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B402

05/22/11 10:59 AM

#152683 RE: Ron123456789 #152666

Katx has NO current JVs with anyone..

JV partners must have confidence in the property
As of yet, no one else has the confidence

Vale is an option agreement they can step out of at anytime
They cancelled most of their claims on Bonivista
They Gave Cornerstone a 40-60 option, but drilling there turned up Nada

Katx got 20/80, which is better than nothing
Vale has spent 17k todate
Cornerstone Passed over RR and Lucky