Saprolities. The relationship was stressed at time of first extension, as CGM was officially late June 30
Given Press release
DNI METALS INC. (DNI : CSE) (DG7N : Frankfurt) (DMNKF:OTC)
FOR RELEASE – March 27, 2017
DNI Metals Completes DA with Cougar Metals – Drilling to start – Saprolite
Toronto, Ontario - (Newsfile Corp. – March 27, 2017) DNI Metals Inc. (DNI: CSE) ("DNI"
or the "Company")
DNI is pleased to announce the following:
1. The Definitive Agreement “DA” was finalized and signed on Friday March 24,
2017 with Cougar Metals (CGM:ASX) in which Cougar can earn into 50% of
DNI’s Madagascar Graphite Project.
2. Cougar has completed a financing in which it has sufficient funds to complete the
3. NI 43-101 Resource Report must be completed by June 30, 2017
4. NI 43-101 PEA (Preliminary Economic Assessment) must be completed by
October 31, 2017.
5. A$200,000 to be paid to DNI by March 31, 2017
6. U$150,000 to be paid to DNI by June 7, 2017, unless Cougar has withdrawn
from the agreement by April 12, 2017.
7. One of Cougar’s eight drills has arrived in Madagascar, and should be on the
property within a week.
8. Cougar must drill a minimum of 3,000m to a maximum depth of 50m, and
additionally complete 1,000m of trenching.
Saprolities quote. CGM had only been drilling for two and a half months at that point in time and you are suggesting CGM initiated that article? That’s nonsensical.
Fact: CGM agreed to 3000M drilling and a Resource report in 95 days. At 2.5 mths you mentioned, drilling should have been nearly done. Randal said the rig was running 55 meters/day. 55 m x 95 = 5225 Meters. CGM wasen't even in the ball park. After 270 days CGM had only had 1700 meters drilled then. CGM had plenty of reasons to start looking for alibi's since they weren't producing. As to permits, Ive been consistently saying DNI was granted the PE at or near time of property sale, with the requirements of the EIS signoff by the officials, before they can produce. As we know, thats on its way.
CGM hurt both companies by not doing its job. In my lines of work, when someone doesn't do their job, they are a liability and need to be eliminated. In the real world thats how contracts and agreements work. CGM signed a contract and didn't produce. If there were problems, they should have taken steps, sent help, acted like a team player and solved some problems. Randal should have been on a plane to Maddi. This goes to arbitration and CGM loses big. Costs on both sides, and maybe no settlement whatsoever. Id vote for an agreement if it was reasonable as Id like to stop posting on this rubbage LOL.
As to the catalysts you've mentioned, Id like an update and some progress as well. Thanks for postings the share price catalysts.
• 2,320 metric ton graphite delivery to the USA that was due in Dec 2017.
• (“EIE” & “CSR”) Environmental impact and social responsibility studies and obligations.
• Commissioning of DNI’s processing plant
• Results from the 28 ton bulk sample delivered to India in January 2018.
Theres sure to be some we missed.