Ann: Central Tanami Project, page-66

We are on same page. I have been in many situations where I have been involved in MOU and HOA, even though I read somewhere that both are one of the same thing. What I can tell you many will see MOU's as non binding and HOA's as binding. generally MOU's are when due diligence has not been undertaken and there are many outs in the way they are written. On the other hand HOA's are documenting intent and are created to seal a deal pending the finer matters like contracts etc. eg if your lawyer is on holidays, bankers delay, regulatory matters such as approval from foreign exchange, disclosures etc etc. Theres no out just because, eg if MLX found a better deal to go after, they just pull out. HOA's are all about sealing the deal and closing the commitment so people can get on with business as usual. Hence formal announcements.....NST aren't stupid either, they've put in a bid on basis of the MLX HOA being terminated. Otherwise, there could be argument that lets say the contract proceeds and they begin to spend money and then courts decide to uphold MLX HOA, their money is down the drain as the MLX HOA is public knowledge and disclosable during their negotiations.

I really find it very odd that this has been made public, TAM should and perhaps tried to get out of MLX HOA when NSt offer hit their table. I cannot imagine that MLX did know about the NST offer well before now and decided to enforce rather than negotiate or withdraw. All IMHO.