LGL8054 - the original buy-out was stated many quarters ago. The situation on the ground may be substantially different at this point. There is nothing wrong with having a new appraisal run. If the appraisal has veracity and reputation, then I say that it is a good thing.
Maybe they need the 43-101 to make the buyout a legally done deal being that the company is listed in the US.
Post buyout, the buyer might intend to separate the Krong enterprise into a standalone company that is to be uplisted. The Zabaikalgeoprom assets, and other underground assets, might be transferred again (i.e. to a different buyer/group) in another planned post-buyout deal, and/or are to be handled differently.
Perhaps it was the buyer who put up the money to pay for the 43-101 work on the Krong tailings and the new equipment etc. (as listed in the SEC filing (Aaron has said: "this form is to initiate uplisting")). This gets the buyer further along with the uplisting and production ramp-up while everyone waits for the buyout procedures to conclude. The transfer of new shares listed on the form is just a formality as the $0.55 per share will be received for each share held by every investor other than the buyer in any case.
Insofar as the shareholder vote is a formality because there are already a majority of insider shares voting for the buyout, it may not be super important that the 43-101 be ready for Nov. 9 (it is probably encouraged by the SEC that we see such a document before casting votes, but it may not be required).
Insofar as the Board has to show the SEC that it has acted in shareholder interests in order for the SEC to approve the buyout, the 43-101 may be important for the buyout procedures to ultimately conclude.
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Aurus Corp (PINKSHEETS: AURC) announces that it has signed an Agreement with the Central Research Prospecting Institute for Precious Metals to carry out a geological audit of the technological tailings in its Krong deposits. This audit is now being performed under international standards 43-101 report and Aurus hopes to present it at the shareholders meeting.
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Posted by: eik In reply to: dreaminofsailin who wrote msg# 2036 Date:10/15/2007 7:32:37 PM Post #of 2043
TsNIGRI is a solid and respected State organization: http://www.tsnigri.ru/ . They've made similar estimates for many major companies (like "Suhoy Log" deposit for Polyus Zoloto: http://www.mnr.gov.ru/news/?act=print&id=747 ). Reserves numbers signed by TsNIGRI = reserves signed by Russian Government.
This is definitely a solid development, although, I am lost... why do they need another estimate now, when "buyout is a done deal", and we had "Ministry approval" of reserves before? Why was Krong singled out? Kind of confirms my suspicions that "Krong" it's basically all Aurus has now.
So, PR looks good and solid, but I have problems to embed it in currently existing story.
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