Empire History 101, page-60

Thanks Pete on both counts ...
I am enjoying the research too to be honest ..its has a humdinger of a history and what I am learning here is a giving me some ideas to use when looking at other companies.
And yes ..the important thing is “what happens next “ rather than “what happened then”
but, as I think I said somewhere before it’s good to know the nature of the beast .

Speaking of which there doesn’t seem to be anything so beastly in that 2014 report . Released 29.9.2014. (Director’s payments aside)

But I am going to post a more accurate review of stuff I have mentioned before because this 2014 report may actually flag the introduction of current players in the “ostentible” demand to throw out current directors and the court case.

2014 Annual Report : In relation to Penny’s Find ;
“ Discussions are currently underway with potential buyers of this rich gold deposit . Brimstone Resources PTY Ltd has confirmed its interest in disposing of its 40% interest in Penny’s Find project together with Empire .”

Brimstone now belongs to Singapore-based, Virgin Islands registered LionGoldhttp://www.liongoldcorp.com/brimstone-resources/. It purchased the interest for $3.77 million from a private company split from Empire.

Activities under LionGold:
30.1.2013 “During the December quarter Brimstone Resources undertook preliminary mining studies on Penny’s Find in preparation for a full mining feasibility study and lodgement of a Notice of Intent to mine.” http://www.resourcesempire.com.au/docs/30122012 QAR.pdf
30.4.2013 “Brimstone has not reported any activity during the quarter” http://www.resourcesempire.com.au/docs/30122012 QAR.pdf
31.7.2013No mention of Penny’s at all except to say no updates to resource since October 2007 http://www.resourcesempire.com.au/docs/ERL QAR 30June2013.pdf
31.10.2013“Brimstone has not reported any fieldwork was undertaken during the quarter”
http://www.resourcesempire.com.au/docs/ERL QAR 30September2013.pdf
31/01/2014“Brimstone has not reported any exploration fieldwork was undertaken during the quarter”
http://www.resourcesempire.com.au/docs/ERL QAR 31December2013.pdf
30.04.2014 “Brimstone has not reported any exploration fieldwork was undertaken during the quarter”
http://www.resourcesempire.com.au/docs/ERL QAR 31March2014.pdf
31.07.2014“During the quarter the Company has been holding discussions with potential buyers of its 60% interest. No exploration fieldwork was undertaken during the quarter”
http://www.resourcesempire.com.au/docs/31072014 Quarterly Activities Report.pdf

Thus brings us once again to the Annual Report September 29 , 2014 when shareholders are informed these discussions have continued and LionGold is also keen to sell.

Barite ?
Exactly three weeks later there is a trading halt followed by the “Eying Barite” announcement along with news Management will be issuing four tranches of shares to raise half a million dollars to... “eye the barite”
But Empire won’t be alone in this ocular exercise as a new private player - one with a 51% control of all JV doings -has entered the picture - MANDARA RESOURCES......
http://www.resourcesempire.com.au/docs/22102014 Barite Mining Opportunity and Share Placement.pdf

.....Back at Penny’s
Quarterly reports for 30 September 2014 - no work at Penny’s, more sale discussions
However on 29 January 2015 we are told LionGold is in action at last “a small RC drilling program” of seven 604 metre holes have been drilled http://www.resourcesempire.com.au/docs/29012015 Quarterly Activities Report.pdf
..oh and sale discussions are now “advanced “

The Sale
To a fanfare of Angolan conga drums the sale Is finally announced . http://www.resourcesempire.com.au/docs/30042015 Quarterly Activities Report.pdf