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Ann: Exploration and Company Strategy Update, page-44

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  1. 531 Posts.
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    I am trying to figure out the date of the "90 Days"


    5th April INCA SIGNS EXCLUSIVE EARN-IN OPTION WITH SOUTH32

    "As consideration for the US$275,000 Funding Amount Inca grants South32 an exclusive option to earn-in and acquire majority ownership of the Project (Option 1). Option 1 may be exercised within 30 business days of South32 receiving all results from the AMAG-RAD study. If Option 1 is exercised by South32 then, within a period of 90 days after the exercise notice, the two companies will negotiate an earn-in agreement (EIA) on the principles and terms which, under the EOA, have been agreed in advance by both companies (discussed below). The 90-day period may, if needed, be extended by mutual agreement."


    22 August 2018 INCA RECEIVES SOUTH32 EARN-IN OPTION EXERCISE NOTICE - RIQUEZA

    "Having exercised the option, and with agreement on many of the key terms, there is a clear pathway for future negotiations and the Project. Inca and South32 intend to negotiate the remainder of the EIA (including the exact Phase 1 Funding amount) following completion of the geophysical studies and within 90 days after the final Geophysical Data report."


    27 September 2018 FINAL GEOPHYSICS DEFINES MULTIPLE PORPHYRY-SKARN TARGETS

    "Inca Minerals Limited’s (Inca or the Company) has received the final interpretation of the geophysics data for a survey conducted at the Great Riqueza Project (Riqueza or the Project). It follows interim geophysical interpretations announced 4 July, 30 July and 29 August 2018."


    So if the 90 day clock started on the 27th of September (noting it can be extended by mutual agreement as per the first announcement). It doesn't state whether these are business days or not so I'm hoping its the former.


    If it is not business days looks like it could be a merry Christmas for holders.

    If starting date is September 27, 2018 that means that 90 days later would be December 26, 2018.

    If starting date is September 27 2018 that means 90 business days (using WA public holidays) later would be 5th of February 2019.

    http://www.workingdays.com.au/Western%20Australia.htm#am1wd

 
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