Sorry Guys, I'm away from home atm, with limited access to a...

Sorry Guys,

I'm away from home atm, with limited access to a laptop.

If you remember I mentioned Maroon Gold as a potential processing and mining partner, six months ago when EOPL didn't meet there timelines (please see posts back that far).

The agreement appears (on the face of it), to be very similar to the EOPL HOA.

Except :
- Maroon agreement is for 100kt Vs EOPL's agreement for 200kt
- presumably LNY are still targeting +8g/t
"Pursuant to the HoA, the Company plans to process initially up to 200,000 tonnes of high grade ore (+8 g/t)..."
- Maroon's plant (Black Jack) has a capacity to process up to 340,000tpa Vs Georgetown 100,000tpa
- Maroon's plant recoveries of 90% to 95% Vs EOPL (Georgetown) 87%
- Maroon's revenue split occurs above a 3.5g/t head grade Vs EOPL 4.0g/t
- Maroon revenue split 60/40 Vs EOPL 70/30 for 80kt & 60/40 for 120kt
- Maroon to provide an interest free unsecured loan to Laneway for an amount of up to $500,000 (this is a big plus).

I haven't had time to do the numbers, but essentially it's a similar deal. We loose time and money in transport costs, but the dirt is processed 3.5 times quicker and 6% more efficiently.

Presumably the deal with Maroon is for 100kt only, since EOPL's mill may be commissioned sometime after the deal with Maroon terminates, allowing LNY the option of switching Mills if the board sees fit.

Cheers,