Ann: Corporate Update, page-12

The tenements do not belong to TRGI. They belong to Pharsalus Gold Inc, you can check this by using the NI 43-101 reports. Without Troy Resources Limited no one can mine anything after buying the plant, except for toll milling of neighboring properties.

The mill will not belong to Troy Res. Limited.

Besides the tenements and the property, plant & equipment there is the mineral agreement which has certain tax exemptions, especially for imports and exports. That agreement was between Pharsalus, TRGI and Guyana and will be void because of the administration of TRGI.

The mining license, just covering the 20000 acre or so area of the pits + plant, is somewhat unclear, probably still binding between Pharsalus and Guyana. The problem here is that the mining license sees TRGI and Pharsalus, two separate entities, as a single licensee.