Paterson JV. - MPF have pulled out therefore the JV is now MDS/Giralia 50/50. - MDS are soon to take possession of documents that will show the facts leading to the recent decision. - If the reasons for the refusal have been found wanting then MDS will challenge the decision by a judicial review through the Justice of the Supreme Court.The strategy here is that unlike Cazaly ( which took there grievance with RIO to the High Court) the aim will be to find that the minister's decision to hand back the leases to Birla was out of order.
Paterson Province lease applications - MDS still going through procedural hoops. Most promising target to date is application for lease 45/3768; Some may know that ENR leases were originally owned by RIO but never drilled. ENR were able to examine all the data that RIO had collected for drill targets etc; and the rest, well; that's now history; Good news for MDS is that 45/3768 was previously owned by BHP. Similiar story - they never drilled but left behind data for drill targets. Once these leases are granted expect MDS to move quickly.
Income - seems gold will be the short term focus with feasability work underway to establish a working mine. The next qtr should provide some encouraging news here. Cheers, F
MDS Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
