post g.f.c 40 bagger or 4,000% gain, page-5

Sorry, my earlier post wasn't completely correct. Here are the correct details from the Frontier web site.

"On May 26 2010, an excellent Strategic Alliance was initiated with World Class Copper Producer Ok Tedi Mining Limited (OTML) on 3 Exploration Licenses and 2 EL Applications (in 2 Farm-In Joint Ventures), covering 2,763 sqkm, in Papua New Guinea.
- OTML?s total earn-in is US$60 million over 6 years (US$12 million per project), then Frontier is deferred carried to completion of Bankable Feasibility Study on each property.
- Frontier will retain a 42% interest in the Bulago and Leonard Schultz ELs to completion of Bankable Feasibility Study and a 19.9% interest on the Likuruanga EL and the Central and East New Britain Applications.
- OTML have a minimum US$0.5 million exploration commitment per project, for a total commitment of US$2.5 million if both EL Applications are granted.
- OTML subscribed US$1 million (A$1.14 million) for Frontier shares at a premium to the market of 7.5 cents and reimburse exploration costs of approximately US$235,000.
- OTML is the best joint venture partner for these projects and the excellent terms of the Joint Ventures demonstrate the projects have World-Class, sought after copper-gold, gold and base metal potential.
- The Australian Government's recent proposal for a 40% resource industry 'Super Profits Tax' will have no effect on Frontier's PNG exploration projects.
- Frontier will remain an active explorer in PNG, owning 100% of the Andewa gold Exploration License and the Sudest high-grade gold EL Application."

http://www.frontierresources.com.au/

So FNT might retain 42% of two licences, Bulago and Leonard Schultz, and 19.9% of the other three. Plus, 100% owned Andewa and Sudest, and the Tasmanian ground are just icing on the cake IMO.