Is Diagnos ever planning to announce the cancellation of their $3 million contract with First Source Resources? Funny how they went out of their way to announce the signing of this contract back in the summer, made mention of it in the Message to Shareholders of their most recent quarterly earnings release posted Nov.11th but have overlooked to provide this update which was released by FSR under the headline "First Source Expands Resource Claims at Lac Des Pics, Plans to Focus on Exploration in Gaspe for 2009" (nice move FSR by the way in choosing a headline that completely ignores the contract cancellation):
Nov 28, 2008 16:28 ET
DIAGNOS Inc.
First Source and DIAGNOS inc. ("DIAGNOS") (TSX VENTURE:ADK) also announced today that they would not be proceeding with their services agreement (the "Agreement") executed July 14, 2008 between First Source and DIAGNOS to explore an area covering approximately 37,000,000 acres or 150,000 square kilometres in central Canada. Under the Agreement, First Source was to provide certain funding and DIAGNOS was to use its CARDS technology (Computer Aided Resource Detection System) to generate exploration targets in the area of interest.
The Agreement was subject to First Source raising a minimum of CDN $750,000 on or before November 15, 2008 or First Source waiving this condition on or before such date. Following recent discussions with DIAGNOS, it was determined that it would be in the best interests of First Source to focus its efforts on the Lac Des Pics project, which appears to be gaining momentum going into next year's exploration season.
Nevertheless, First Source management remains convinced that the DIAGNOS approach represents a tremendous leap forward in early-stage exploration efficiency and effectiveness. The Company very much looks forward to finding additional opportunities to work with DIAGNOS in the future.
