Ann: Cartarpo Co-Cu Targets Extended, page-18

Hi Goldy,

As I said I don't have enough info on a lot on JVs. However I do know of three.

1. PIO with NST. NST must spend over 3 years $3m on PIO's Acra tenements for 70% stake. PIO did get an upfront of $500,000 as well.
2. GOR has a JV with a junior gold explorer who taken up a large chunk of greenstone belt at the back of the Katanning area.o A$3.7M to earn 75% (4yrs), min spend A$1.3M (1.5yrs)  Yandina Project: o 75% Gold Road, 25% Cygnus.
3. S32 and AQD Under the terms of the SAA, South32 has exclusive rights to the Company’s projects by funding selected projects up to the drilling stage and can elect to spend a further US$4.0 million on each project to earn a 70% interest, with the right to earn an additional 10% interest by completing a Pre-Feasibility.

Disclaimer I own shares in the above three companies, not 100% but close