On 27 May 2011 ROS announced that they had signed an MOU giving...

On 27 May 2011 ROS announced that they had signed an MOU giving them an exclusive period in which to conduct due diligence and negotiate the acqusition of a stake in the Tesiktas Copper Project.

As per the announcement "Red October to pay a US$250,000 fee that will provide the Company with a 3 month exclusive period (Exclusivity Period) to conduct due dilligence"

and "Should the parties successfully negotiate and enter into the Formal Agreement, Red October will be required to make payment for the agreed stake in UTK within 30 days of the expiry of the Exclusivity Period."

Note

* 3 Months from the 27th of May 2011 was the 27th of August 2011 which we have now passed. Under the terms of the agreement ROS has 30 days to pay for the agreed stake (just over 1 week away).

On 22 June 2011 they announced the acquisition of the Akjilga project with settlement to take place in late October 2011.

At the same time they announced that the acquisition of both projects would have to be approved by shareholders. ROS provided the following timeframe:

"Call General Meeting of Shareholders to approve change in activities and issue Prospectus ? Late July 2011

Shareholders General Meeting for Chapter 1 and 2 re-compliance and capital raising ? Late August 2011

Lodgement of Prospectus for re-compliance and capital raising ? Late August

Closure of Offer under Prospectus ? Late September 2011

Issue of Shares pursuant to Prospectus ? Mid-September 2011

Re-instatement to trading on the ASX ?Late September 2011"

On 19 July 2011 they announced that they had submitted the paperwork to the ASX and ASIC and are awaiting their approval.

Note:

* If we take the original time frame of two months (late July to late September) for the confirmed calling of the general meeting, lodgement of prospectus and reintstatement of trading and apply it from today that would take us to Mid November at the earliest.

* This puts ROS outside the timeframe agreed to for the acquisition of the Copper project and Akjila. IMO ROS needs to provide an update on whether an extension is likely to be granted (especially for the Copper project given the set time frame).

* ROS has also failed to meet the following:

1. A JORC compliant resource for the Copper Project was originally expected to be announced by the end if June 2011.

2. The timeframe outlined in the June 22 update

A revised update and timeframe is required IMO or at the very least a clarification that the projects are proceeding.

Finally before anyone jumps down my throat for not being a holder. I am interested in ROS and seeing how the situation unfolds. I did consider purchasing shares many months ago but decided against it. Therefore I have every right to post on this forum.

I look forward to other posters informed discussion about ROS and these projects.

To double clarify my point I am not saying the projects are not going to go ahead I just feel further clarification from ROS is required given the missed timelines.