Show me where I said they weren't producing gold. They produced a small amount of placer gold with their Gorilla operation. It was far below expectations.
They are producing a small amount of gold in Suriname and they only get 40 percent of any revenue. That will all go to pay debt to Renard. They won't tell us much about their JV partner. We have to find the name in the 10Q. We are left in the dark. It's a shady operation in a South American jungle.
In December 2012, the Company entered into a joint venture regarding a mining project in Suriname. The Company agreed to invest $75,000 into the joint venture and any additional investments made above this initial $75,000 would be considered a loan to the joint venture by the Company. As of September 30, 2013, the Company lent an additional $145,624. This amount shall be repaid to the Company prior to any disbursements made to the partners in the joint venture. The terms of the joint venture provide that the Company has a 40% undivided interest in the profits of the joint venture, Aurora Mining owns 50% and Renard Properties owns the remaining 10%.
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