6 per cent . royalty agreement with monarch :mon, page-26

Look at GPN reports dated 1/2/2001 which states;

The company has the following royalty interests:

(a) A 6% royalty right for all production exceeding 100,000 oz of
gold in the following tenements:

Mining leases 30/109, 30/48, 30/59 and 30/75
Application for mining lease 30/122 and 30/123
Exploration licence 30/77 and 30/79
Exploration licence 30/165
Prospecting licence 30/901
Prospecting licences 30/909 to 30/923 inclusive, 30/928 and 30/929
Miscellaneous licences 30/9 and 30/36


Then look at Monarch tenements in their annual report dated 16/10/2006 - page 53, where you shall see some the same mining lease numbers. MON took over the tenements from Croesus (CRS) on 8/11/2005.

Also look at GPN report in regads to the royalties. - dated 6/5/2005.

So, from my belief GPN does have a 6% royalty agreement. Anyway moving on......

This is very minor to the high grade vanadium resource.