The Company has acquired rights to a 65% interest in the Nalesbitan Gold Project through assuming 72.22% of the interest that Sagacity Holdings (New Zealand) Ltd (SHNZ) currently owns in the Nalesbitan Gold Project.  SHNZ currently has the rights to its Nalesbitan interest through a joint venture agreement with Eldore Mining Corporation (a company incorporated in the Philippines) (EMC). Sagacity's interest currently comprises a 40% economic interest in the net mining revenue from the Nalesbitan Gold Project and this interest will increase to a 90% interest in the net mining revenue from the Nalesbitan Gold Project in the event EMC or its qualified assignee applies for and enters into a Financial or Technical Assistance Agreement with the Philippine Government. When all of these conditions are satisfied, the Company will have a 65% interest in the Nalesbitan Gold Project.