Re NMCX
Interestingly, the recent pr of the iron ore sale--transaction occurred in 2003. May not be recognizable until 2005.
b) Sale of Precious Metal Concentrate
On June 2, 2003 the Company entered into an agreement to sell 137,939 tons of
certain precious metal concentrate to a privately held U.S. corporation for the sum
of US$500,000,000. It was further agreed that this sum will be paid for by way of
a deposit of US$11 million down payment and the balance over a ten (10) year
period from the date that the down payment schedule is activated. The down
payment will be paid over a period of twenty-four (24) months commencing on or
before March 31, 2005, or within 30 days after the receipt of a signed audit. In
2003, the buyer paid the Company a good faith irrevocable deposit of $720,860.
In addition, the buyer was granted a stock option to purchase 15,000,000 common
stock at $0.05 executable ninety (90) days after the closing of the sale agreement
and first payment of US$150,000. This option was not exercised.
