quasar/ags jv terms and conditions, page-6

TerryA

If memory serves me correctly, and the time frame relates to mid 2005. The deal was pretty straight forward in that Quasar had to spend some $300-400K to earn their 75% in Alliances exploration licence EL 2874, which they did in the first year.

No announcement details of this 2005 period occur on the AGS web site, although the annual released in September 2005 indicates that "During the fourth quarter, Quasar advised Alliance that it had met expenditure requirements to earn 75% in the project" (bottom of page 8)

Hope this helps

Loomis