Ann: Acquisition of Second Iron Ore Project , page-7

Fiendish

i suppose you are correct. thank you for the clarity

good to have your experience on board, here

having a look, the Youkou acquisition terms were also quite forgiving, in respect to the performance milestones

assuming the tonnage is DSO, the Youkou cost is $1.7m + 78m shares for 150mt of DSO

the Okanabora cost is $3m + 41.5m shares for 300mt of 30% itabirite

apart from the wallet of cash, the terms are similar

in other words, the performance milestone (for Youkou) is not indicative of the 1bt - 2bt exploration target so we can assume the Okanabora exploration target will be similar

i assume the MD received his current holding of 3,028,581 shares as vendor of Youkou

for Okanabora, his vendor interest (I recall from phone discussion) is 17%

the other vendors include related parties of WGO/IBG mgt

as for the MD, he resigned from WNR (AKM) on 14/03/2008 and AKM acquired the Ovoot Coking Coal Project on 26/11/2009. the MD appears unrelated to acquisition of Ovoot or the success of AKM

as for Okanabora, apart from my cost concerns, it is certainly an excellent acquisition in terms of both potential & location

if the ROC want a railway running south and linking with the DMM Mayako area, and including any iron ore deposits in between, then Okanabora is a necessary acquisition

i suppose i have a clearer picture now

it is always wise to question but i best leave the international wheeling & dealing to the professionals

IBG did well acquiring the Citronen Zinc Project for IBG, which is an excellent project & will outperform its current shareprice one day

regards