Ann: Quarterly Activities Report, page-9

Hello Bigunks,

Semi-logical, however I respectfully disagree.

LNY is clearly short of money, and rely on the Chairman's generosity. As soon as the ML is granted, a number of big ticket costs will be triggered (bonds, permits, licences and the like). The clause "upon the granting of a Mining Licence" will undoubtedly feature in a number of contracts/agreements.

There is no point in triggering those costs, unless the mill is ready to turn/spin dirt into gold.

Mill is the horse, ML is the cart (not the other way around).

If the Mill was ready in Sept, I dare say the ILUA would have been executed, and the subsequent ML granted.