Angkor Gold News on Koan Nheak, page-41

TZM.   The letter you refer to is described hereunder from updates released by the company in March/April this year, but governmental discussions have been ongoing for well over  a year now. If there was any advancement with it, they would have told us you would think. It's also in the governments' interest to issue it.  As soon as the project gets under way, they can start to collect tax.  The first tax being import tax on the mill equipment.

Mineral Investment Agreement (MIA)
Emerald also recently attended an Inter-Ministerial Committee meeting established for the purposes of negotiation of a Mineral Investment Agreement (‘MIA’ which is provided for under Cambodian mining law. A number of Cambodian Ministries and bodies attended the meeting including the Ministry of Mines and Energy, Ministry of Economy and Finance and Council for the Development of Cambodia. The MIA is an agreement Emerald has requested to provide long term certainty and is not required for the development and operation of the Project. The MIA is intended to provide all stakeholders long term certainty regarding the operation of the Project and the fiscal regime.

Mineral Investment Agreement (MIA) with the Government of Cambodia. Emerald has sought, with the support of the Government of Cambodia to negotiate a MIA to set all the fiscal terms that the Okvau Gold Project will operate under during its construction and operational life. The key tax, royalty rates and incentives will be itemised in this agreement along with import and export terms. The final aspect of the MIA is to agree a standstill clause for these items for the duration of operations to ensure that the terms agreed support the investment case for the Project are in use and remain unchanged for the life of the Project. Representatives from Emerald and the various governmental departments with an interest in the Project have met several times over the past twelve months to agree the substance and form of the agreement. Emerald expects that the formalisation of the MIA will follow shortly after the Mining Contract/ licencing is completed.