Ann: Press Release - Year End Results, page-7

"they have a gold-repayment loan that requires them to pay 22 500 oz of gold pa to a French bank"

TGZ has a royalty arrangement with a North American company called Franc Nevada - check them out.

I believe that TGZ gets paid 20% of the price of the gold it delivers to Franco Nevada, which means that in actual fact in the first 6 years of the agreement they are delivering a net 18,000 ounces pa. After that it changes to an effective 4.8% net smelter royalty payment pa (for the next 40 years I think) on all production at their current mine. Its OK so long as they can keep costs down - but it is not a great thing to have around TGZ's neck.

loki.