The LOI provides that a formal Agreement will be completed by November 15, 2007 giving the group the right to contribute a maximum amount of $10 million CAD toward exploration expenditures on both Permits over a period of two and a half years to earn a maximum 60 % working interest in both Permits. Texalta will remain the operator until such time as the group has earned its 60 % interest.
The $10 million will allow the company to proceed with the ongoing exploration program as required by the terms under which the permits were granted. A report on the year one reprocessing of the existing 750 kilometers of seismic data is presently being prepared for submission to the Director of Energy, Department of Primary Industries, Fisheries and Mines, Northern Territory Government.
Completion of the transaction is subject to a number of conditions.
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