IC2 Global Provides Nigerian Molybdenum Project Updateadmin
IC2 Global reported that with regards to the signing of a Letter of Intent with Katumba Minerals which allowed IC2 to commence due diligence on a Molybdenum Project in Nigeria, a key part of the due diligence process was for an independent and suitably qualified consultant to visit the site and review the previous research and survey data. Following this visit and review, a report was to be prepared for review by IC2. Should this report be satisfactory IC2 would automatically earn a 120 day exclusive right to negotiate a commercial acquisition agreement with Katumba. This report was completed in December and by advising Katumba in January that the Company was satisfied with its contents, IC2 then commenced commercial negotiations with Katumba during the now exclusive 120 day period. Over the past few months IC2 has been negotiating directly with the owner of the project. Whilst negotiations are continuing, as at 1 June 2008 the agreement had not been finalised. IC2 anticipates a positive outcome to these negotiations in the short term. IC2 continues to look for resource projects globally.
Original Announcement: Nigerian Molybdenum Project