round the intervening hill range?"
In my post, I placed the location of Piciorul Zimbrului on the Eastern side of the Tibles Mountain, which is 75km away from the Manaila Mine.
At a distance of 75km, a 19km 'short-cut' as your comment points out, would seem reasonable, and I would agree with your argument.
However, the company hasn't laid it out like that. The company claimed that Piciorul Zimbrului was only 19km away from Manaila, making the most direct route there.......19km.
If the company then claims there is also a 19km underground drive connecting them, then the tunnel must be 'direct'. Any other route would be longer, or indirect.
Regardless, Piciorul Zimbrului is actually 75km away, and by giving inaccurate distances/information, it allows the company to avoid giving the exact location away......possibly for the reasons Ive mentioned.
To add to the end of part 4 of 8
I'm no tree expert (as you will see) but when I entered either 'Alpine' or 'Spruce' into google images, both showed results of Christmas tree shaped, evergreenish type trees, very similar to the trees shown in the image below. This image was one of three images released by the company to show that surface drilling had commenced on the Zagra licences.
https://pbs.twimg.com/media/DsiRfwhWoAAHOvi.jpg:large
It makes me wonder........was this Image taken from Izvorul Rau, below the Dense Alpine/Spruce Forest, at Piciorul Zimbrului?
On the basis that Junipers bushes and Spruce Trees don't really constitute as evidence in proving a location, the 'cross section' image below (from another geological study) should solidify your opinion, as it can be compared (mountain for mountain) with the map used above, which we used for our short journey from Vf Tibles to Piciorul Zimbrului.
https://html.scribdassets.com/1lxtsascu85k8eik/images/90-f1998575c9.jpg
PART 8 OF 8
On another note, given the "second biggest copper mine in Europe" claim made by the company, and taking into consideration the 'protected' status of the location, and also the opinions of the local people and general romanian public, whilst also taking into account the public response to Rosia Montana, combined with todays global and popular view on protecting our environment, where do we think this is heading, in this specific case?
I'm not too sure (long term) that locals will be happy, it may provide them jobs, but it's their back garden. Of course, the future demand for copper is expected to increase, but this increase is being matched by pressure to protect the enviroment and all its species equally.
Although the idea of a Copper Porphyry is attractive to most of todays investors, I genuinely think we may encounter huge, and potentially costly issues of activism if it does proceed. I noticed an article published by timponline relating to our surface drilling, judging by the comments in response, people are already unhappy by the idea.
https://timponline.ro/o-companie-britanica-foreaza-pe-31-de-km-patrati-intre-zagra-si-telciu-in-cautare-de-aur-si-cupru/
Acquisition RNS
https://markets.ft.com/data/announce/full?dockey=1330-583702en-4DH4C6G73GL553OV31SE08EMQN
Geological Studies
http://www.geologicacarpathica.com/GeolCarp_Vol60_No2_181_190.html
https://www.academia.edu/29737668/ANALIZA_MORFOLOGICA_COMPARATIVA_A_MASIVELOR_MAGMATICE_INTRUSIVE_?IBLE?_?I_TOROIAGA
Additional Information
https://www.mindat.org/loc-249324.html
https://www.mindat.org/loc-398031.html
PART 7 OF 8
In order to confirm this information, and to ensure that the computed boundaries of the protected areas are correct, I have left a link below, to the official website for the City of Dragomire?ti........This is what it says:
Arcer - ?ible? - Bran is a protected area of national interest corresponding to category IV (nature reserve, mixed type)
The nature reserve was declared a protected area by Law No. 5 of 6 March 2000 published in the Official Gazette of Romania No. 152 of 12 April 2000[3] (on the approval of the national land use plan - Section III - protected areas) and covers an area of 150 hectares[4] and overlaps with the Natura 2000 site - Valea Izei and Dealul Solovan[5].
The flora of the reserve includes a diverse range of wild flora (trees, shrubs, grasses and flowers), including species that are endemic or protected at European level by EC Directive 92/43/EC of 21 May 1992 (on the conservation of natural habitats and of wild fauna and flora)[7] The crossbill (Hepatica transsilvanica)
https://dragomiresti-maramures.ro/directory/masivul-tibles/
Knowing this information, would you have given your shareholders the exact location of the licence areas? or let them know that they've just acquired two new licences on protected land?
This naturally raises a few questions about the implications, for instance, given that this area is protected, I can't see the company having permission granted to leave a big hole where a mountain once was, clearly there will be strict limits in place................but how strict?
Will the company ever be given permission to actually mine on these protected areas? Was the company ever to be given authority to progress beyond that of surface drilling? For all we know, drilling could have already been stopped?
What did happen to the drill results after the deadline ended on the Formin SA 'Payment Agreement? And why were the licences then thrown into the APMG transaction 'free of charge'?
PART 6 OF 8
THE SECRET LICENCES
There seems to be something about these licences that I do not trust, I can't understand why all the vital information required by shareholders is either hidden away, not mentioned, incorrect or diversionary at its core..............surely there must be a reason for this.
1. Why were we not given the licence details?
2. Why have we not been told who owns the licences?
3. Who did we get the licences from?
4. Why can't we search for, and find the issued licences?
5. Why have we not been told the exact location of the licences areas?
6. Why have the distances between locations been incorrect?
7. Why are we discovering that our licences are in different counties
8. Why were we told that the information is 'out there' in the public domain?
9. Why were the licences thrown into the APMG transaction for free?
10. Why have we still not been told where the drill results are?
11. Why is there so much secrecy?
There is one possible reason I can think of as to why there is so much secrecy surrounding these licences, which may also be the reason why shareholders have not been given the precise locations of the licence areas either.
The Piciorul Zimbrului, and the Magura Neagra licence areas are both located on protected land, which can be viewed through the link below.
1. Click the 'Natura 2000 public viewer' image.
2. At the top of the screen, enter 'Muntii Tibles' into the search bar.
3. Zoom into the location given.
https://ec.europa.eu/environment/nature/natura2000/data/index_en.htm
Areas with blue lines - Habitats Directive Sites (pSCI, SCI or SAC)
Areas with red lines - Birds Directive Sites (SPA)
Areas (crossed) with blue and red lines - Birds and Habitat Directive sites (psi, SCI, SPA or SAC)
A Special Protection Area (SPA) is a designation under the European Union Directive on the Conservation of Wild Birds. Under the Directive, Member States of the European Union (EU) have a duty to safeguard the habitats of migratory birds and certain particularly threatened birds.
A Site of Community Importance (SCI) is defined in the European Commission Habitats Directive (92/43/EEC) as a site which, the biogeographical region or regions to which it belongs, contributes significantly to the maintenance or restoration at a favourable conservation status of a natural habitat type or of a species and may also contribute significantly to the coherence of Natura 2000, and/or contributes significantly to the maintenance of biological diversity within the biogeographic region or regions concerned.
PART 5 0F 8
One thing you may have noticed is that Piciorul Zimbrului actually lies on the other side (North-West) of the red dashed line, placing it in the town of Dragomire?ti, in Maramure? county, not Bistri?a-Nasaud as the company claimed.
Not only that, the Piciorul Zimbrului licence area is approximately 75km from the Manaila Mine, where as the company claimed it was only 19km. This raises the next question.......how is there supposed to be a direct 19km underground drive connecting them?
Here's what the company said.........."The Zagra-Talisua deposit is also connected to Carlibaba by a 19km underground drive that could facilitate transport of ore to the centralised processing facility at Carlibaba".
Feeling like you've been lied too again?
Mistruths aside, I do generally feel quite confident that the Magura Neagra, and the Piciorul Zimbrului licence areas are both located in the ?ible? study area, or more specifically, either side of the ?ible? mountain, ?ible? centric if you like.
Although it does seem a little strange that both the licence areas are so close to each other, where both appear to be interested in the same deposit.....Perhaps one licence sits directly on top of the other licence, as if there was only ever one licence to begin with..........just check the licence details if your unsure.