• During the Extended Term, Colt is obligated to incur exploration expenditures on an annual basis of not less than 100,000 €.  During the Initial and Extended Terms, Colt is obligated to pay to the Government of Portugal and annual license fee in the amount of 35 € per sq. km. of ground covered by the ARMAMAR MEDA EXPLORATION LICENSE.
• Colt lodged a bank guarantee, as a performance bond, in the amount of 20,000 € in favour of the Portuguese Government
• Upon the completion of the Initial and Extended Terms, Colt may apply for an Exploitation License, which if granted, shall have a term of 30 years and which may be extended by the approval of the Portuguese Government, for a period not to exceed 20 years (the "Exploitation License").
• Upon the granting  of the Exploitation License, and in the event that mining activities are to take place, then Colt shall be obligated, at Colt’s sole discretion, either to pay 10% of the net income derived from its mining activities or, alternatively, pay Net Smelter Returns Royalty (“NSR”) on production at NSR rates ranging from 1% to 4% depending on the price of gold.  Additionally, as soon as the Exploitation License is granted to Colt, and provided that production from the mining activities is determined to exceed 1,000,000 ounces of gold or of gold equivalent during the life of the mining activities, then Colt will be obligated to pay 100,000 € as a commercial discovery bonus to the Government of Portugal.

 Download December 2008 Technical Report