Tuesday, June 20, 2017 2:48:47 PM
-- as you may know:
Research (Exploration) Permits (‘PR’); which allows it holder to:
• Conduct exploration activities for minerals within the perimeters and during the period of validity of the permit for all substances mentioned in the permit;
• Have a priority right in filing application for exploitation permit on the perimeters subject to conduct exclusive prospecting work on the area covered by the permit.
The PR permit does not allow its holder to commercialize products extracted from the premises during the prospecting work. The initial term of a PR is for five (5) years renewable for two (2) periods of three (3) years each. PR permit is a movable asset, which can be transferred, leased or used as security.
2012 annual report link below, with some text on research permits for minerals on Green Giant property.
Properties
Green Giant Property, Madagascar
Madagascar Properties. On August 22, 2007, we acquired a 75% interest in approximately 225 sq. kilometres of mineral research permits in the District of Toliara, Madagascar. This interest is held by a limited liability company that was formed under the laws of Madagascar which held a 75% interest in the property. The remaining 25% interest was held by Madagascar Minerals and Resources Sarl. On July 9, 2009, we acquired the remaining 25% interest in the property and now hold a 100% interest in the property.
Joint Venture Ground, Madagascar, Africa
On December 14, 2011, we entered into a Definitive Joint Venture Agreement (“JVA”) with Malagasy to acquire a
75% interest to explore and develop a defined group of industrial minerals (as noted below). Malagasy retains a
25% interest in the exploration and development of the define group of industrial minerals. The new land position
covers an area totalling 2,119 research permits and 827.7 square kilometres. This land portfolio is mainly adjacent
to the south and east of the Green Giant Property. Under the terms of the JVA, we paid Malagasy $2,261,690 and
issued 7,500,000 of our common shares. Malagasy has a free carried interest until we deliver a Bankable
Feasibility Study (“BFS”). Upon the delivery of a BFS, Malagasy will be required to contribute its 25% interest in
the development and mining operations. Should either party’s interest subsequently fall below a 10% interest, their
position will be diluted to a 2% NSR.
http://138.197.100.200/static/files/EGZ_2012_Annual_Financials.pdf
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