Auryn signed a JV with Hochschild Mining in 2018 for the LDM project. They agreed to invest $7,000,000 into the LDM project over 5 years with an option to invest anther $23,000,000. The first step on this project was to follow Dr. Sillitoe’s recommendations from his visit in Mid-March 2017. Supposedly an aggressive work plan was scheduled to take place and the short-term goal was to have the property ready for drilling to begin in early 2019. (we are still waiting on an current update on those efforts)
So, my question is this, How much money did Auryn (Maurizio) invest in the property to prove up the property to attract Hochschild's Mining. If a mining company with the deep pockets of Hochschild Mining was attracted to sign a JV contract with Auryn based on past efforts to prove up the property, why wouldn't that apply to Medinah if they were able to gain back control of the properties.
From what I am told, $50 million was invested in the properties by the past officers and directors of Medinah to attract a JV partner. All those records are still available for amy potential JV partner to make use of.
When the JV contract with Ulander was signed, there were several other major mining companies who had demonstrated an interest in signing a JV with Medina but sadly, the officers went with Ulander. We all know how that ended.
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