Well, it's not a simple situation with these Wodger tenements....

Well, it's not a simple situation with these Wodger tenements.

I'd love to be able to say that AUR had 100% unencumbered, but it doesn't.

Facts:

1. It bought from BlueCrest pro Grosvenor Gold in early 2012, but some tenements were subject to FEL having an agreement (with a previous owner) to retain 20% and also to be free-carried to mining, at which time it pays 20% of mining.

2. AUR/RNI (I prefer RNI as a name btw) then sold Fortnum to MLX and this Wodger land was initially sold to MLX as part of the gold sale and with RNI to have the copper rights in respect of Wodger etx.

3. Thankfully, after a bit of chit-chat, this was reversed so that RNI/AUR retained Wodger etc with MLX/WGX retaining the gold rights.

4. So, here we now stand.

#FEL has 20% of all minerals and pays nothing until a decision to mine has been made at which time it will pay 20% of costs and receive 20% of earnings.

#WGX has the gold rights to AUR's 80% and pays its fair share of mining the gold - so, with gold FEL gets 20% and WGX gets 80%.

#FEL gets 20% of all other minerals after paying 20% of mining costs.

# AUR gets 80% of the copper after paying an 80% share of the costs of recovery of the copper. Remember that WGX shares in mining costs too (for the gold).

Copper please, and BIG too!