Ann: Ram enters into agreement with Newcrest over, page-3

re: Ann: Ram enters into agreement with Newcr... if you read beyond "newcrest".....................



Newcrest will pay $30,000 a year to Ram for both options and importantly will meet the
minimum expenditure requirements on the tenements. The agreements give Newcrest
the right to acquire the tenements at any time over the next three years.
In the case of tenement E45/2727, Newcrest has agreed to pay $500,000 on election to
exercise the option plus a net smelter royalty of 1.5 per cent.
In the case of tenement E45/2726, Newcrest has agreed to pay $250,000 on election to
exercise the option plus a net smelter royalty of 1.5 per cent.
Ram Managing Director Bill Guy said that under the option agreements, Ram stood to
benefit from Newcrest’s extensive knowledge and experience in the Telfer area. At the
same time, Ram would not incur any further cost in respect to the tenements.

the gain is a free ride on 2 tenements and 30k of expense off the books. IF newcrest develop these sites in the next 3 years ram gets a 1.5% smelter royalty and 500k and 250k respectively.