manus update, page-25

TPJ currently holds a 75.98% participating interest in Manus. The other interests are held by Pacrim Energy (13.43%) and Golden Success (10.59%). In November 2010, TPJ finalised a joint venture agreement with Newcrest which granted Newcrest, as the JV manager, to earn 80% of TPJ’s interest by funding AUD$6 million of the project’s exploration expenditures over 5 years including AUD$1 million over the first 2 years. This would leave TPJ with a 15.2% interest with its other partners each holding a minimum of 10% should they elect not fund their share of expenditures.