Here is the last mention of it in PTQMF's financials. Baring a signed contract amendment I would consider the option to have expired over 4 years ago!!! Since there is no disclosure of a continued claim to the option, PTQMF would be liable for withholding material information to shareholders if another amendment was signed by both parties and actually executed by Gold Dragon! But since I seriously doubt they did or ever intended to PTQMF can do what it pleases and ignore Dragon!
Rio Belencillo Concession – Panama The Company holds various interests in other land concession areas adjacent to the Ley Petaquilla Property in Panama, including the Rio Belencillo and Rio Petaquilla concessions. By an Agreement dated May 7, 2005 and amended on June 10, 2005, Gold Dragon Capital Management Ltd. (“Gold Dragon”), has an option to purchase all of the Company’s interest in the Rio Belencillo and Rio Petaquilla concessions by the expenditure of $100,000 in approved exploration costs by May 7, 2007, an additional $400,000 in approved exploration costs by February 7, 2008 and by then paying the Company $1,152,400. This sum is payable in shares of Gold Dragon.6 The payment of $100,000 on account of exploration expenditures has not been made in accordance with the terms and conditions of the May 7, 2005 agreement. The Company is in the process of amending the agreement with Gold Dragon.
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