"TPJ, through its wholly owned PNG subsidiary Terenure Limited,...

"TPJ, through its wholly owned PNG subsidiary Terenure Limited, currently holds a
75.98% participating interest in the tenements in joint venture with Pacrim Energy
Limited (“PRE”, 13.43%) and Golden Success Limited (“GSL”, 10.59%).
Under the agreement, Newcrest may earn 80% of TPJ’s participating interest (leaving
TPJ with an interest of 15.20%) by funding A$6 million of project expenditure over
the next five years, of which at least A$1 million of project expenditure must be
funded within the first two years. PRE and GSL may each contribute project
expenditure in proportion to their participating interests or dilute to a 10% interest,
free-carried to decision to mine. Newcrest is Manager of the project."