La Quinta hopes Wa Balengela MOU doesn't go MIA
2006-09-15 10:52 ET - News Release
Mr. Malcolm Swallow reports
LA QUINTA - MEMORANDUM OF UNDERSTANDING
La Quinta Resources Corp. has been made aware that a third party is making a competing claim over the licence areas that are the subject of the memorandum of understanding (MOU) between La Quinta and Wa Balengela Kasai Investments Congo sprl (WB Kasai) as reported in Stockwatch news Aug. 28, 2006. La Quinta has been assured by WB Kasai that its MOU is the sole valid agreement covering the subject properties and that any competing claim that may have existed in the past has been nullified.
Malcolm Swallow, La Quinta's chairman, stated, "We are confident in our partners WB Kasai and look forward completing the due diligence process and getting on the ground in DRC as rapidly as possible."
La Quinta continues its due diligence evaluation as contemplated in its MOU announcement, which will include an independent consultant's review of the lease areas for the purposes of confirming the merit of the properties and designing the first year's exploration programs, plus a further review of the terms, conditions, validity and enforceability of WBK's concessions and exploration rights in the DRC.
La Quinta is working to complete its due diligence program and then to rapidly move into a detailed and comprehensive exploration program on 7,010 square kilometres of the Twangiza/Namoya gold belt in the Maniema and South Kivu provinces in the DRC.
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