Ann: De Grey Welcomes Polymetals , page-3

from the PLY ann.

"Tenements comprising the Turner River Gold and Base Metals projects are the subject of a farm-out and joint venture agreement with De Grey Mining Limited (De Grey, ASX:DEG) under which Lansdowne may earn a 75% interest in the project by funding exploration expenditure of $2 million and $1.5 million respectively over three years, the earn-in period having commenced on 6 May 2011. Exploration expenditure by Lansdowne to date is approximately $1.1 million and therefore the Polymetals’ requirement to earn into the Turner River Projects is a further $2.4 million by May 2014.
Upon Polymetals earning its interest, a 75:25 joint venture will be formed and Polymetals would continue to fund all expenditures up to a Decision to Mine. Upon a Decision to Mine, a mining joint venture area would be declared and mine development expenditures would be funded by De Grey and Polymetals in proportion to their JV interests. De Grey’s free carried interest continues in respect of project areas outside of the mining joint venture area. Upon earning into the Gold Project joint venture Polymetals has the option to purchase a 75% interest in the Wingina Well gold resource with a milestone payment of $4.1 million to De Grey."

lets hope that PLY complete that 'milestone' payment and next 2 yrs exp in Turner river. June Q they had $12mil.
Now its back to spring season drilling in Santa Cruz !