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4.35%

8.8¢ southern gold limited

Strategic Review?, page-6

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getready

704 Posts.

22

22/10/18

19:17

Post #: 36215509
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Originally posted by jogo ↑

I always thought that the Cannon cashflow made SAU a better than normal punt for a gold explorer. Of course, the corporate action for Cannon with WGX who then onsold their rights to mine to NST has now led to no income until such time as NST want to recommence production from the mine. As a company that was dependent on Cannon for revenue, it speaks poorly of the SAU management that they did not have conditional contracts with WGX that would protect their income in the event of any on-selling of the mine.
It appears that SAU have been left high and dry on this mine, other than the right to terminate the right to mine agreement if there is no progress on mining within a certain timeframe (timeframe not divulged to shareholders, so far as I know).
I wonder what the detail is with the contracts that SAU has with Bluebird Ventures for the Korean activity?

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Forfeit right to mine if no mining commenced within a year of contract if I remember correctly. I'm pretty sure this was stated at the time.

SAU Price at posting: 17.5¢ Sentiment: Hold Disclosure: Held
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