What are you talking about - this was posted only yesterday
By Electronic Lodgement 10th May 2011Company Announcements Office
ASX Limited
2 The Esplanade Perth WA 6000
PILOT MOUNTAIN TUNGSTEN PROJECT UPDATE
Further to the announcement regarding the acquisition of the Pilot
Mountain Tungsten Project in Nevada on 14th February 2011, the
Board of Black Fire Minerals provides the following update.
Technical due diligence activities are nearly complete and the
Company continues to be highly encouraged by the potential of the
project. First stage drill program planning for the Desert Scheelite
Prospect has been completed and permitting has commenced.
Legal due diligence is incomplete with the project vendor, Pilot
Mountain Resources Inc (a wholly owned subsidiary of Pacific Gold
Corporation) informing the Company that they are now unlikely to be
able to deliver unencumbered title to the central 45 (of a total of 154)
Mining Claims by the end of the current agreed due diligence period.
Pilot Mountain Resources have advised that they are currently taking
action to deliver unencumbered title to these 45 claims and are
confident of the outcome. The Black Fire Board has unanimously
decided that despite the potential delay, Pilot Mountain represents a
significant advanced project opportunity to create shareholder value
accretion from the very substantial tungsten price increases over the
last few years and as a result has agreed to an extension to the due
diligence period to allow resolution of title.
Black Fire intends to work with Pacific Gold Corp to resolve the title
issues as quickly as possible and upon a positive outcome intends to
commence an aggressive drilling program with the aim of bringing the
historically defined mineralisation into a maiden JORC resource.SIMON RIGBY
Executive Director
Black Fire Minerals Ltd
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