One Step Ahead

[zeninvestor32]

REDRUM/OTHERS, HELP ME FIGURE THIS ONE OUT.

Ok, so here is the excerpt from the UCAD 10K.

"In March 2004, the entered into an option to purchase agreement with Nevada Minerals, Inc. to potentially purchase property located in Lincoln County, Nevada for a purchase price of $2,000,000. This property contains a mining and milling operation and was formerly operated by Union Carbide Company. Union Carbide vacated the land on or about 1989. The milling and mining operation there continued under the direction of New Concept Energy, Inc.-the present owner. The Company paid a $10.00 consideration for this option to purchase agreement. The consummation of the Company's purchase of this property is contingent upon Nevada Minerals successfully completing foreclosure on the property against New Concept Energy. Should the amount in arrears on the property be paid prior to foreclosure, or if other unspecified legal barriers exist, then the option will be null and void.

The Company intends, should it acquire the property after foreclosure, to operate a milling and smelting operation to process raw ore into gold and silver. The Company intends to operate as an independent contractor that will supply these milling and smelting services to third parties who possess ore and need milling and smelting services. The ability of the Company to proceed with this venture is contingent upon the foreclosure of the property, and there is a substantial risk that this foreclosure will either be dismissed due to satisfaction of the amount of money in arrears or other unforeseen legal barrier. Another significant risk is the need for funds to implement this purchase agreement and operate the mining and milling services. Presently, the Company does not have sufficient funds to execute this plan, and without successful debt and equity financing-both of which are uncertain-the ability of the Company to execute this business is in significant doubt."

http://biz.yahoo.com/e/040419/ucad.ob10ksb.html

So we know what this property is and how our option to acquire it came about.

Now we have our UCAD press release claiming that the foreclosure sale was successful and we may now move forward on our option.

http://biz.yahoo.com/bw/040820/205413_1.html

But now this bugaboo?

http://biz.yahoo.com/bw/040813/125900_1.html

Anyone have any thoughts on how all this washes out? Am I just missing something or did Ramoil buy in 51% on a property appraised at $17,800,000 that then had a foreclosure sale days later executed that permits UCAD to buy up the property for $2 million. Say huh? I must have had a few too many beers last night. Maybe the cobwebs will clear by tomorrow.