Ann: Citadel Project Commencement of IP Survey, page-3

listed below are the RIO commitments...

 Rio Tinto Exploration can earn up to a 75% interest in the Citadel Project, including the Calibre discovery, by incurring exploration expenditure in the following stages and amounts:
o $3 million exploration expenditure within 18 months of execution.
o $8 million exploration expenditure within a further 3 year period to earn a 51% joint venture interest.
o $14 million exploration expenditure within a further 3 year period to earn a 65% joint venture interest.
o $35 million exploration expenditure within a further 3 year period to earn a 75% joint venture interest.
 $800,000 Calibre 5,000 metre Phase 2 RC drilling programme to be carried out this calendar year as part of the first 18 month expenditure programme.
 Antipa to be the operator during the first 18 month, $3 million dollar expenditure period.
 Upon Rio Tinto earning a 65% interest, Antipa may elect to resume contributions to expenditure and retain a 35% joint venture interest.
 Antipa will retain 100% ownership of the North Telfer and Paterson Projects covering approximately 3,000km2 of the highly prospective Paterson Province and extending to within 5km of the Telfer mine.