Ann: High Grade Copper Hits at Forrest and Wodger, page-15

As I understand it TM:

1. FEL is free carried in re its 20% of all minerals until a decision is made to mine. That is, it contributes nothing for exploration If it were to occur that mining was a 'goer', and if FEL were willing to participate, then FEL would pay 20% of all mining costs for all minerals.

2.WGX also sits and watches from the sidelines as AUR explores at its own cost. However, if mining were to occur and gold were to be one of the minerals extracted for sale, then WGX would pay a reasonable share of the mining costs. Whether or not it would share the cost of pre-mining activities- such as resource definition drilling, feasibility studies - is not known to me. So, WGX would get 80% of the gold mined, and FEL the other 20% (assuming it stays in).

3. AUR would, in the above scenario of mining, pay 80% of the non-gold mining cost and receive 80% of the non-gold minerals recovered. FEL would pay the other 20%.

4. If it were all to happen like that, then gold would be shared 80/20 between WGX/FEL and copper etc would be shared 80/20 between AUR/FEL.

5. However, given FEL's situation and also given SFR's desire to get more copper for its plant, I can't see FEL going all of the way, but I can see SFR becoming involved in one way or another - and that might be sooner rather than later.

All that said, it's all hypothetical at this stage. AUR has to find minable cu/au before the said agreements need to be seriously considered.