The Company recently has reported the loss of any rights and interest in the Algarobbo property in Chile.
Carlos De La Torre: The Company was unable to reach an agreement with the Optionors of the property that it could fulfill and therefore the funds that were placed in trust to pay the property taxes were returned to the Company by its Chilean legal counsel and the extension of default to July 1, 2013 granted by the Optionors lapsed due to the requirement for the Company paying approximately $55,000 for the 2013 taxes by June 15, 2013.
I want to express my regret to all the stockholders that we could not reach an agreement that we could fulfill on the Algarobbo. We have advised the property owners that we remain interested if we could come to terms that might be able to be met in regard to a funding schedule and we remain hopeful that the Optionors might reconsider and allow us to present another offer. However, at this time the Company has defaulted and has no further rights or interest in the project.
Due to the loss of the project, the Company has taken down its website for revision and expects to have the website back up by the end of the month.
Management is hoping to have technical data on a potential acquisition of a gold project in Mexico this week, which will be reviewed by a consulting geologist and hopefully will lead to a property visit and an agreement to put the project back into production. The acquisition will only be undertaken if the Company is confident that it can meet the terms of any negotiated agreement. The project to be reviewed has defined reserves and so if the Company can reach an agreement, funding should be easier to attract.
Further updates will be provided as information becomes available.
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