I hate to say it, but the release supplied by EAG does not end the question whatsoever. They needed to say "Eagle Hill will have satisified its obligations" not "be in a position to". Their vagueness is frankly, worrisome.
Even then it appears that it would just be their opinion since it's coupled with Noront's assertion that they need to supply a BFS or else notice of commitment to start production by April 26/13. It's not just the notice of intent. If they provide a notice of commitment but don't staert production, are they in default???
It does look like this is heading for the courts.
By producing an independent PFS, together with a mineral reserve estimate, Eagle Hill will be in a position to satisfy its obligations under the Windfall Lake Option Agreement (the “Option Agreement”) entered into on July 20, 2009 with Noront Resources Ltd. (the “Optionor”).
VANCOUVER, BRITISH COLUMBIA - December 16, 2012 (TSX.V: EAG) Eagle Hill Exploration Corporation ("Eagle Hill" or the "Company") is very pleased to announce that the Company has awarded to Stantec Consulting Ltd. (“Stantec”) a contract to perform a Preliminary Feasibility Study (“PFS”) on the Windfall Lake Property (“Windfall Lake” or the “Property”). The PFS is scheduled to be completed by early April, 2013. By producing an independent PFS, together with a mineral reserve estimate, Eagle Hill will be in a position to satisfy its obligations under the Windfall Lake Option Agreement (the “Option Agreement”) entered into on July 20, 2009 with Noront Resources Ltd. (the “Optionor”). Once the obligations are satisfied, the buy-back provisions contained in the Option Agreement will be eliminated.
Eagle Hill must give notice of the Company's commitment to cause the commencement of commercial production on the Property within one year of earning a 75% interest in the Windfall Lake Property (the "Notice"). Eagle Hill earned its 75% interest in the Property on April 20, 2012.
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