put ceo and tvn aside for now, it's xam time., page-3

DDzx:

Not 40%, it's up to 80%.

Here is what announcement said:

Under the terms of the agreement, EC can earn up to 80% of the Nuurstei coking coal licences by meeting various spending commitments over 4 years. These include up to US$1.5m on drilling to earn the first 60%, followed by a commitment to complete a JORC resource to earn a further 20%, taking EC��s interest to 80% of the Project.
A comprehensive reconnaissance drill program has already commenced at the Nuurstei Coking Coal Project with one multipurpose drill rig operating on a double shift basis. It is anticipated that the first phase will include 3,500 metres of diamond and mud rotary drilling and will take at least two months to complete. Preliminary coal quality results will be available in early July 2011.