Negotiation and Issuance of Exclusive Permit by Guyana
The Company conducted business meetings in Georgetown in November and December 2010 to solidify and protect exploration efforts previously conducted by Dr. Lechler and to protect on-going efforts in conjunction with the Company's infusion of capital and other resources.
The Company negotiated a reconnaissance license directly with the Prime Minister of Guyana. The process of obtaining the reconnaissance permit included making application to the Prime Minister, who then forwarded the submission to the Guyana Geology and Mines Commission ("GGMC") for review and analysis.
In March 2011, the Prime Minister formally issued the "Permission for Geological and Geophysical Survey" (PGGS). The permit grants exclusive protection on platinum group minerals on land covering about 4.4 million acres.