butcher,here is a cutout from the report in november.for the...

butcher,

here is a cutout from the report in november.

for the record - its a terms sheet that hasnt been finalised - can fall through or prices reduced.

Panax Geothermal Limited (“Panax”) is one step closer to commencing development of up to
25 megawatts of geothermal power for PT Dairi Prima Mineral’s (“PTDPM”) underground
lead and zinc mine in northern Sumatra, with the approval of the final mining licences and
permits for the PTDPM mine.
Panax Managing Director Kerry Parker is pleased to advise that the Indonesian Ministry of
Forestry granted the project’s Underground Mining Licence on 15 November 2011.
Panax signed a Binding Terms Sheet Agreement in August 2010 with PT Bakrie Power and
PTDPM for the supply of up to 25 megawatts of geothermal power required for the operation
of the mine.


This Terms Sheet Agreement is currently being finalised into a formal Power Purchase
Agreement.


Once developed, the project will supply up to 25 megawatts of geothermal power to the Dairi
Prima underground mine at $US150 per megawatt hour for the first eight years and $US125
per megawatt hour thereafter