Reported that Gee-Ten had all the legal rights and authorizations to enter into a join venture agreement to explore the property. Furthermore, the company had plans to start dredging on PEPM 505 the week following approval of the acquisition by regulatory authorities. To fully benefit from its partnerships on its permits, the company was negotiating the acquisition of two high-capacity dredges with all the recommended equipment to maximize productivity and efficiency. One dredge will be exclusively allocated to the 505 and the other will serve for the exploration of the other exploration permits.
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