We refer to the query letter of Bursa Malaysia Securities Bhd dated 25 June 2013 in relation to the Announcement dated 21 June 2013 on Co-operative Agreement between Southsea Gold Sdn. Bhd. (“SGSB”) and Borneo Aqua Harvest Bhd (“BAHVEST” or “Company”), and the Board wishes to clarify as follows:
The current obligations of BAHVEST under the Co-operative Agreement are to work with SGSB to locate, identify and co-operate with mining experts, professional miner, sub-contractors to verify the availability and sustainability of mineral resources in the Mining Site and to fund the prospecting and exploration works at the Mining Site up to the limit of RM2.0 million within a period of 12 months from the date the Agreement.
It is only after the prospecting and exploration works and upon confirmation from the prospecting and exploration works that the said Mining Site has sufficient mineral resources for commercial mining and it is commercially viable to undertake such mining operation, will the LLP JV be set up to undertake the mining operation.
Therefore, prior to the completion of the prospecting and exploration works as mentioned above, it is pre-mature and not possible for BAHVEST to work out the following:
(1) the total capital ad investment outlay to be borne by BAHVEST for the LLP JV’s prospecting, exploration, mining works on the Mining Site;
(2) the sources of funds required and the breakdown;
(3) the prospects of the LLP JV;
(4) the details of experience and knowledge/expertise required in undertaking the mining business;
(5) whether it would result in a diversification in operation of BAHVEST.
The Company will make announcements on its decision after the prospecting and exploration works and provide all the necessary details and seek shareholders’ approval where required in compliance with the Listing Requirements.
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发表于 25-6-2013 06:36 AM
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