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Message: Re: seriously, folks... - Aafab

Feb 27, 2008 11:08AM

Feb 27, 2008 02:18PM
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Feb 27, 2008 02:33PM
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Feb 27, 2008 04:10PM
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Feb 27, 2008 05:55PM
Granted there may be an agreement with SPQ on JVing the Mc Fauld's properties but the prior agreement between SPQ and KWG clearly stated that SPQ had sole responsibility for moving the Mc Fauld's properties forward and KWG the same for the Mac Fadyen property. Also KWG definitely did not object to the JV Option negotiated with UC Resources in March 2007 nor any time since. IF so show me where! I imagine they (KWG) were very happy that SPQ were actually able to find someone who would be willing to put the money into the Mc Fauld's properties as they themselves were extremely low on cash and were determined that the only place they were going to sink what remaining cash they did have on hand would be in the Mac Fadyen property. That was exactly why they hammered out their division of responsibility (focus) and corresponding costs agreement with SPQ. Seeing as both had sunk so much into their JV explorations over the preceding number of years neither wanted to be left out in the cold on all the properties. Thus the deal to split the properties with the provision for future ability to pay up to maintain a minimal level of ownership rights or conversion to a NSR arrangement. I read and checked out the contents of the agreement as released to the public with both and neither disputed the news release contents though they followed up with a new public statement to reassert the content of the initial public announcement. The deal then struck with UC Resources allowed the conveyance of proportional ownership of the Mc Fauld's properties onto UC Resources AS WELL AS Operatorship rights (Mc Fauld's property Exploration Operator rights and responsibility - including assumption of exploration costs - during the Opt-in period (the letter of Intent) for exploration during the JV option period. Not only that, UC Resources fulfilled the first year of their option agreement a full month prior to Noront ever drilling on the near by Double Eagle (now called EAGLE 1) project. KWG was not having any problems then and why would they now? Since all this, KWG went ahead with their responsibility with respect to the Mac Fadyen project (their negotiated responsibility - lock stock and barrel) and then used the Noront Eagle 1 Discovery announcement to raise new funds to keep themselves above water, just as SPQ did. Thus, there was absolutely no disagreement then and there should be no disagreement now. With that all said and just to help JDF out, all the parties to the Mc Fauld's Properties (which in my mind also includes Freewest Resources due to the potential of their being adversely affected by JDF's difficulty in comprehending all this) should publicly state that they are all in agreement as to the ownership rights and corporate responsibilitise on all affected property, the Freewest Option property included. Old Joe PS: Apologies if this a little rambling but I would like to have this matter put to permanent rest not just for JDF's sake but also so we can move on and our SP can move up to where it belongs.
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Feb 28, 2008 03:35AM
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